Unanswered Questions

I Have a Low Interest Rate on My Credit Card But Can’t Afford the Minimum Payment. – Jean

Because of the volume of submitted questions, I am behind in personally answering every single one. I need your help. I am publishing the question below for you to answer. Please help this person by adding your response and advice in the comments section of the original question. Click here.

“Dear Steve,

Background would be that, we have had credit card debt. I have moved from one card to another to reduce the interest rate. Now I have about 22000.00 is credit card debt. Just on one card. I currently work 35-40 hours, my husband works his normal 40 hours also. With the automotive industry crisis things are slowing down and the O.T that we have relied on is not there. All our bills are up to date and not behind but now its starting to happen.

My question is how can i get out of that one credit card debt? Bankruptcy, chapter ? anything. I have closed that account and have a 6% interest on it but my monthly payment is 500.00. I just cannot afford this and have talked to them and this is the best they can do for me. All our ties and cut, all the money is spent on the monthly bills that we cannot get out of. I hate to file to hurt my credit but I feel thats all that is left?! This bill is currently past due and I cannot make this monthly payment, so instead of trying to pastdue another bill I need your assistance.

Thank you

Jean”

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About the author

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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