I lost my job at the end of 2008. I found a job, but I make half what I made before. I am unable to make my minimum payment on my credit cards because I got behind. I pay them all that I have, but they really don't care. They just keep charging overlimit fees and late fees and the minimum payment is now out of sight. What will eventually happen? I have no assets except a car so what would happen if they sue me? I do not own a home since I live with relatives. I have spoken to them on many occasions about my situation, but as a business they don't care. What advice would you give? I pay them roughly 40% of my monthly salary now. My total credit card debt is close to $16,000. I fully intend to pay them back, but they just aren't willing to work out payment arrangements until I find a better job. Should I consider bankruptcy filing?
-
-
For 16K, I wouldn't go the BK route.
You might try contacting a non profit Consumer Credit Counseling Service, and see what they say. Some of them will generally try to do a workout with them of sorts (I remember this from my first CCC contact, they couldn't help, because I had better interest rates than what they could get, and I had waaay too much debt for a work out.)
Will the credit card issuers reduce your minimum monthly?? Sometimes you need to go higher than the dodo that answers the 800 number over there.
Make phone calls, see if you can get into risk management department and see if they will work with you.
Comment