Please Help, In a Bad Spot

[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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+2

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!  

[JVille]

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.

[Anonymous]

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.

[marty56]

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@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.

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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.