What are my options for paying a debt + 30 000?
I have 25 years and have accumulated credit card debt of $ 30000-3 credtors different over the years. I was making the minimum payments until I reached my extravagant spending. I've been doing the bare minimum monthly payments on my card Visa. In my Bank of America and AMEX credit cards, I've been delinquent in payments for more than eight months. The creditors are constantly calling me at home and work harassing me. I have the intention to pay back my debts in full. Just wanted to see how the experts or anyone with experience that would My options available to reduce my interest rate and pay my debts faster. I know there are a lot of scams out there and I've read about 'Non profit "credit consolidation agencies that are actually more harmful to the management of debt plans. Bankruptcy is not an option for me. I have the intention to pay back my debt no matter how long it takes. Any advice would be greatly appreciated. Also: Can they freeze my checking account?
Talk to your creditors. Be honest about your financial situation. I found myself in a similar situation after working for long in a badly paid jobs and have to put the tuition credit on my card. 1. Speak to them about how to work with you to take under those stocks. Are you willing to lose interest rate, even temporarily, so you can begin to catch up? The late fees and penalties to eat you alive to find a way to make the minimum each month. 2. Check your budget. Cut everything that is possible or reduce other things. Can you live with a cell phone plan is cheaper or no phone phone? I was paying on a cell phone and home phone for myself. Bye bye home phone — $ 45/mes additional payment by credit card. Could cut the cable / internet / electricity bills at all? 3. Sell things you do not need. Wherehouse.com buy cds and dvds. Half Price Books going to buy books. Have a yard sale. 4. Clip coupons, shop sales, do not buy a single thing yet is not necessary. Once you have squeezed every penny Your Budget: align three bills credit card. Pay the minimum plus $ 1 for those with the lowest interest rates. You pay every penny possible you can toward the third. Credit card interest is compounded daily. You can break your payment in several installments and weekly payment instead of a large payment on the due date. This will reduce the daily balance a bit and save some interest. Make a spreadsheet that shows each and complete credit card every month. Know what your balance is reduced each month. Knowing what you spend on interest. I hate that number. Whenever you are tempted to buy something, consider the payment of interest. I paid 31K in about two years with a salary 40K. I did not use a credit building or outside any help. I just had a long conversation with me about my income against expenditure and made a budget that could follow. Is it fun? No. I do not buy new clothes for most of that time. I went to the grocery store each week with a list and coupons. I did not go to movies or to restaurants. I used the library. I walked where I could be driving. I forced myself to put $ 25/week into savings so that if a medical bill or expense unexpected happened, I would not have to use my credit card for anything. I took my card and left my wallet at home. You can not cut all the latest or you'll never stick with the plan. I kept Netflix and basic cable. I cut satellite television and movie channels. I stayed in my apartment cheap Instead of moving into a bigger place. When my car died, I do not buy a new one, took a lease cheaper for me to be able to have a low monthly payment and will continue to focus on paying my debt. I started buying store brand staples like dish soap and socks. Was it worth it? Yes, you can freeze their checking accounts, if you are brought to court and obtain a ruling against him. In many states, you can also get an order to garnish your wages. Once things get to that point, you're stuck. If you can negotiate something with them in advance, you will get better. If you want to email me, I can help you set and a budget. Also has great calculators www.bankrate.com to find out how long it will take a card to pay credit / debt. It is a nice reality check.
Money Management : How Do Debt Consolidators Work?
