My husband and I have almost $60K in credit card debt. We are on a program through Cambridge Credit to pay off in 5 years. Problem is, the monthly payment of $1700 is getting to hard to afford and we have wiped out our saving trying. We do have good income, but we are in the negative after paying all our expenses. We are seriously thinking about Debt Relief companies (those who work to lower your debt) but I have head horror stories. Should we consider them and what do we need to look out for? How do we recognize a scam?
Well it sounds like the credit counseling approach is not best suited for you at this point. Did you have a reduction in household income or an increase in expenses that made things difficult since you enrolled with Cambridge?
It would be a mistake to reach into your savings to try to make ends meet if you can’t afford the debt management payment on your regular income.
I think your should call your counselor at Cambridge and discuss the situation in an open way. They are not going to judge you for not being able to make the payment. You won’t hurt their feelings.
But before you jump to some magical debt relief solution you need to click here to find a local bankruptcy attorney and discuss your situation.