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Should you pay something on Credit Cards owed?

Date: Thu, 10/25/2007 - 10:08

Submitted by roger
on Thu, 10/25/2007 - 10:08

Posts: Credits: [Donate]

Total Replies: 3


Is it better to pay $10 on each card then nothing at all. I have reached a point where I can no longer afford to pay the mininum balances.

Any thoughts?

Thanks,
Roger


I suppose something is better than nothing- but that is not to say they will continue to accept it.

Have you tried talking to your creditors and seeing if they will drop or lower your interest so you can get caught up? Many companies have a hardship-type of program.

In any case, I would call and explain so they won't think you are trying to dodge your debt, and maybe you will get some help.

If all else fails, you can get a free credit counseling here, and see what options they may have for you..

Good Luck-feel free to ask questions..karen

Are any in default yet? and what type of money amount are you talking about?


lrhall41

Submitted by Bossy4455 on Thu, 10/25/2007 - 15:37

( Posts: 5854 | Credits: )


Yes, please let us know what status your accounts are in and use the free consultation as i'm sure they'll give you options that you may not have thought about in the past. I hope you do contact your creditors, as Bossy suggested, because you may be surprised at the response you get. when i had to contact my creditors about this and i pleasantly learned that they would allow me to make those lower payments until I got on my feet again. good luck!


lrhall41

Submitted by debtstinker on Thu, 10/25/2007 - 16:47

( Posts: 288 | Credits: )


I agree-call your creditors & let them know that you can't pay the full amount now, but you can pay a certain amount each month for so many months until you get back on your feet. I think most creditors will work with you so at least they get SOMETHING as opposed to nothing.

Can't guarantee they'd go for $10-I think it would depend on how much is owed...not sure on that.

Apply or call for a consultation. Its free & you'll get good advice!


lrhall41

Submitted by lawn1016 on Thu, 10/25/2007 - 19:09

( Posts: 676 | Credits: )