Tips for Managing Debt

Located in Hackensack, NJ, Kramer & Associates serves as a third-party to businesses that require a liaison between themselves and their clients. Kramer and Associates hires in-house attorneys who advise collectors and are qualified to write letters and place phone calls when necessary. The Kramer & Associates collection agency excels by treating each business’ clients like its own.

One credit card purchase without the funds to support it is all it takes for a high credit rating to plummet and to start receiving calls from bill collectors. The truth is that credit card companies and other organizations that expect punctual payments want to help, not hunt.

One step for getting debt under control is to ask such organizations for help. When people fall behind, they should call their credit card company, for example, and explain the situation. Ask for a lower interest rate. Creditors are more willing to cooperate with account holders who stay in touch.

Alternatively, transfer balances to a card with a lower interest rate. Keep in mind that many cards require account holders to pay off balance transfers within a certain timeframe, usually 12 to 18 months, or be subject to a higher interest rate. If an individual anticipates an inability to pay off the balance in time, he or she should transfer to a card with a low fixed rate.

Consolidation is another solution. Many bills, including student loans and credit cards, can be rolled into a single, more manageable payment that often comes out to less per month than a smattering of multiple payments.

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