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 Posted: Fri May 30, 2008 1:34 pm Subject: Need to pay off debt fast |
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I have just under $8,000 is debt, I am current with each one, never late, problem is, I'm not able to pay above the minimum due so about 66% of what I pay goes to charges and fees, the rates are too high, 30%, 28% 24% 22% etc... the lowest is about 14%, I have almost no income at this time, I can pay the bills, I want more of what I pay to go towards paying off my debt, I no longer use the cards, I stopped last year, I only used them then for fuel and food and it was not completely up to me, personally I dislike debt.
It would be nice to consolidate the debt into one payment with less then 66% going to the charges, I have talked to them, all they say is "this is the lowest we can do" well, 28% is NOT low. So they are not helpful, then there are the yearly fees which hurt any progress I have made paying them off.
I have worried about it hurting my credit, which is worse, a little hit to get these things paid off, not looking for a hand out, free money, all I want to do is pay off my debt and they are not helpful at all, they do not even try to make it easier.
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| Posted: Fri May 30, 2008 1:35 pm Subject: |
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For awhile I was not sure I could do anything about this because of my lack of income.
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| Posted: Fri May 30, 2008 1:39 pm Subject: |
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It sounds like you would likely benefit from Consumer credit counseling .They would be able to get you set up with what is called a debt management Plan or a DMP.
With a debt management plan you will repay all of your accepted creditors over a newly negotiated contract and terms. The Credit Counseling agency will negotiate with all creditors to accept a lower interest rate " usually around 6-10 % ", waive late fees and over limit fees and spread your payments out over 4 to 7 years. You will repay 100% of your current balance with a payment that typically runs about 3% to 4% of your total debt. I hope this helps. Have a great day.
PS...Be sure to look any company up you are considering doing business with on the BBB to make sure they have a good track record 
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mobile0311
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| Posted: Fri May 30, 2008 1:42 pm Subject: |
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Wanted to note, I did read a few past topics, just wanted to add what is going on personally if that changes anything, if I'm able to, I am seriously thinking about a program to pay these off quicker, at the current rate I pay just $50 more each month would reduce the time to pay off my debt by 25 months.
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dbcoders
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| Posted: Fri May 30, 2008 2:12 pm Subject: |
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I have, they are not very helpful, they act like that is the best they can do, 28% is not the best of anything.
My credit to debt ratio is too high, I'm at about 92%, slow going getting it down with 66% being wasted on charges each month.
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