logo

Debtconsolidationcare.com - the USA consumer forum

I currently have about $14,000 in debt on two different credit cards

Date: Mon, 12/21/2009 - 16:44

Submitted by Jean Gordon
on Mon, 12/21/2009 - 16:44

Posts: Credits: [Donate]

Total Replies: 18


I currently have about $14,000 in debt on two different credit cards (both with a 12.5% APR from Citibank.)

I have paid off a decent amount of debt (about 6K in the last year) but am now unemployed and can't make more than the minimum payments so am concerned about how long the bills will pay off. I'm also concerned about my future ability to pay in a few months if I don't find a job in the next month or two.

Is debt consolidation program or settlement a good option for me? Is it better for me to call Citibank and try to handle this on my own or to have a neogitation company do it?

I haven't tried calling Citibank to see what they could offer for a lump sum settlement. As of now, I'm in good standing with Citibank, current on all my payments, and they do not know I'm unemployed. I did have two late payments this year (because I was traveling and irresponsible -i.e. forgot until it was too late) and have been carrying a balance of 10K+ for at least the past 4 years.

Will they even entertain a debt consolidation program or settlement offer if I am current on my payments?

I should also mention that while I don't have the money to pay off the lump sum if Citibank will agree to it, I could likely borrow it from a family member who has offered and pay it back with no interest.

Thanks in advance for any advice.


Quote:

Will they even entertain a debt consolidation program or settlement offer if I am current on my payments?
They might not. It is generally said that creditors don't entertain settlement until you're sufficiently late on your bills. However, it can't hurt you to ask.

You may also read some of the old discussions on Citi bank settlement to get some idea about the creditor.


lrhall41

Submitted by SC on Mon, 12/21/2009 - 19:19

( Posts: 3937 | Credits: )


Debt Consolidation has a 90% failure rate. youll end up paying all your debt back plus tons of fees, this course will take along time.

I posted a lengthy reply on this last night about the truth and the moderators deleted it, they only want to promote this sites program.

getting sued on the full balance of your debt would make more sense than going with a consolidation company, atleast youd just pay you full balances back and not fees. < this is an extreme statement to prove a point.

they will probably delete this rely also, maybe it has too much truth in it from someone only wanting to help.


lrhall41

Submitted by on Tue, 02/16/2010 - 12:21

( Posts: | Credits: )


if you get help on consolidating bill does it lower your credit rating


lrhall41

Submitted by on Tue, 02/16/2010 - 17:06

( Posts: | Credits: )


My ex husband's name is on one of my credit cards. Would a bill consolidation affect him in a negative way?


lrhall41

Submitted by on Wed, 02/17/2010 - 13:43

( Posts: | Credits: )


Ihave 5 credit cards and I want to consolidate the credit cards that all. So it can be easier for me to pay it off. My total balance is 15,803.98. Help me please.


lrhall41

Submitted by on Wed, 02/17/2010 - 16:39

( Posts: | Credits: )


Is there any way of convincing a credit card company to lower your interest rate. Over the three years I've had the card, the payment has been late twice (4 days & 1 day) and over the max three times (43, 62, 115) and always paid back down the following month. As a result my rate has gone from 9.9% when I got the card to 28.8%
I'd like to stay with this card and keep it open. Just wondering if they could be reasoned with.


lrhall41

Submitted by on Thu, 02/18/2010 - 08:29

( Posts: | Credits: )


Quote:

Originally Posted by Anonymous
Is there any way of convincing a credit card company to lower your interest rate. Over the three years I've had the card, the payment has been late twice (4 days & 1 day) and over the max three times (43, 62, 115) and always paid back down the following month. As a result my rate has gone from 9.9% when I got the card to 28.8%
I'd like to stay with this card and keep it open. Just wondering if they could be reasoned with.

most of them will tell you to pound sand then they get mad and confused when you want to settle.
people need to realize that the credit cards companies are not on your side. they dont want to help they want you to mess up and fail.
they want 2 things:
1. for your interest to go up
2. they want you to make only minimum payments, keeping you in debt.
we only have one life to live and you might want to think about living YOUR life!
not THEIR life!
How many times do you have to be told to STOP posting your cell phone number!!


lrhall41

Submitted by on Thu, 02/18/2010 - 17:54

( Posts: | Credits: )


I have credit card debt as well as none credit card debt, like phone bills and student loan, can consolidation include ALL of my debt or are there any thing that can not be included????


lrhall41

Submitted by on Sat, 02/20/2010 - 11:22

( Posts: | Credits: )


[QUOTE=Anonymous;656084]most of them will tell you to pound sand then they get mad and confused when you want to settle.
people need to realize that the credit cards companies are not on your side. they dont want to help they want you to mess up and fail.
they want 2 things:
1. for your interest to go up
2. they want you to make only minimum payments, keeping you in debt.
we only have one life to live and you might want to think about living YOUR life!
not THEIR life!
How many times do you have to be told to STOP posting your cell phone number!![/QUOTE]
how many times do i have to tell you that i am helping people for free advise, it is very sad that you moderators havent called me to seek with what im offering to the PUBLIC.
i have talked with many people here from this site and i have never tried to get someone to go with my upcoming company.
If this site is all about helping people then i dont know what to say, because trully right now while my new businiess is not up and running, I AM TRYING TO HELP PEOPLE
FOR FREE
Then follow the rules of the TOS and register your site at the link below, you also need to READ the TOS regarding posting phone numbers, as I said, I will continue to seek out your posts and delete your business name and cell phone number until you FOLLOW the rules! Thank you!
http://www.debtconsolidationcare.com/forums/announcement.php?f=&a=4


lrhall41

Submitted by on Sat, 02/20/2010 - 23:54

( Posts: | Credits: )


Hi im trying to find a debt con. but i keep hearing bad things about those companys!! can someone please HELP!!! My husband got laidoff and im a stay at home mom and we had to stop paying our credit cards and finding ourselves in deep!! can someone tell me whats the best comp. i can deal with?? please email me


lrhall41

Submitted by on Sat, 02/27/2010 - 08:17

( Posts: | Credits: )


Alex, if you are already behind on your cards, you may look into settling your debts instead of consolidating them. You can ask your friends and family, who have used the service of a debt settlement company before to recommend you an authentic one. You can also check out the compiled list of settlement companies here to find one at your neighbourhood.

However, remember that settling your debt would affect your credit score adversely. But when the primary concern is to get out of debt, that hit on your score is worth taking and also it wouldn't be something irreparable. Your score will gradually improve once your accounts are settled.


lrhall41

Submitted by SC on Sun, 02/28/2010 - 21:55

( Posts: 3937 | Credits: )


I want to use debt settlement. I have 400.00 in debt. I cant make minimum payments, keep getting late and interest fees. I want to consolidate, lower the amount andd make a $10 -$20 payment monthly....help.... names of companies that will help. I am in Knoxville tn


lrhall41

Submitted by on Wed, 03/10/2010 - 13:27

( Posts: | Credits: )


Quote:

Originally Posted by Anonymous
I want to use debt settlement. I have 400.00 in debt. I cant make minimum payments, keep getting late and interest fees. I want to consolidate, lower the amount andd make a $10 -$20 payment monthly....help.... names of companies that will help. I am in Knoxville tn


am i reading this right, you only have 400 in cc debt ?


lrhall41

Submitted by on Wed, 03/10/2010 - 15:26

( Posts: | Credits: )


Quote:

Originally Posted by Anonymous
am i reading this right, you only have 400 in cc debt ?


Seems so :)

Anyway, that's not a very huge amount, Elliotsmom. IMO you must negotiate with your creditor's to get the amount lower. Hiring a consolidation company for such a small amount would be a waste.


lrhall41

Submitted by SC on Wed, 03/10/2010 - 20:16

( Posts: 3937 | Credits: )