My husband lost his full-time job two weeks ago and I lost my part-time job at the same time. I still have my full-time income, but there is no way we can make the monthly minimum payments on the credit cards.
What are some reputable debt management companies that we could contact? There has been so much news coverages about scams that offer to help but make things much worse.
Good question. Before you rush to contact a debt management company, I think it is important for us to look at your situation backwards. The key question to ask here is with your reduced monthly income, how much, if anything, can you afford to devote towards debt repayment on a monthly basis? How much debt and what kind do you have?
A debt management program is not going to lower your monthly payment and a debt settlement program is just such a mess and scam these days from most providers.
That leaves us with a couple of options but I’d like to hear back from you first on my questions before I come up with a Plan B for you. Just post your answers in the comments section of this question and I’ll respond.