Credit Card Debt:

If your debt is not too high, a credit card balance transfer may offer some relief. A number of credit card providers offer low or no interest rate charges on new cards for a few months. You can perform a balance transfer by transferring the balance of one card into a new one and taking the opportunity of the low or no interest period. However, you need to be aware of the interest rate on the new card after this “Honeymoon” period is over.

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Be aware, and be warned of Debt Elimination services that claim: “Credit problems? No problem!”, “We can erase your bad credit - 100% guaranteed!”, “Create a new credit identity - legally.”, or “We can remove bankruptcies, judgments, liens, and bad loans from your credit file forever!”



Scams!!!

Look for those telling signs of a scam before you decide: they want you to pay for credit repair services before they provide any services; they do not tell you your legal rights and what you can do for yourself for free; they recommend that you not contact a credit reporting company directly; they suggest that you try to invent a “new” credit identity — and then, a new credit report — by applying for an Employer Identification Number to use instead of your Social Security number; and/or they advise you to dispute all information in your credit report or take any action that seems illegal, like creating a new credit identity.

Remember that if you follow illegal advice and commit fraud, you may be subject to prosecution.

If you have a number of more serious debts, you might need to take further action by taking a personal debt repayment plan or a debt agreement. You may see a financial counselor for advice on this.