Debt Relief: Credit Card Companies Offers Consolidation: Difference between revisions

Latest revision as of 18:25, 24 November 2004

Credit card agencies such as Visa, Discover, MasterCard, and American Express have departments that provide essentially the same services as debt consolidation and debt management companies; however, debt reduction and credit counseling are entirely different functions than what the credit card companies do best. Credit card companies typically prefer their card holders use specialized debt consolidation firms to help with debt consolidation. These firms take on a substantial burden of individual repayment agreements and terms as well as attendant paperwork. MasterCard for example, prefers their card holders use a debt management service. Therefore, Mastercard does not advertise a debt management department within their company. The Mastercard consolidations department will respond to requests for debt consolidation if a written request from the card holder is made to the proper department.

Although trying to set up a debt management plan using services available through the various credit card companies may prove difficult, the small fees and inconvenience associated with debt management companies may be avoided.

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 [[Debt Relief | Debt Relief Home Page]]
-Credit card agencies such as Visa, Discover, MasterCard, and American Express have a department that does essentially the same service as the various debt consolidation and debt management services; however, debt reduction and credit counseling are entirely different functions than what the credit card companies do best. Credit card companies would prefer that people dealt with specialized debt consolidation firms who take on the substantial burden of individual repayment agreements and terms as well as all the attendant paperwork, but it is now a requirement. Take MasterCard for example, although they prefer a person use a debt management service, and they do not even advertise that they have a debt management department, their consolidations department will respond to request for debt consolidation set up through their in house department so long as the request is made in writing to the proper department.
+Credit card agencies such as Visa, Discover, MasterCard, and American Express have departments that provide essentially the same services as debt consolidation and debt management companies; however, debt reduction and credit counseling are entirely different functions than what the credit card companies do best. Credit card companies typically prefer their card holders use specialized debt consolidation firms to help with debt consolidation. These firms take on a substantial burden of individual repayment agreements and terms as well as attendant paperwork. MasterCard for example, prefers their card holders use a debt management service. Therefore, Mastercard does not advertise a debt management department within their company. The Mastercard consolidations department will respond to requests for debt consolidation if a written request from the card holder is made to the proper department.
-Although trying to set up a debt management plan using services available through the various credit card companies may prove difficult, the small fees and inconvenience associated with debt management companies may be avoid.
+Although trying to set up a debt management plan using services available through the various credit card companies may prove difficult, the small fees and inconvenience associated with debt management companies may be avoided.