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

Revision as of 19:30, 18 November 2004

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 companies; 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.

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.

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-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 a department that does essentially the same service as the various 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 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.
 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.