My bills are about $800 to $1000.00 short per month. I’ve stopped using my credit cards to pay bills. I’ve cut spending drastically. I’ve spoken to some of my credit cards and they have done some rate reduction and structured payments but it is still not enough. I still come up short. Between my wife and I the credit card debt is about $80,000. My home is upside-down in a 30 year refinance. I’m considering calling Money Management International. I was given the number by a Chase Bank payment assistance rep.
I have about $80,000.00 in Credit card debt. Can Money Management International help to reduce my credit card payments by 30% to 40% or more?
A credit counseling program can’t cut your monthly minimum payment much below what it is normally. However if you are behind on your bills and being charged for two payments then they can get you current and back to one payment. That’s how some credit counseling groups say they can cut your payment.
While a credit counseling program can’t give you much relief on the payment amount, the benefit is the interest reduction you would get.
If you are that far upside down on your monthly income and expenses then bankruptcy is worth a good close look. If you want to you can click here to find a local bankruptcy attorney.
Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.