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I Want to Lower My Credit Card Payment. – Jen

“Dear Damon,

I have 20,000 in credit card debt and I pay 5.99% which adds up to @$305.00 each month. The amount is causing a hardship and I would like to get the payment down to about $200-221. Please suggest a good organization to deal with to negotiate a lower monthly payment.

Please suggest a good debt group to deal with


Hello Jen,

Unfortunately you are not going to be able to get a payment for 20K worth of credit card debt down to only $200 dollars by simply lowering the interest rates. If you are thinking about a debt settlement program, then a monthly payment in the traditional sense does not exist unless you are doing a term settlement.

Can you please clarify what you are looking to do?

Are you wanting to try and settle these debts by falling behind on your payments and saving up the funds to offer a lower lump sum payoff?

Do you understand the difference between a credit counseling and a debt settlement strategy?

If that small of a payment is causing a hardship, have you looked into the option of filing for bankruptcy?

Please post your answers in the comments section below.

Damon is a talented independent debt coach that provides in-depth assistance and consultations for people struggling with debt. If you want a personal debt coach to help you through a difficult situation or want assistance to find secret discounts offered by debt settlement companies I think Damon Day is an excellent person to contact for advice and assistance. He can be reached directly at

If you have a debt related question you’d like to ask, just use the online form.

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About Damon Day

Damon Day
Damon Day is a talented Debt Coach who offers fee based consultations to consumers as an alternative to the typical free debt relief consultations which are nothing more than thinly veiled sales pitches lacking any real information to help a consumer make a good decision. You can learn more about how he can protect you from getting ripped off at

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