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$52,000 in debt with Chase - where to go from here

Submitted by on Wed, 05/02/2012 - 05:20
Posts: 202330

My wife and I both have one credit card each, through Chase. My (maxed out) balance is $36,000 and hers is $16,000, combined we owe $52,000. Since both cards are now maxed out (we have been living off of them), the APR doubled and the payments are virtually now impossible to make. The payments were due last week and are now both 7 days late. What should our first step be since we cannot pay the almost doubled in size monthly payment it has now become? It is either pay the credit cards or pay the mortgage! I have been reading so many posts on this site that I am starting to confuse myself on what I should do. Being that the payments are only late by that short amount of time, should I wait longer to contact them? And do I tell them I cant afford this and see what is offered? Does my wife have to call about her own, since they are two separate account numbers? Can I do them both on my own? Should we contact a debt settlement or debt management company, or wait? I am a little nervous about using either and would like to hopefully work with Chase on my own. But I have to admit, I have absolutely no negotiation skills and Im not saying I am easily pressured, but will say I need to be more forceful sometimes. Well, I know I asked my fair share of questions in this post, but any advice that anyone can offer will be greatly appreciated, as I continue to read on......