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Credit card debt consolidation help

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Lambo23
Frequent Contributor

Credit card debt consolidation help

Hi everyone. I made a few bad investments and got myself into a nice hole on my credit cards. I've made the minimum payments without any defaulting but I can't afford to continue to make them every month as well as paying the interest on each card because my monthly income is too low. Right now the debt is 35k. My score is 645 transunion from Walmart. Any help would be appreciated.
Message 1 of 9
8 REPLIES 8
gdale6
Moderator Emeritus

Re: Credit card debt consolidation help


@Lambo23 wrote:
Hi everyone. I made a few bad investments and got myself into a nice hole on my credit cards. I've made the minimum payments without any defaulting but I can't afford to continue to make them every month as well as paying the interest on each card because my monthly income is too low. Right now the debt is 35k. My score is 645 transunion from Walmart. Any help would be appreciated.

I would be calling them and explaining you can no longer live up to the terms of the card(s) and see if they will give you are hardship program on repayment. Another way to go if they wont work with you is involving a DMP company.

Message 2 of 9
Lambo23
Frequent Contributor

Re: Credit card debt consolidation help

Thanks for the reply. What's a DMP program?
Message 3 of 9
gdale6
Moderator Emeritus

Re: Credit card debt consolidation help


@Lambo23 wrote:
Thanks for the reply. What's a DMP program?

Debt Management Program.

Message 4 of 9
Lambo23
Frequent Contributor

Re: Credit card debt consolidation help

Any advice on finding a debt management program?
Message 5 of 9
gdale6
Moderator Emeritus

Re: Credit card debt consolidation help


@Lambo23 wrote:
Any advice on finding a debt management program?

I would start by Googling it.

Message 6 of 9
Lambo23
Frequent Contributor

Re: Credit card debt consolidation help

I'm assuming you don't know much about it? Or just not willing to be helpful. Thanks for the limited amount of info through.
Message 7 of 9
EW800
Valued Contributor

Re: Credit card debt consolidation help

Lambo: Gdale has given you very good advice - and is by far one of our most knowledgable contributors. I would suggest following his advice.
Year 2012: All Scores in the 520 range, during a foreclosure, CC Settlement and high UTIL. Very ugly days...
April 2023: EX8: 840; EQ8: 832; TU8: 842 -- Middle Mortgage Score: 822
In My Wallet: Discover $73.7K; Cap1 Venture $48.7K; Amex ED $38K; Amex Optima $2.5K; Amex Delta Gold $18K; Citi Costco $22.5K; Cap1 Plat $8.4K; Barclay $7K; Chase Amazon $6K; BoA Plat $21.6K; Citi TY Pref $21K; US Bank $4K; Dell $5K; Care Credit $6.5K. Total Revolving CL: $296K
My UTIL: Less than 1% - Only allow about $10 a month to report, on one account. .
Message 8 of 9
Anonymous
Not applicable

Re: Credit card debt consolidation help

Start first by finding a reputable non-profit debt counseling service in your area. Depending on your overall situation you would potentially have three outcomes  - you could get your creditors to waive interest for a certain time period while you try to get the balances paid down, you could get on a DMP program, which may amount to the same thing, or you could possibly be a BK candidate, depending on how much income you have versus your total amount of debt.

Message 9 of 9
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