How Do I Pay Off Debt With Debt Settlement
Debt settlement is another option you can consider when youre ready to eliminate your credit card debt. This strategy usually works best for people who are already past-due on their credit card payments and can afford to make large, one-time settlement payments to their creditors.
You can settle debts on your own or you can hire a professional debt settlement company to handle the process for you. If you choose to hire an outside party, you should do extensive research to avoid scammers and exorbitant fees. Be aware that hiring a company to do this is not necessary, and could end up costing you a lot more money. Learn what to watch out for at the FTC Consumer Information website.
- Step 1: Examine your debts, and determine your ability to repay them over time.
- Step 2: If you think your debts are insurmountable, and youve decided bankruptcy isnt the right response, you can either attempt debt settlement yourself or hire a company. The worse your situation the more leverage you might have, because your creditors will see that theyre less likely to be paid in full.
If you go the DIY route:
Or, if you prefer to work with a debt settlement company:
This option usually only becomes available after its become clear that youve been struggling to pay your bills, like if youve started to accrue late payments or havent been paying at all.
How Do I Pay Off Debt With Balance Transfers
When you have credit card debt, one option is to transfer your credit card balance;to a different card.
If you have an account with a high interest rate, for example, you can transfer its balance to a card with a lower interest rate and spend less money on interest over time. This is like paying off one credit card using another card.
- Step 1: Identify the credit cards where youre paying interest on a balance.
- Step 2: Decide how much money you can or want to transfer.
- Step 3: Apply for a new balance transfer credit card, offering 0% APR on balance transfers for a set amount of time .
- Step 4: Transfer the balance, or balances, from the older cards to the new card.
- Step 5:;Pay off your balance on the new card; try to pay it all off before the 0% period ends.
After performing a balance transfer youll open up the credit lines of those cards but dont use your newly available credit to rack up more debt.
A lower-rate balance transfer card can fit well with the avalanche method. Since you can use a balance transfer to strategically reduce the interest rate on your highest-interest debt, it can buy you time to focus on the next-highest interest account. This can reduce the total interest you pay.
Many balance transfer credit cards even offer a 0% APR for an introductory period . A 0% APR offer allows you a chance to pay off your credit card balance without incurring extra interest charges.
Q&A Video: What Is a Balance Transfer Offer? Is it a Good Idea?
Features Of The Vast Platinum Card
- Solely for use at the Unique Card Services Shopping Club website. The Vast Platinum Card is not a card you can use anywhere; it can only be used to purchase items at the Unique Card Services Shopping Club website.
- Membership fee. Youll be charged $19.95 while you maintain your My Services membership.
- Cancel My Services. You can cancel the monthly My Services plan by calling 1-888-805-7648. Note that you wont receive any refunds for past charges.
- Minimum monthly payment. The minimum monthly payment for the card is $25 or 15% of your account balance, whichever is greater.
- Late fees. For late payments, youll need to pay a fee of $10.
- Down payment for merchandise purchases. When paying for merchandise, you need to pay 15% of the merchandise amount. You will also need to pay shipping and processing fees as well as sales tax.
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A solid rewards credit card offers users greater flexibility on how they earn and redeem points no need to fly the same airline, stay in the same hotel chain or rent from the same car company on every trip. Help us crown the best rewards credits cards by voting daily.
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Savvy frequent travelers know that loyalty to a specific airline can translate to big savings on flights and upgrades. But not all loyalty programs are created equal. 10Best editors teamed up with miles and points experts to nominate the nation’s most worthwhile programs those with plenty of ways to earn and redeem miles, great coverage and plenty of flight options when it comes time to book that free trip.
Vote for your favorite once per day through Monday, September 27 at noon ET.
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What Is An Unsecured Credit Card
With an unsecured credit card, the issuer doesn’t have a security deposit they can take if you don’t pay your credit card balance.;Instead, the creditor’s options are to take further collection efforts. This includes reporting the delinquent balance to a credit bureau, referring your account to a third-party debt collector, suing you in court, or asking the court for permission to garnish your wages.
When people use the term credit card, they’re usually referring to an unsecured credit card. That’s because the vast majority of are;unsecured.
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Watch your rewards add up even faster on purchases in the category you spend the most on: cellular phone services, hotel, or airline.8
- First year free; $99 annual fee after that
- 3 points for every $1 of purchases in the category you spend the most on: cellular phone services, hotel or airline.8
- 1.5 points for every $1 you spend on eligible net purchases,6 and receive even more automatic bonus points each month, plus get $200 cash back2 after your first purchase
- There’s no cap or limit on the points you can earn.
- Free employee cards with individual credit limits.
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These Cookies Collect Anonymous/pseudonymous Information However If You Have An Account On The Site Or Have Signed Up To Receive Email Or Have Signed Up For Our Branded Or Private Label Credit Card The Information Collected By Us Using These Cookies May Be Associated With The Directly Identifiable Information You Have Provided To Us By
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Enroll In A Priority Pass Membership
Another valuable benefit of The Platinum Card is the American Express Global Lounge Collectiona collection of lounges in over 500 airports in 130 countries.
The vast majority of these lounges are available through a Priority Pass Select membership. If youre unfamiliar, Priority Pass is an airport lounge network with over 1,300 locations in airports around the world.
Note that the Priority Pass membership received through the American Express Platinum Card doesnt include access to Priority Pass airport restaurant locations.
Youll need to enroll on The American Express Global Lounge Collection benefit page to get this benefit. After enrolling, youll receive a Priority Pass Select card and membership package in 10 to 14 business days. Youll need this membership card to access the loungesor to enroll for a digital card in the Priority Pass app. So, you should enroll in this benefit at least a few weeks before your next trip.
In addition to Priority Pass, The American Express Global Lounge Collection includes access to Amexs Centurion Lounges and Centurion Studios, as well as Airspace lounges. Youll also get access to Delta SkyClub lounges when flying on Delta flights. To access these lounges, just present your Platinum Card, government-issued ID and same-day boarding pass at the entrance.
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Save On Flights Using The International Airline Program
One of the underrated benefits of the Platinum Card is access to the American Express International Airline Program. This airline discount program gives cardmembers discounts on over two dozen airlines when booking premium economy, business or first-class tickets departing from the U.S. and select Canadian airports.
The discounts can be surprisingly good. For example, take this round-trip flight between Chicago and Tokyo. The airlines price is $2,758 round-trip nonstop for premium economy, but thats slashed to just $1,983 round-trip when booked through the International Airline Program.
To get the discount, youll have to pay with an eligible American Express card. But youll probably want to do so anyway. Youll earn 5 Membership Rewards points per dollar spent on flights booked through American Express Travel. The 5 points per dollar perk is capped at the first $500,000 spent each calendar year. Amex has also added travel protections for trips booked with the Platinum Card. Eligible purchases outside of a bonus category will earn 1 point per dollar.
Sold To Other Criminals As Part Of A Bulk Lot
When your card details are breached, it’s not always the thief’s intention to use the information on goods or cash withdrawals. More sophisticated thieves will collect a large number of cards and then sell those details to cybercriminals as part of a “job lot.”
Interestingly, these cybercriminals price the cards in different ways, depending on how much information is provided. If it is simply the card number and expiration date, it will not bring much money. These cards are sold for a few bucks, because the chances of successfully making off with a chunk of money is slim. If the security number on the back is added, the price goes up. If the PIN is known, the asking price is higher. The highest price goes to sellers who can provide additional data, including purchasing behaviors and security question details.
Of course, once cybercriminals have the info, they either use it quickly, or resell it again. The black market for card numbers is vast.
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Remember, you can vote once per day in each category. The 10 nominees with the most votes in each category will be announced on 10Best.com on Friday, October 8.
10Best is a part of the USA TODAY Network providing an authentically local point of view on destinations around the world in addition to travel and lifestyle advice.
The Vast Platinum Shopping Credit Card Review
Looking for a better shopping credit card that allows you to make the most of the online shopping conveniences we’ve all come to appreciate? For many, there are concerns about providing any website their credit card information, bank account details and other sensitive information. The Vast shopping card eliminates those worries. You’ll shop on our secure website for the latest in name brand products that are the new ‘must have’ for the season. Plus, when you apply for and approved for this shopping card, you’ll have a $1,000 credit line so that you can enjoy your purchases sooner. Because it’s not linked to your other financial accounts, you’re better protected against online hackers and thieves. The best part is there’s zero interest you have to pay. There’s no credit check and your shopping card arrives with several perks and benefits that provide an additional layer of security. Come see for yourself the benefits of the Vast shopping credit card.
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How Do I Pay Off Debt With The Snowball Method
With the debt snowball, youll pay off your debts in order from the smallest balance to the largest. Heres how it works:
- Step 1:;Make the minimum payment on all of your accounts.
- Step 2:;Put as much extra money as possible toward the account with the smallest balance.
- Step 3: Once the smallest debt is paid off, take the money you were putting toward it and funnel it toward your next smallest debt instead. Continue the process until all your debts are paid.
Many people love this method because it includes a series of small successes at the beginning which will give you more motivation to pay off the rest of your debt. Theres also the potential to improve your credit scores more quickly with the debt snowball method, as you lower your credit utilization on individual credit cards sooner and reduce your number of accounts with outstanding balances.
With this approach, you take aim at your smallest balance first, regardless of interest rates. Once thats paid off, you focus on the account with the next smallest balance.
Think of a snowball rolling along the ground: As it gets bigger, it can pick up more and more snow. Each conquered balance gives you more money to help pay off the next one more quickly. When you pay off your smallest debts first, those paid-off accounts build up your motivation to keep paying off debt.
Example of the Debt Snowball in Action
Lets take the same accounts we used in the first example.
|Type of Debt|
To use the debt snowball method:
The Vast Platinum Shopping Credit Card
The real Vast Platinum Shopping Credit Card isnt much better than the email solicitation I received. To begin, this card is a store credit card, which means its for exclusive use at an online store. Unique Card Services offers this card and it comes with some very questionable terms.
The card comes with an application fee of $29.95 and a monthly fee of $19.95. Thats going to set you back almost $270 your first year. On their website, Unique Card Services has a large box that says theres no monthly fee on the card, yet in the fine print it discloses that there actually is a monthly fee.
The company puts a positive marketing spin on the card termssave big bucks shopping online, we never turn down an application, blah, blah. The flip side is the company is gouging unsuspecting people who need access to credit with exorbitant monthly fees and dubious claims. While not an out-and-out scam, this one runs as close to the line as it gets without crossing over. Save your money and find a better deal.
Did you like this scam tip? Take a look at last months, .
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How Do I Pay Off Debt With The Avalanche Method
With this debt elimination strategy, also known as debt stacking, youll pay off your accounts in order from the highest interest rate to the lowest. Heres how it works:
- Step 1:;Make the minimum payment on all of your accounts.
- Step 2:;Put as much extra money as possible toward the account with the highest interest rate.
- Step 3: Once the debt with the highest interest is paid off, start paying as much as you can on the account with the next highest interest rate. Continue the process until all your debts are paid.
Every time you pay off an account, youll free up more money each month to put towards the next debt. And since youre tackling your debts in order of interest rate, youll pay less overall and get out of debt faster.
Like an avalanche, it might take a while before you see anything happen. But after you gain some momentum, your debts will fall away like a rushing wall of snow.
Example of the Debt Avalanche in Action
Lets say you have four different debts:
|Type of Debt|
To use the debt avalanche method:
So, youll end up paying off your accounts in this order:
Why Credit Card Debt Is So Dangerous
When it comes to debt, credit card debt is often the most nefarious.
Credit card issuers can lure you in with a low introductory APR and gleaming credit line. But that introductory APR offer will eventually expire. When it does, you can find yourself staring at an overwhelming pile of debt if you didnt manage your new credit card account the right way.
The reason revolving debt can be so overwhelming is because rates are typically really high. So, if youre just making the minimum payment each month, it will take you a long time to pay off your balance possibly decades. During that time, youll also pay a lot of interest.
Lets say you charge $8,000 on a credit card with 17% APR, and then put it in a drawer, never spending another cent. If you make only the minimum payment on that bill each month, it could take you almost 16 years to pay off your debt and cost you nearly $7,000 extra in interest .
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