I have around $20,000 in credit card debt at present and having a very difficult time maintaining even the minimum payments. I have 8 credit cards with most of them at 29%.
I am not sure if I should try contacting each credit card or going with a credit consolidation company. I have heard so many bad things about these companies that they really don’t do anything for you and end up taking your money at a time that I can least afford.
I own my home with around $50,000 equity and have an income of my social security of $1365 per month and $750 from a pension.
Can you recommend a solution or a good debit consolidation company that can help me.
Since you did not say that you were struggling to pay the bills then my first thought would be for you to look at a real debt consolidation loan from the peer-to-peer lending network, LendingClub.com. I happen to be one of the thousands of small investors that helps other people fund their loan needs. If you decide that will be good for you then I might even be one of the investors in your loan.
Before we jump to a solution that might be more extreme I think you should check the rates and terms from LendingClub and see if that will reduce your interest rates and give you a payment you can afford.
Once you do that, come back and post an update in the comments section and let me know how it went.