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Two of My Credit Card Companies Have Doubled My Payment. – Pam

“Dear Steve,

Two of my credit cards have decided to more than double my payment and I cannot afford the payments. I am current and in good standing at this time but I know I cannot pay these amounts. The company I was employed with closed on March 20, 2009 , so I am now unemployed. I have always done my best to pay my bills because it is so important to me.

I am divorced and not sure whether to file bankruptcy or try for a debt settlement. My problem only exists with two credit cards in which one of them changed my due date so they could raise my rate and payment and just last month my other credit card extended my due date by seven days (sent to me in a letter) and also mentioned how I was on autopay……well I went to check my account and my payment date had not changed and they did not make my payment so therefore they more than doubled my payment because it was late and they did not make the payment on autopay like they said in the letter. I sent them an email explaining how they sent me this letter and why would my payment be late when they are the ones that sent the letter stating I would have seven more days to make my payment. I am so upset I can hardly type what I need to say.

Would you recommend the debt solution companies that advertise on your site?

If a person asks for a debt settlement, can it just be requested on certain cards or does it have to be all of them?

I need to decide what to do before my payment is due on August 31st.

Is there a Debt Solution Company that you highly recommend. Bankruptcy or Settlement?

Pam”

The Answer

 

Get Out of Debt Free Hotline

Dear Pam,

Wow, it really sounds like you got screwed over with the due date change.

As far as recommending a particular company that might advertise on the site, I have not input on who advertises, that is all handled by Google. You can read more about that in the terms section of the site. I explain how it all works.

The only debt solution that has the power of law behind it is bankruptcy. All the rest like debt management, credit counseling, or debt settlement are non-binding programs the creditors may or may not participate with.

Hopefully through my site I have able to educate you about the options and realities of debt solutions and have helped to make you a more informed and better educated consumer.

I would suggest that if you want to explore your options fully that you contact a debt management company, debt settlement company, and find a local attorney you feel comfortable with to schedule a free bankruptcy consultation to discuss your situation.

Once you have met with all three entities, come back and post an update in the comments section of this question and let me know what your thoughts are. I’ll help guide you towards a solution.

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About Steve Rhode

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.

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After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.


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