At Consumer Credit Counseling PR, we are here to help you get out of credit card debt by providing sound debt management counseling and solutions. Paying off your credit card debt, or any type of debt can be difficult and time consuming. All too often people make their situation worse by trying to solve their debt problems on their own. Credit card debt can be managed and even eliminated completely if you go about it the right way.

Some of the most common so-called “credit card debt solutions” are not solutions at all, and are actually worse than the debt itself! Here’s some friendly advice to help you avoid some common credit card debt traps.

Payday Loans for Credit Card Debt

We strongly recommend against pursuing payday loans. Payday loans might sound like a good idea, but these loans are set up in a way that makes it hard to break the cycle once you start borrowing. Some use payday loans to pay their credit card debt, which already carry a high interest rate. Eventually they find themselves paying an even more extreme interest rates for the payday loan than they did with their card. Do not go down this destructive path!

As a 501(c)(3) nonprofit organization we provide debt management solutions. We can work with your creditors to get interest rates lowered and we can negotiate your past due accounts to a current “paid-as-agreed” status.

Retirement Plan to Pay Debt

It’s never a good idea to take from your 401K to pay off your credit card debt. The amount you withdraw will be subject to tax and penalties, leaving you with far less money than you anticipated. You will have to repay the balance within five years, and will be responsible for the full amount if you lose your job. We have an educational debt management program that can be personalized to fit your needs and circumstances. Don’t risk your retirement savings on credit card debt.

Contact us and we’ll set you up with one of our accredited debt counselors.

For those people deep into debt, taking out hefty cash advances on one card to pay off the balance on another. We discourage such practices as they are counter-productive. It is important to understand that cash advances have much higher interest rates than regular purchases. You will end up owing more money if you use cash advances to pay off card balances. If you are overburdened with credit card debt, you need sound debt management solutions.

Home Equity to Pay Off Your Cards

Some homeowners are learning to take out a low-interest home equity loan to pay off their credit card debt. Before you go down this road think about some of the risks. You cannot lose your home over unsecured credit card debt; you can lose your home if you default on your home equity loan repayments. We can help you eliminate all your credit card debt without putting your home at risk. Our debt management programs are proven and effective.

Contact us today and we’ll help you eliminate your credit card debt safely and efficiently.