I currently owe about $21,000.00 between four credit cards.
I called Cambridge Credit Counseling and they are able to set up a plan with two of the four. Of the two that they couldn’t do anything with, one is zero interest so they left it out and the other wouldn’t deal.
They are able to substantially reduce my interest and I will have the two cards paid off in 57 months (the debt total on the two cards is currently about $10,000.00. The payment for the plan is about $5.00 more than the minimum payment for the two cards. I haven’t signed the paperwork yet.
Should I go with this? I can come up with the five extra dollars per month. Just looking for some advise from someone who might have some knowledge on the subject. Thanks!!!
There are a number of issues that I’d need to know to give you some clarity.
Since the monthly payment is about the same, is it just a change in interest rates that you are looking for? What was the reason you sought debt help and what is the goal you want to achieve by the end of your long journey to get out of debt?
Please post your responses and follow-up messages to me on this in the comments section below.