Alright so I've been on one end of the spectrum to the next. I wont go into a huge backstory but I've accumulated a large amount of revolving credit card debt mostly due to medical bills that I put on my credit cards when my mom had cancer. I'm currently on track with my mortgage and car payments but I'll overhwelmed by all the minimum payments and interest rates on my revolving debt. I figured it out and if I pay the minimum payments on all my debts it will take 37 years and about 70k in interest charges. I contacted a debt management company (MMI) to see what my options are. They recommended a 5 year repayment program and I've researched some of the pro's and con's of doing this.
I don't know a whole lot about this and I want to get my score back to the 750s where it was. What's the right thing to do here; a management program? Try and contact the creditors and get the monthly payments adjusted and the interest rates?
Some wisdom would be great on this. I wish I had a good financial advisor right about now.
Thanks in advance!
Is that even an option if I've become deliquent on some of my accounts?
If you are maxed out and falling behind trying to keep up with the minimums, you may be a candidate for BK. Distasteful to many people, I get that - but its preferable to struggling for years as you fall further and further behind, doing little more than delaying the inevitable.