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Should We Make a Deal With Chase Bank on Repaying Our Debt?

“Dear Steve,

My husband has a credit card with a $10,000 balance and interest at 23%. needless to say it is impossilbe to get the balance down. he was also laid off last year which doesnt help. i am interested in making a “deal” with Chase if its an option. we have been late on a couple payments over the past year but are currently not behind. we of course have all the other bills and two other cards with low balances and rates.

How do you make a deal and does this sound like the thing to do?”

Well the first step you can make is to call Chase and see what they have to offer you in the way of an internal debt repayment plan. Or you could click here for credit counseling information and talk this a credit counseling group for information about how the interest rate can be reduced in a debt management plan.

My concern is that a repayment plan might not be sustainable for him without a new job. Unemployment benefits do expire and if he was counting on the unemployment benefits in order to make his credit counseling payment I’d have an issue with that.

A credit counseling program is effective when all the payments in the program can be made. If they can’t then he has not been able to achieve his goal of getting out of debt.

So, do you think he could afford to make payments of say $250 a month for the next five years if he was unable to find a new job?

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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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