Credit Card Debt Payment

I made a mistake, and trying to get out off it. I have a good APR on my AMEX (7%), but my other 2 is killing me 23% and 29% pretty high balances too. am paying almost $1,000 every month on the 3 cards alone, I can barely save. PLS ADVICE

Ok, a few questions for you...
Are you delinquent on any of the accounts?
If yes, why? Job loss, income reduction, divorce, medical...?
Are you paying just the minimums on the accounts or are you paying extra?
Have you called to find out if the companies have any kind of hardship plan, etc.?
Have you made any payments late or gone over your limit? Those fees can really add up and cost you lots of money!

Here is how I would go about making a dent in these cards...if you are paying more than the minimums on each..
I would cut back to minimums on the 7% and 23%. Whatever extra you were paying to those, add it to the payment on the 29%. Make as large of a payment as you can to get that paid off quickly. Once that one is paid off, take everything that was going to that and add it to the payment on your 23%...then follow with the 7%.
It doesn't hurt to call the companies and ask if they can lower the interest rate or help out with one of the fees (if you've received any). You can always ask to be transferred to retention. Remember if you close one of your cards and have a balance on it, you still need to make at least your monthly minimum payment or you can be subject to late and/or overlimit fees.

Sounds like you need to evaluate what you are purchasing...if you are living above your means, you may need to back off of your purchases until you are in a better position to take care of the cards.

...I can think of a lot better things to do with $1,000 every month.

If you have questions, feel free to ask!

2009-06-27 20:55:19 by AAA

www.totaldebtrelief.net uses a pitcher and a glass of water demonstrate the effects of minimum credit card payments. This video uses a simple ...

I am a junior in college with about 10,000 in credit card debt. I am having trouble making payments, and would just prefer to defer payment until 6 months after I graduate. How would i go about doing that?

Sure you can, student loans are to used for school but who is to say that the charges on your credit cards were not school related?

2009-01-05 11:20:44 by Ryan E

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I've been unemployed for a couple months, and the credit card payments are starting to hurt.

If I negotiate with the credit card company to reduced my debt or monthly payment, will this somehow hurt my credit score.

I plan on refinancing my mortgage when I get another job, and I don't want my score to be hurt.

The credit card company may POSSIBLY be persuaded into reducing the interest rate which, in turn, will reduce the monthly payment, but they arent going to reduce the amount that you truly owe. If you bought a $600 stereo, there is no reason why you should be allowed to negotiate less than that. If you defaulted on your credit card payments and the debts were sold to a collection agency, you can negotiate with THEM for a smaller amount, but the late payments, the referral to a collection agency, and the payment of less than what's owed will ALL hurt your credit significantly. About all you can do without damaging your credit would be to plead with the credit card companies to lower your interest rates. I kind of doubt they will though since they only care about their own financial well-being. If, by some miracle, they DO decide to reduce your interest rates, they may also require you to surrender the credit card. The account, naturally, stays opened until it is paid-off, but you wont be able to further charge anything onto it. If they're going to agree to take less money, they may require a good faith gesture on your part that you wont take advantage of it and charge new things on your lower interest rate card. Thus, they may cancel your charge abilities.

2009-05-13 23:42:43 by Cutman

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A relative is going to loan me the money I need to pay off my credit debt. I'm suppose to file my appearance in court on Tues.

Should I call and make arrangements to send the payment in to the credit card company or the collection agency?

Do you think they will dismiss the lawsuit?

You have to make the payment agreement with the one that is suing you.

You should offer a percentage of the debt. You should stipulate in the agreement - if they agree to take a percentage, after payment, they will agree that the debt is paid and no longer collectable.
Be sure to have the agreement in writing!!!

Be sure that when you come to an agreement and when you pay that both the agreement and the payment is filed in the case file !!!

2006-07-30 12:21:13 by Mysti

Together we have 10 credit cards totaling up to about 12,000 in debt. It is so hard paying 10 different companies.. Should I take a loan out, pay them off, then pay on the loan? I need advice.

Shifting all the credit card debt to one big loan isn't such a good idea. While you might have only one payment and maybe even a better interest rate, folks tend to run those credit cards right back up. Then you have the big loan payment and the credit cards to pay.

Instead, you should work on paying off all that credit card debt. Take every penny you can squeeze out of your budget and throw it at the highest interest rate credit card, while making minimum payments on the rest. When the highest rate card is paid off, move to the next till they are all paid in full.

Find ways to bring in extra cash -- have a garage sale, collect alum cans, get a second job. Throw it all at the credit card debt.
If you really work at it, you can pay it all off within 2 years.

Once you get those credit cards paid off, only charge what you can afford to pay in full each month. You may want to close some of those accounts, particularly store and gas cards.

2009-03-21 12:07:52 by xoxo