Question on best approach.....
Date: Wed, 08/06/2008 - 20:47
Hi,
I was recently laid off and have about $15K in credit card debt. This was OK when I was working but with no income making payments is going to be impossible. I currenlty have decent credit (680) and would like to keep it that way. Any suggestions on which avenue to take so I can get my debts paid off and keep my credit rating?
Thanks a ton for the help.
Jimmy.
I was recently laid off and have about $15K in credit card debt. This was OK when I was working but with no income making payments is going to be impossible. I currenlty have decent credit (680) and would like to keep it that way. Any suggestions on which avenue to take so I can get my debts paid off and keep my credit rating?
Thanks a ton for the help.
Jimmy.
Well, if you have no income, it's probably going to be hard to k
Well, if you have no income, it's probably going to be hard to keep your credit rating. If you have enough funds available, you could talk to your creditors about hardship programs. Pretty much all credit card companies have them. Generally, they last for six months to a year. They will usually lower your interest rate to somewhere between 0% and 10%, and they will lower your minimum monthly payment to about 1% of your outstanding balance. The programs are temporary, designed for people who are experiencing temporary hardships, which it sounds like you are.
You would have to talk to them about how it would affect your credit rating. I think that different creditors report it differently to the credit bureaus.
