Subscribe to our mailing list

X

My Ultimate Goal is to Reduce My Monthly Payments and Get Out of Debt. – Nicole

By on November 16, 2009
My Ultimate Goal is to Reduce My Monthly Payments and Get Out of Debt. – Nicole

“Dear Steve,

My debt is as follows: $8.5k – Chase Mastercard, $2.6k – Amex, $2.6k – Macy’s Visa, $2.6k – Best Buy, $500 – Discover. I have inerest rates between 21% and 28% on all of the cards due to late payments. Right now I am current on all of the cards but I am only able to make minimum payments. I am in sales and due to the economy my income has decreased to the point where I am barely able to keep up with these minimum payments. I am also pregnant so my cash needs are only going to increase, not decrease within the next couple of months.

Before I found your site I was thinking about signing up for the BOA Clean Sweep consolidation program but after reading your notes on the program it doesnt seem like a very good program.

My ultimate goal is to reduce my mothly payments and actually pay off this debt as soon as possible. What debt consolidation programs/companies would you recommend over others? Please help!!!!!!

THANK YOU SO MUCH!!!

Nicole”

Dear Nicole,

Whew, glad you found me before you got hooked by that Clean Sweep program from Bank of America. That one really turned out to be a stinker.

What strikes me first is fact that with the baby on the way, the money you can afford to pay on your debts may get smaller. Babies are wonderful but they seem to eat a lot of food and money. The new baby expenses, like childcare maybe, might just make it totally unaffordable to repay your debts if you are just getting by on minimum payments.

This might be the perfect time to take yourself aside and have an honest chat with yourself. If you anticipate your expenses going up and/or your income going down after the blessed baby arrives then maybe a debt consolidation loan isn’t the smart play here. In that case a little chit-chat with a local bankruptcy attorney is in order.

READ  I'm Looking for Debt Relief for $20,000 of Credit Card Debt. - William

Having a new child around is stressful enough, but trying to deal with bills you can’t afford on top of that can be an emotional sanity killer.

If I’ve missed the mark altogether and you’ll easily be able to get by after the little cherub arrives then look at the peer-to-peer network LendingClub.com as a reasonable place to get a debt consolidation loan.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

morehelp1

P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.

Choice1 Choice2 Choice3 Big Hug!
Get Out of Debt Guy - Twitter , G+ , Facebook
If you have a credit or debt question you'd like to ask just use the online form .

Last step, fill out the information below or call us for Priority Assistance.

What problems are you having with your report?

Your first name is required. Your first name is required to be at least 2 characters. Your first name cannot be longer than 50 characters.
Your last name is required. Your last name is required to be at least 2 characters. Your last name cannot be longer than 50 characters.
Your email is required.
Your phone is required. Your 10 digit phone number is required.
Your state is required.
Your age is required. Your age must be greater than 18. Your age must be less than 100.

By clicking on the "Contact Me" button above, you consent, acknowledge, and agree to the following: Our Terms of Use and Privacy Policy and to receive electronic communications. We take your privacy seriously. That you are providing express "written" consent for Debt.com or appropriate service provider(s) to call you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS - charges may apply), even if your telephone number is currently listed on any internal, corporate, state or federal Do-Not-Call list. Consent is not required as a condition to utilize Debt.com services and you are under no obligation to purchase anything.

By clicking on the “Contact me” button above, you consent, acknowledge, and agree to the following: (1)That you are providing express “written” consent for Lexington Law Firm, Debt.com or appropriate service provider(s) to call you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS – charges may apply), or dialed manually, at my residential or cellular number, even if your telephone number is currently listed on any internal, corporate, state or federal Do-Not-Call list; and (2)Lexington Law’s Privacy Policy and Terms of Use and Debt.com’s Terms of Use and Privacy Policy. Consent is not required as a condition to utilize Lexington Law or Debt.com services and you are under no obligation to purchase anything.

About 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.

Share a Comment / Leave a Reply

%d bloggers like this: