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About to have problems making minimum payments and don't know what to do???

Date: Mon, 11/02/2009 - 11:10

Submitted by Vince Liberto
on Mon, 11/02/2009 - 11:10

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Total Replies: 3


I'm recently divorced and have built up a lot of credit card debt due to the divorce. I have a large child support payment that has made making ends meet very difficult. My credit is very good, in the high 700's and have not paid any credit card bills late up to this point. I own my home but recently refinanced and am sitting at 80% LTV. I'm at the point where I can no longer make ends meet and an paying utility bills a month late so that I can make my minimum payments on my CC's. I've been paying my house and car payment on time as well as my CC's. I need to reduce or stop making some of my CC payments so I can make ends meet. I'm proud of my credit score and would rather not stop making payments and get forced into bankrupcy. Is there anything else I can do? I had called a consumer credit agency and was told that since I didn't have any late payments they couldn't help me. A financial adviser has told me I should call the CC companies and try to get the debt reduced thru a settlement.

Any advice would be greatly appreciated!


well all choices are going to greatly effect your score so you must prepare for that. so next is to decide which way is the right way to go about it. you could wrap all those cc debts in to a debt management program, (which is the best for your score but will still hurt and be prepared that some wont work with them) next is settlement wich will cream your score but will benefit you in the long run vs your last choice wich is bk. you may want to consider selling your vehicle or trading it in for something cheaper, and selling anything that can be sold for extra cash. but read over these 3 programs and find out what will be the best choice if you are forced into one.


lrhall41

Submitted by love_my_things on Mon, 11/02/2009 - 11:23

( Posts: 1434 | Credits: )


Did you try calling them and getting the interest rate reduced? Tell them you can't afford minimum payment with the interest rate you are now being charged. Perhaps if you tell them you're thinking about bankruptcy they will reduce. don't know.... every credit card company is different.


lrhall41

Submitted by aubrey on Mon, 11/02/2009 - 11:33

( Posts: 1203 | Credits: )