“Dear Steve,
Hi! I have 3 credit cards that have over $2000 each on them. I have not been paying on them for about 6 months. I have collectors calling me but I can avoid them easily. The only thing that bothers me is that now the minimum payment on them is between $600-$800 each. Of course I cannot pay that. I really want to get them taken care of and paid off. What should I do? I have looked into debt consolidation companies but I am a skeptic. I do not want to ruin my credit score any worse than it already is. My husband and I are still renting and I’m afraid we will never be able to get a loan for a house. Should I call the companies and try to get a set minimum balance and get the late charges wiped off? Or do you recommend a company to help consolidate them and get them paid off? Please offer your advice. I need it!
Thank you,
Mandi”
Dear Mandi,
If you could afford the regular minimum payment of about $40 on each of those debts then click here for credit counseling help. A debt management plan should be able to get you back on track and stop late fees and lower interest rates. Of course all that depends on who the creditors are.
