Credit Card Debt Floods Mre!
Date: Tue, 05/29/2007 - 17:21
Then came the need to replace my car and a trip driving back to MI from CA for my younger daughter's wedding. I screwed up on the trip going over limit on one credit card, which brought fees that put me behind.
Then my older daughter got married and I not only married her, but also rented the hall. Because I had gone over limit now on three cards my interest rates were raised substantially and the worst one (B/A0 raised the rate from 8.0% to 34.4% and when I negotiated with them agreed to raise the limit so their interest rate wouldn't keep taking it over limit. They did so, but also closed the account (at my request)except I never requested it.
Getting part time or full time work has proved elusive since age discrimination does exist and I'm a disabled person who will be 73 in July. There is no way I can pay all of my bills each month between the penalties and the increased interest. I'm running between $300.00 and $400.00 a month behind, and while I have a part time job promised, my hire date keeps being delayed.
I don't want to stiff anyone, but credit card companies, once you fall behind drive one to it. I'm not sure whether bankruptcy is an option, but would rather avoid it if I can.
Norm
There are many options to consider before you think about bankru
There are many options to consider before you think about bankruptcy. Consolidation has alot of advantages. Beings you have registered with the site, a counselor will contact you to discuss your options.
I'm sorry to hear of your misfortunes. It does seem that the cre
I'm sorry to hear of your misfortunes. It does seem that the credit card companies really take advantage of people when hard times hit.
You do have a couple choices. You can sign up on this site and have a consultant give you a call to discuss your situation and help you negotiate with your creditors to get things under control.
On the other hand, you can give it a try yourself. I very strongly suggest that you handle everything in writing, certified mail, return receipt. You can find some sample letters on this site with a simple search, but what you want to do is explain your situation to them honestly. You will claim financial hardship and present to them what you can afford to pay at the present time. I will include a sample letter below to give you an idea how to get started:
Quote:
Today's Date Your Name Home Address Phone Number Name of Creditor Creditor Address Creditor City, State ZIP Account Number: {place account number here} To Whom It May Concern: This letter is to inform you that my financial situation has worsened in recent months (you can give a specific date if known) because of a hospitalization and layoff at my place of employment. Given my significantly reduced income, I have no choice but to request a hardship claim on my account with your company. I have been a customer since _________ and have had a good payment history prior to this recent turn of events. Based on my current income and the number of other creditors I owe, I promise to pay $ _________ each (month, week, every two weeks, etc.) until my account is paid in full. If my financial situation improves and I am able to increase my payment, I will contact you immediately. Please send written confirmation of your acceptance or rejection of this offer to my address given above. As a show of good faith I have enclosed a payment in the amount stated above. I thank you for your understanding in this matter and look forward to your favorable consideration. If you have any questions concerning this matter, please do not hesitate to contact me at the address given. Sincerely, Your Name |
