Cyndi wrote to me through the GetOutOfDebt.org site and asked the following question. 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.
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“Dear Steve,
My husband lost his job. We are $13,000 in credit card debt. We owe a mortgage and an equity loan. My income covers most but not all expenses.
I need to know what I can do to get the credit card company to set me up on monthly payments for what I owe,without adding anymore service charges and interest payments to it.
Cyndi”
The Answer:
Dear Cyndi,
The irony here is that you can’t really get to the best repayment options available as long as you are current on your credit card bills. You need to get out of the regular customer assistance and into the collection folks to be offered any adjustable terms. So in that case, fall behind a month or so on your bills and you can see what they have to offer.
Outside of that your next best option is to explore the possibilities of entering a debt management program. Through a debt management program your creditors will often eliminate fees, reduce or eliminate interest and bring your account current. Click here for debt management information.
