Please Help, In a Bad Spot

[workingprogress]

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.

[Anonymous]

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. 

[Gregory1776]

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.

[Dalmus]

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.

[Anonymous]

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.

[Anonymous]

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@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.

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+1 Yup Yup!

[nashi2000]

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.

[workingprogress]

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.

[Appleman]

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.

[Dalmus]

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@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.

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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!