I am so glad to have found this forum. Thank you so much for being here.
Here is my story guys. I am in sales making $110K a year, with $110K in credit card debt (about $90K of it) and $20K in two car payments. For the past 20 years I have never had any derogatory entries in my credit, as I have always made payments on those credit cards/car payments on time, even though it has been the minimum balance. For the past two years I have been borrowing from my credit cards in order to keep paying my minimum balances on time each month. I am running out of money on what is left of my credit cards, and I am afraid within two months I won't be able to continue to make payments on time. Most of the credit cards are around 12% interest rate, and the reason why I continued to borrow from my credit cards was because I am trying to avoid having my interest rates jacked up.
I can't continue this vicious cycle and seeing that most of my payments are going to interest rates. Most of the cards are closed now, and I have an american express which I have open, and pay monthly, as I use it for my business travels. I can't afford to lose that credit card, unless I go ahead and save $5K and put it on my debit card and use my debit card as my business card. I have called the credit card companies and have explained that I need for them to bring my interest rates down in order for me to make a dent on my balances, but every single one of them have declined to do so. What advise would you give me in order to get out of this debt. I am making mortgage payments on my home and I am not moving anytime soon. I also don't see us buying any other cars, so with those two big issues laid out, what advise would you give me. At this point, my credit scores have taken a bit of a hit due to most of them being maxed out, but no 30 day late entries. I can't keep up with this, though. I truly need your advise. I am open to anything that would bring me immediate relief.
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.