I have managed to get myself into a rather large amount of debt, when I got sick and had to take time off work so I didn't have a income, I used my credit cards for everything, daily expenses, doctor visits, etc. I am having a hard time recovering from this time and now seem to live paycheck to paycheck, paying my credit cards, but the debt doesn't seem to make a difference.
Hi!
I advice you to call the cards and tell them you are close to bankruptcy but hoping to keep up with your payments. Be blunt but nice and tell them this happened after a job loss and that you need a reduction on the interest rate and/or debt.
No matter what, call whenever you have a late fee or whatever fee and tell them the same thing, that you are close to bankruptcy. The hate the word... so let's toss it around.
How is your credit? If it is good, search for another credit card that can give you good introductory rates and pass on your balances. I paid a lot of my balances that way!
Welcome to SupportGroups.com, Would be wise to call creditors & ask for a supervisor, see if they will work w/you on lower the percentage rate, it will be frustrating be prepared & if not you may want to decide to try another introduction credit card company @ 0% & do your best to pay it off before the introduction offer time frame expires or talk w/a nonprofit consumer credit company to consolidate. If your only paying the minimum each month, which alot of people do, try paying more on the credit card w/the highest balance & interest rate & work your way down. Bankruptcy is another option if necessary but does cost to do so.
April
I agree with both people who responded to you. I am 25 and when i was 19 i had to file for bankruptcy due to thinking it was ok to have several credit cards, max them out and not pay. i would hate for you to have to do that. another option you have is to go to a debt consilidation company in your town and tell them your situation. they will take your cards and cut them up!!! give you a low monthly payment that you can afford. I did this a few years back when i got in a bind and it really helped me out.
I agree. Just share your situation with them, but don't let them stress you. Pay what you can when you can, but make sure you make plans to pay.
Debtors anonymous recommends writing to or calling the card issuers and assure them you intend to make good on the debt and you are in a recovery program. This will at least give you a breather from any harrassing calls you are receiving. Also tell them you can't pay the current rate(s) of interest and need a reprieve from the high rates. This will start the ball rolling and put you in a better position mentally.
-S