topic Re: Please Help, In a Bad Spot in General Credit Topics

Please Help, In a Bad Spot

workingprogress — Fri, 06 Apr 2018 18:12:24 GMT

Guys, I hate that I got to make this post, but i'm starting to get in a bad spot. The past year I have fell on hard times. Had family sickness, family break ups, lost in income and not been able to keep my head up, and now i got to move on the spot, and be back paying high rent and high electric bills. I have used my cards a lot thinking i can later catch up but all i have done is gotten in a worst spot. My cards are now starting to charge me interest. I have high balance on about 4 cards. I tried applying for another card to transfer some balance to allow me some more time but no one will touch me cause of high balances. I'm worried to death and don't know the best option. Can some of you all please help me and let me know if there is a better route to take. I have never been in this spot. I have all ways stayed on top of this. I started 2013 building credit to buy a home and its not happen and may never at this point. the last year and so i have just about destroyed myself. I'm so scared and worried. Thank you all for taking the time to read this.

Re: Please Help, In a Bad Spot

Anonymous — Fri, 06 Apr 2018 18:32:31 GMT

I am so sorry you're in this spot, it's not a fun one to be in. When I was here a few years ago I ended up doing debt consolidation. The closed all my cards and gave me one low payment a month for 2 years. While it did ding my credit, it wasn't as bad as other options could have been. The other thing I have done is the snowball effect, paying down the highest interest credit card and going from there. I'm sure others will chime in with ideas as well.

Re: Please Help, In a Bad Spot

Gregory1776 — Fri, 06 Apr 2018 18:59:16 GMT

Pay your lowest balances off. Then the lowest after that. Get them all down. Do what ever you can to get cash and pay them down.

Re: Please Help, In a Bad Spot

Dalmus — Fri, 06 Apr 2018 19:21:38 GMT

Since you're safely behind a wall of anonymity here, would you mind posting what cards you have and their balance vs total credit limit? Also APR, minimum payments and how much money you have left to put towards credit cards after you take care of your other necessities.

There are some VERY good financial heads here that will be able to give you some good advice with the above information.

Re: Please Help, In a Bad Spot

Anonymous — Fri, 06 Apr 2018 19:22:45 GMT

I truely am sorry to hear of your current situation... Do you have any idea of the kind of interest your now paying? and how often? what are the balances of your highest to lowest cards,etc.

Re: Please Help, In a Bad Spot

Anonymous — Fri, 06 Apr 2018 19:23:56 GMT

@Dalmus wrote:
Since you're safely behind a wall of anonymity here, would you mind posting what cards you have and their balance vs total credit limit? Also APR, minimum payments and how much money you have left to put towards credit cards after you take care of your other necessities.

There are some VERY good financial heads here that will be able to give you some good advice with the above information.

+1 Yup Yup!

Re: Please Help, In a Bad Spot

nashi2000 — Fri, 06 Apr 2018 19:28:07 GMT

Consumer Credit Counseling program are good to allow you to pay down your debt. They can negociate a very low payment.

But so you know, some CC companies will close your card as soon as you get into CCC. Also you Credit report will report it and you're as good as dead to credit until you're out of the CCC program. I'm not sure if after you complete it, your CR recovers right away or not. But I know i went that route before and could not get credit anymore.

You can also go with each company directly, they may have a direct program where they reduce your APR.

Re: Please Help, In a Bad Spot

workingprogress — Fri, 06 Apr 2018 20:26:16 GMT

Thank you all so much for replying. I will try and get all the info together and post back this weekend. Thank you all so much. You all offering to help me means a lot cause i feel so lonley and stressed right now. I'm a mess. I will get back with details soon.

Re: Please Help, In a Bad Spot

Appleman — Fri, 06 Apr 2018 20:39:51 GMT

You may want to take a look at a GoFundMe page. Everyone will have differing opinions but a well written piece on your current situation may work. Sometimes we all have to ask for help.

Re: Please Help, In a Bad Spot

Dalmus — Fri, 06 Apr 2018 21:09:08 GMT

@workingprogress wrote:
Thank you all so much for replying. I will try and get all the info together and post back this weekend. Thank you all so much. You all offering to help me means a lot cause i feel so lonley and stressed right now. I'm a mess. I will get back with details soon.

90% of the people who participate here have at one time or another been in your position, for any number of reasons. We won't judge!

Re: Please Help, In a Bad Spot

Anonymous — Fri, 06 Apr 2018 21:02:24 GMT

@Dalmus wrote:
Since you're safely behind a wall of anonymity here, would you mind posting what cards you have and their balance vs total credit limit? Also APR, minimum payments and how much money you have left to put towards credit cards after you take care of your other necessities.

There are some VERY good financial heads here that will be able to give you some good advice with the above information.

OP - Everyone here has probably had their ups and downs, and as stated, the more information you can provide the more others will be able to assist. I have never run across such a wealth of institutional knowledge as I have here and everyone is very non-judgmental and stays focused on the various ways to overcome perilous financial situations. Stay here, stay engaged, do not lose hope, everyone here will give you the support and encouragement you need and if you are determined, you WILL make it through this to the other side!

Re: Please Help, In a Bad Spot

JVille — Sat, 07 Apr 2018 05:25:44 GMT

Is it possible to give yourself a bit of a break and move in with a family member (parents etc) just to create a cash cushion. Say maybe for 3 or 4 months or rent a room from a friend.

Just a thought for some relief with living expenses.

Re: Please Help, In a Bad Spot

Anonymous — Sat, 07 Apr 2018 06:15:55 GMT

I am not sure if it works with all lenders but when I had issues I called USAA up and they gladly helped me on my car loan. Decreased interest rate by 2 percent, let me skip 2 payments and extended term by a year.

In my experience if you aren't late and you explain your situation they are helpful. Of course I wasn't dealing with for profit company. But calling up and explaining your situation might be helpful. But maybe others would know better.

But in any case goodbluck with your situation. If worse comes to worse you can always declare bankruptcy. Don't let the stress get to you.

Re: Please Help, In a Bad Spot

marty56 — Sat, 07 Apr 2018 13:35:46 GMT

@nashi2000 wrote:
Consumer Credit Counseling program are good to allow you to pay down your debt. They can negociate a very low payment.
But so you know, some CC companies will close your card as soon as you get into CCC. Also you Credit report will report it and you're as good as dead to credit until you're out of the CCC program. I'm not sure if after you complete it, your CR recovers right away or not. But I know i went that route before and could not get credit anymore.
You can also go with each company directly, they may have a direct program where they reduce your APR.

If they lower what you owe, then the company is a debt settlement company which should be avoided. A debt managment company (DMP) will lower your interest rates (many cases 0) but the payments usually go up because the max time you can be in the program is 5 years. Once you complete the program, your credit will recover and infact it will during the program as your % util goes down. Since DMP I have had no issues getting credit and my score are what you see them as.

BofA used to have a program to lower your APR but I don't know if they still do.