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20K in CC Debt and trying to be Proactive

Valued Contributor

Re: 20K in CC Debt and trying to be Proactive

WOW!  @Anonymous there you have it.  I was kinda just guesstimating but @SlideOrInsert and @tnhomestead  literally laid it out for you. Dude you need to go knock that out!  You've got this. Lots of us (myself included) have done so!

Message 21 of 23
Legendary Contributor

Re: 20K in CC Debt and trying to be Proactive

My 2 cents here is do you have any income coming in right now? If 6 months from now things might be better, I would just keep making your payments til then , interest be darned. Ontime payments count for a lot. The other question is , regardless how you view its importance, what are your current credit fico scores? This and if you have income coming in to at least make your minimum payments would suggest a possible loan is possible to consolidate.


How long is your credit history, how many inquiries are on your reports?  These may sound silly but these are important for lenders  to use in determining your chances at getting a personal loan. I know some may not agree getting a higher interest loan but the one thing it has going for it would be the certainty  of a finish date. There are so many good Credit Unions one can join even if one doesn't live near one that options are available.  I have too much debt myself through life and Covid so I feel you on this. Hopefully you can add a few more details so we might be able to guide you before trying bk. 

Message 22 of 23
Frequent Contributor

Re: 20K in CC Debt and trying to be Proactive

What if OP went to 2 of the 3 issuers and got a payoff plan at say 5-6%? I'm not sure how that works but I assume he/she would lose use of the card until it was paid off (or maybe they would close it). Keep the one remaining card and maybe go for a hardship rate that would keep it open for use? That would knock back the payments considerably. 


Message 23 of 23
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