Deeper and deeper into debt
Date: Mon, 12/04/2006 - 13:10
I am writing as I am getting myself into deeper and deeper debt and don't know what to do. I had to pay for a lot of my college education on credit cards....and I just keep making it worse.
I currently owe the following:
bank of America: 4200
Bank of America: 2500
Bank of America: 14100
Providian: 3400
Capitol One: 2500
Dillards: 700
After the changes in the minimum payment rules, I am having a very difficult time making the payments. I am a social worker and work a lot of hours every week and get paid very little. I have started bartending part time, but it still isn't enough. Not sure if there is anything that can be done.
Thanks,
Lisa
Lisa, you are doing the right thing by trying to bring things in
Lisa, you are doing the right thing by trying to bring things in control. Consolidate your debts under one monthly payment. Take the advice of a counselor and explain your income and expenses. He will suggest your payment options. Take the suitable plan and get started with the program. credit card debts will multiply if you don't take control now. Stick to your path of being debt free.
Your counselor will also try to lower the interest rates with your creditors. Some fees will be waived off. This will lower down the outstanding balance and you won't have to go through stress in the program. Follow the guidelines and be regular in your payments. The creditors will offer benefits seeing your payment history. If you miss one payment, things will be squared back to zero. Don't let this happen.
