Qualifications for a Credit Card Debt Reduction Program

The first and the most obvious qualification you should have is a strong commitment to getting out of credit card debt. Sure we all want our debts to go away, but this takes serious, continuous commitment and effort on your behalf and the professionals who work to reduce your debts for you. Without this mutual dedication, no debt relief solution can work. Stay strongly committed and succeed.

A full evaluation of your hardship situation, your future goals and your individual unsecured debts is necessary to help determine if a credit card debt relief program can be beneficial to you. By completing a request for a professional consultation and debt reduction report you will get this evaluation along with a report on your potential debt reductions for free and with no obligation whatsoever. In the mean time, below are general requirements for a consumer to be well suited for debt relief.

You can only reduce unsecured debts such as:

• Credit Card Debts
• Medical bills, Hospital bills
• Unsecured Loans
• Gas cards, Dept. Store cards
• Debts owed after an auto repossession.
• Loans that are not secured by an asset.

The total of all these unsecured debts must be $10,000 or greater. Other programs are available for debts under $10,000.

Debts that do NOT qualify:

• Home, Auto, Boat or RV loans.
• Federal Loans
• Student Loans
• Any secured debt. A debt (loan) that is backed with a physical asset like your car.
• Tax Debts (Special Fresh Start Tax Relief programs can be found here)

Financial Hardships for Debt Relief

You must have a financial hardship. Creditors must have a reason as to why they should reduce your debts and give you relief. Part of your consultation is to establish that you have a valid and credible financial hardship, which is why a phone conversation is necessary. Creditors view a financial hardship as a severe loss of income from:

• Loss of job
• Loss of hours/reduced income
• Divorce
• Injury
• Medical condition
• Any unexpected situation that has caused a significant loss of income.

Your financial hardship must be severe enough to result in your inability to pay your creditor’s monthly minimum payment. You should already be late in paying your credit card debt or expect that this will be your situation shortly.

*Consumers should never intentionally go late or default on their debts to qualify for a hardship program. A creditor will not work with you if you attempt this, it could be construed as being illegal, it is unethical and will not result in a reduction of your debts.