“Dear Steve,
Hi! I have 3 credit cards that have over $2000 each on them. I have not been paying on them for about 6 months. I have collectors calling me but I can avoid them easily. The only thing that bothers me is that now the minimum payment on them is between $600-$800 each. Of course I cannot pay that. I really want to get them taken care of and paid off. What should I do? I have looked into debt consolidation companies but I am a skeptic. I do not want to ruin my credit score any worse than it already is. My husband and I are still renting and I’m afraid we will never be able to get a loan for a house. Should I call the companies and try to get a set minimum balance and get the late charges wiped off? Or do you recommend a company to help consolidate them and get them paid off? Please offer your advice. I need it!
Thank you,
Mandi”
The Answer:
Dear Mandi,
If you could afford the regular minimum payment of about $40 on each of those debts then click here for credit counseling help. A debt management plan should be able to get you back on track and stop late fees and lower interest rates. Of course all that depends on who the creditors are.
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.