Credit card debt
Date: Sat, 11/29/2008 - 11:36
One card has an interest rate of 14.99% and the other is 28.99%
I am able to make the minimum monthly payments (barely) but with the interest rates so high I am not making any meaningful progress despite not having made any new charges to either card in almost a year.
I work 7 days a week and am seeking a second job, but currently after rent and my other bills, including several student loan payments (I have been able to defer some and consolidate others) I have almost nothing left over. Fortunately no emergency costs have come up but it worries me not to have any savings as virtually all of my income goes towards bills.
I have never not made a payment, although my credit score has suffered due to late payments in the past.
What are my options for making my credit card debt more manageable? How easy is it to negotiate for a lower interest rate? Will having late payments during the past year affect that?
Any advice would be appreciated, thank you!
-Glen
Hi Solzer, Welcome to our community. :D First of all don't p
Hi Solzer,
Welcome to our community. :D
First of all don't panic. There has been many debt cases which were much worse than that of yours but they have sailed through successfully.
You can get a comparative idea about the possible debt solutions available to you in the following page: -
Debt Solutions - 3 steps and 5 ways to do it
I would look into a debt management Plan or a dmp first. It will
I would look into a debt management Plan or a dmp first. It will get you much lower interest rates so you can get out of debt much faster. If you are getting to the point where you can no longer afford the minimum payments, can't afford a dmp , and you bills are either starting to fall behind or already are than you may want to consider debt settlement. It will get you one low payment " usually around half of what you combined minimums are " and get you out of debt fast . Most importantly it will prevent you from having to file bankruptcy.
