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What is An Honest Solution to Reduce My American Express Debt? – Joel

By on October 31, 2010
What is An Honest Solution to Reduce My American Express Debt? – Joel

Over a period of 10 years or so, I have increased my American Express debt to $37,000. I own a home improvement business, and have been putting material costs on this card. My monthly minimum payment is over $700, and I try and pay at least $1000 a month to it, but it is becoming extremely difficult to continue this.

I’ve tried to increase my business line of credit at the bank in order to pay off my American Express bill, but the bank will not do it. What is an honest, affordable solution to reducing my debt? I am aware that there are many scams out there, and I want to steer clear of them.

Joel




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About 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.

2 Comments

  1. Damon Day

    November 1, 2010 at 3:50 am

    Hello Joel,

    There are a lot of ways you can try and pay off your Amex debt. Which one is the best financially and the right one for you depends on a number of factors including your current and expected future cash flows, your life circumstances, your goals.

    Depending on your credit you may be able to get a debt consolidation loan, although that is not likely given that you are not able to increase your lines of credit.

    Depending on the interest rates of the amex card, you may be able to reduce the rate directly with the amex or by using a CCCS program.

    You may be in a position where it is necessary to get more aggressive and perhaps try and settle the debt with Amex.

    Also Bankruptcy might be an option to look at.

    Which one of any of these options, or none of the above is your best move will require an analysis of the things I mentioned above.

  2. Damon Day

    November 1, 2010 at 7:50 am

    Hello Joel,

    There are a lot of ways you can try and pay off your Amex debt. Which one is the best financially and the right one for you depends on a number of factors including your current and expected future cash flows, your life circumstances, your goals.

    Depending on your credit you may be able to get a debt consolidation loan, although that is not likely given that you are not able to increase your lines of credit.

    Depending on the interest rates of the amex card, you may be able to reduce the rate directly with the amex or by using a CCCS program.

    You may be in a position where it is necessary to get more aggressive and perhaps try and settle the debt with Amex.

    Also Bankruptcy might be an option to look at.

    Which one of any of these options, or none of the above is your best move will require an analysis of the things I mentioned above.

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