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-K- · Posted: Thu Nov 01, 2007 5:29 pm Subject: Credit Card Debt

I have credit card debt, 3 cards
one with 18,000
one with 7,000
one with 3,000
I am also paying my last 8 car payments of 520.00 a month
I make bout 1300.00 a month, and have no house. living with parents. I am bearly making it, I really want to pay off my debt, I am not late with any of them at this time.
I tried calling one of the credit card companies about my interest, and they were completely unwilling to budge... only 2% on a 24% interest rate, which would make it 22%.
I dont know what to do, I used these cards a lot for schooling & career related expenses. Traveling, etc.
I need to relocate, but cant afford to live on my own with these bills...I would be living out of my truck Sad

I have a good credit rating like 670 or something, I dont want to ruin that

Posted: Thu Nov 01, 2007 5:32 pm Subject:

Hi, welcome!
You came to a great place. If you register with this site you will get a phone call from a professional counselor in a few days. You are never under any obligation, they can give you advice about the best way to manage your debt, and if consolidation is an option, they can point out some reputable companies. Please remember to always check any company you plan to use with the BBB.
In the meantime, please feel free to browse the forums. Ask anything, we've all been in some sort of debt situation or other, and we're here to help.

Posted: Thu Nov 01, 2007 6:58 pm Subject:

K, did you tell your creditors about the other debts you have & how much you make? Or perhaps if you tell them I can make a payment of a certain amount every month for a certain time amount then maybe they will work with you.

Definately apply for a free consultation-it can't hurt & It'll help you see your options.

Posted: Fri Nov 02, 2007 4:52 am Subject:

K, telling your creditors about your other debts, will really not help your situation at all. It may in fact make it worse. Actually they dont care about what you owe others. It is what you owe them that they care about. You dont want to give them the impression that you have over extended yourself financially. Please do follow fins advice, and get your free consultation. It may give you the answers that you need

Posted: Fri Nov 02, 2007 7:46 am Subject:

Second that....if they get the sense you are overextended, they can close the account leaving you to pay the balance in full immed.

Posted: Fri Nov 02, 2007 7:49 am Subject:

Huh?? if they get wind of u being overextended they can close ur acct and ask for balance paid in full immed??? Shocked

I mean couldn't they just pull ur credit report and see how much u have out there?!?!
Things that make u go hummm.....
Ang

Posted: Fri Nov 02, 2007 7:50 am Subject:

Thanks Volley, It is always good to have some one from the banking world back up a post. You sure know your stuff.

Posted: Fri Nov 02, 2007 7:54 am Subject:

Thanks kash..not genius but since I am around it alllll daayyy long, it grows on you!

We use to accelerate mortgages and credit cards in certain cases if someone couldnt pay anymore and we were able to establish that.

Posted: Fri Nov 02, 2007 7:59 am Subject:

Well hell i always thought credit card companies WANT to keep u in debt and owing them loads of money!!! If they find out u can transfer ur balance to another card they will indeed lower ur rates to keep u owing them!
I just don't get how they can close ur acct and ask for balance in full when all they have to do is pull ur credit report to see how much u owe and to who!
Just confused here, plz explain better,
Thanks,
Ang

Posted: Fri Nov 02, 2007 8:09 am Subject:

If they close your account, they can still make $$ and continue to charge interest...so thats not an issue.

The original poster wasnt trying to transfer a balance, just trying to get a lower interest rate.

Pulling credit is a matter of verifying that you are indeed overextended...this is in all (or most) credit card agreement terms and conditions. I dont dispute that this can be done and as a matter of fact, we do it as a matter of practice in addition to taking a customers financial statement.

Does that help?

Posted: Fri Nov 02, 2007 8:11 am Subject:

Posted: Fri Nov 02, 2007 8:11 am Subject:

But wouldn't transfering a balance actually be benefical to him? I mean his credit score seems to be average so wouldn't that be an option for him?? Just asking,
Ang

Posted: Fri Nov 02, 2007 8:11 am Subject:

IF anyone wants more info, please PM me, thanks. I have personally done this and I am not going to post my banks t&c's on this site..

Posted: Fri Nov 02, 2007 8:12 am Subject:

Actually they can default rate you but a credit card company cannot demand payment in full as long as you are paying them in accordance with your terms and service agreement. You can even opt out of a rate jack by closing the account with a balance as long as you are paying in agreement with the contract.

Posted: Fri Nov 02, 2007 8:15 am Subject:

Do realize if you voluntary close with a balance your fico will take a hit for this.

Posted: Fri Nov 02, 2007 8:16 am Subject:

So in other words Cajun, u can close out and as long as ur payments are recieved in a timely manner than they can't jack up ur rates right?? Am i understanding this correctly? Hate to sound naive but this is just confusing to me!! I can remember a time that our cards were very well maxed out and we were VERY overextended yet NONE of them closed our accts and we actually DID get our rates reduced after paying on time for years! Just has me very curious! Thanks for any and all help understanding this! It's greatly appreciated!
Very Happy

Ang

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