Is Memphis Associates a Scam or Legit?
Memphis Associates can’t help you with your high debt ratios. Memphis Associates is under review by Crixeo, the popular news and reviews site, for being part of a long-running debt scam. According to Crixeo journalist, Ed Miles:
“The story is the same. They lure you in by sending you direct mail with a “personalized invitation code” and a low 3%-4% interest rate to consolidate your high-interest credit card debt. You will be directed to MemphisAssociates com or myMemphisAssociates com. More than likely you will not qualify for one of their credit card consolidation loans and they will try and flip you into a more expensive debt settlement product.”
Ed Miles, crixeo.com
Recently, Memphis Associates, was profiled by Crixeo. Apparently, it is part of the same collection of web sites involved in the debt consolidation scam.
Paying credit card bills has always been challenging for a large number of people on account of the high interest rates imposed by credit card issuers. However, the current covid-19 outbreak and the ensuing fiscal crisis has made paying credit card bills even harder.
The current negotiations on financial stimulus have hit a roadblock due to political wrangling between Republicans and Democrats. The impasse on negotiations means that tens of millions of Americans who were hoping to get financial aid for paying credit card bills will have to survive financially on their own until the political altercation cool down.
The delay in passing another financial package is bad news for the public, since untold numbers were depending on it to remain financially afloat and pay their dues on time.
Paying Credit Card Bills on Time
Unfortunately, due to the high interest rate that credit cards often carry, you will have to think fast and prioritize paying credit card bills in an orderly time to prevent the interest from piling up.
But despite your best efforts to improve your finances, you may still need a helping hand. Which is why, you should contemplate coronavirus relief options and hardship programs that credit card issuers are universally offering.
Since the covid-19 outbreak has made paying credit card bills far more challenging for many customers, credit card issuers have stepped in to provide relief. You can take advantage of concessions from these hardship programs to gain much needed time for paying off your balances.
The relief options available to you depend on your financial circumstances. Thus, you will have to explain your case in full to understand what concessions you are eligible for.
Depending on the details of your case, you could be entitled to deferred payments, lowered interest rates, late fee waivers, no penalties on late payments and other benefits.
But one thing to keep in mind is that no credit card issuer so far is forgiving debt. Although you may enjoy a wide array of lenient terms that are not normally available, you will still have to pay the full amount that you currently owe. Thus, you will have to pay the principal amount that you borrowed as well as all interest incurred prior to gaining approval for the hardship program.
Forbearance Programs for Paying Credit Care Bills
Since the coronavirus crisis has hit many hard financially, getting approval for forbearance programs is not as difficult now as it used to be. However, you will have to talk to your credit card issuer first to gain their approval and know what privileges you will get to enjoy. Do not make the mistake of thinking that you will be enrolled automatically if you fail to make timely payments. You should inform your credit card issuer first and request hardship assistance. Paying credit card bills will become much easier this way.
Thus, you should reach out to customer support via phone and place your request. Another thing to remember is that you should ask the supervisor or another superior to sign the written approval when it is granted. Having the approval in writing and signed will prevent any confusions over terms and conditions transpiring in the future. There is a possibility of an error due to which late or missed payments could get reported even if you were entitled to. To mitigate the risk of such a happening, you should request your credit card issuer to send you a signed letter that elucidates all concessions that you are entitled to.
Relief Options
Although most hardship relief programs have common elements like deferred payments and late fee waivers, it is important to note that terms and conditions will vary between loan offers. For instance, some credit card companies are freezing interest rates for consumers requesting assistance. But not all are doing this. Lenders are offering relief options at their own discretion. To find out exactly what terms are on offer, you will have to speak with customer support staff.
If approved, you may be entitled to lenient terms such as reduced minimum payments and extended deadlines. However, you should exercise utmost responsibility with such terms since they could end up compounding your problems if not used wisely. If the interest is not frozen, then your credit card balances may keep on piling interest expenses. You will also have to pay the full amount that you owe. Thus, you must make the most of your time and use it to arrange funds that will help with paying credit card bills on time.
Just to remain on the safe side, you should check up on your credit report to find out whether or not you have been penalized by mistake. If you find any such discrepancy, you should dispute this by showing the signed letter that entitles you to deferred payments.
Better Money Habits
Besides using hardship programs for paying credit card bills on time, you should also try to improve your money habits so that you can be punctual with your deadlines.
You should stick to the basics of good money habits for paying credit card bills in good time. Draw up a budget if you do not already have one and note down all expenses. By taking note of unnecessary and excessive costs, you can make the right decisions to lead a more frugal lifestyle. Cut down on all unnecessary expenses like eating out and cable TV. You should take all steps necessary that will help you to save more money. Any extra cash that you get this way should go towards paying credit card bills.
You can also think about getting a side job and earning extra to save more money. Any money that you get should first go towards paying credit card relief bills since these incur interest at a high rate. Even if your credit card issuer freezes interest, it is only for a limited time period.
Thus, you must prioritize paying credit cards bills on time so that you do not fall into a debt trap.