This is my first time posting here. Thanks in advance. I have run up some debt with Chase and Capital One credit cards. I won't go into the how, but...It happened over time. I am working again and so is my wife, but the credit card bills are as follows.
Chase is at just over $11,000.00 interest rate at 29.99%
Capitol one is just over $7000.00 interest rate at 29.40%
My wife and I have been trying to catch up but falling behind for a bit has been making it impossible to catch up. Both cards are coming up in 60 days late. Getting hit with late fees high interest etc making it very hard.
We also had AM EX card at $9000.00 with 29.50% or so. I worked out a deal with them. 0% interest for 6 months, paid them $3300.00 up front, $650.00 a month for 6 months, then approx $750.00 for another 6 at 9.99%, card is shut down till paid off then restored at 9.99%. No hit to credit rating, although not sure that even matters at this point.
My question will either of these companys work something out like this. What can I do to get my interest down like the AM EX and work out a payment schedule, or do I offer to make a settlement? Should I not try to do anyting till I become more past do? The AM EX was 90 days late.
Just want to hear what others think. I might be able to borrow off my 401K if it was worth it to get this over with, maybe 50% or so. I would like to work out some payments but not at this interest rate.
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