How can I ever pay these credit cards?
Date: Tue, 03/31/2009 - 06:40
The balance on the other credit card is about $1100.00. The credit limit was $600.00. I have not charged anything on this card at least 4 years. It is the same situation as the other credit card. I feel like why pay when the balance continues to go up? I can't afford to pay more than the minimum amount due. I have tried to talk to these people.
I wish I had kept good records. I would love to know the total amount of money I have paid these credit card companies over the years--Is there anyway I can get this information from the credit card company? Amount paid in interest. I know nothing has been applied to the principal balance since the balance continues to go up!
Is there anyway to negostiate with these credit card companies? I don't want them to sue me. Would it be better to not pay them anything and let them turn it over to a collection agency--maybe the CA wouldn't charge interest. Any advise will be very much appreciated!!
Just my 2cents . . . these are relatively small debts. Yes. .
Just my 2cents . . .
these are relatively small debts. Yes. . . . the interest is what kills you but unfortunately that's how they work. I'm wondering if maybe you may be able to call them and tell them that you are not able to make these payments for some reason and see if they can put you on some type of hardship program.
Ask them to work something out with you. If you agree to not use them (like you said, you haven't used them in years). They can also stop interest or give you a payment plan with a very low interest already worked into the monthly plan.
I'm sure they'll want to know what has changed that you can't continue to make the same payments. If they feel you may stop paying altogether because of loss of work or for some other major change in your life, they will hopefully want to work with you.
With such a bad economy we're having right now, I'll bet they'd rather work with you than to not get anything.
You may even have to start falling a bit behind by a month or two to get them to negotiate. You may be able to settle these two debts but no offer will come unless you're behind a few payments.
I'm sure others will chime in with more advice. Good luck!
I'm actually in collection myself for one debt and have gotten great advice from this forum! It's awesome!
