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Hi,
I have several credit cards and the outstanding debt amount is $ 35, 000. Though till now I am current on all these cards, I am struggling hard. I have to do something or else I will soon be missing payments.
The credit card companies raised my rates to about 23%. I have tried to contact the institutions and ask for a rate reduction, but that say no. I do not want to file bankruptcy. I have contacted some credit card counseling services, they say they can put me on a program to get them all paid in 3 years.
I do not have much savings, may be about 2,500. I am not sure what to do. I don't want to hurt my credit. I have a good job, just stupid and got my self in credit trouble. I also own my house but no equity in it.
Any ideas?
credit card debt
Hi Riki,
You can first try handling this problem yourself rather than giving extra money to a credit counseling company.
You have several credit cards and you are finding it increasingly impossible to maintain the payments on your accounts. In this situation you can consolidate all your bills into a single debt so that you are required to make a single monthly payment.
You can do this by transferring the balances from all high interest credit cards to the pone with the lowest interest rate. As a result your monthly payments are lowered and and the interest rate too gets lowered.
Hope this helps.
Regards,
Aaron
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