26,000 in the hole reduced 16,000 to a fixed apr of 12% still not so good but not as bad as the remainder. 11,000 at 21% with $602.00 a month payments I can not afford the forced 602 a month. I have not paid the 602 for 2 months now . What should I do?
I NEED HELP
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I think you’ve already answered your own question. The $602 a month is simply not affordable for you.
If you felt like you could afford about $540 a month then a debt management program might be a solution for you. But I’m not confident that $62 a month difference is going to give you enough breathing room or allow you to save some money each month and make a monthly $540 payment for five years worth of monthly payments to a credit counseling group.
First, take good look at where you are spending your money, If you have not done it recently, track where all your cash goes for the next 30 days.
You can follow my step-by-step instructions for doing this that begin on page 81 of my book, “Eliminate Your Debt Like a Pro”.
Once you get a better idea on where your money is going, then you can make some choices about maybe cutting some expenses back. In addition, you could explore a second job or a new job to increase your income.
If, after doing all the above, you are still finding it hard to get by each month then you’ll have to think about bankruptcy. Meet with a local bankruptcy attorney and gets the facts before you decide for or against bankruptcy.