Advice for a college student
Date: Sun, 10/12/2008 - 12:39
I have been searching for months on how to reduce some of my debts from various things (rent, credit cards, tuition) and yet I have narrowed it down to two options.
At the moment, I am currently enrolled in a debt management program to manage 2 of my credit cards (roughly $6,500). The payment and everything is quite acceptable, and so far I am current on every payment.
Little did I realize some "other" expenses arose on my other 2 credit cards, driving those balances up as well to nearly $8000.
My primary question is, should I contact my debt management company and attempt to restructure the payment schedule to include the other 2 cards or should I engage in debt settlement with all 4 cards?
Reasoning behind is because the apr on the 2 cards not in the plan is around 21% due to being a "new account", thus I can barely afford the minimum payment (still current on all cards to date).
At the moment, I am currently enrolled in a debt management program to manage 2 of my credit cards (roughly $6,500). The payment and everything is quite acceptable, and so far I am current on every payment.
Little did I realize some "other" expenses arose on my other 2 credit cards, driving those balances up as well to nearly $8000.
My primary question is, should I contact my debt management company and attempt to restructure the payment schedule to include the other 2 cards or should I engage in debt settlement with all 4 cards?
Reasoning behind is because the apr on the 2 cards not in the plan is around 21% due to being a "new account", thus I can barely afford the minimum payment (still current on all cards to date).
Since you are current, settlement is not the best option for you
Since you are current, settlement is not the best option for you. Contact your dmp and discuss it with your rep.
