If you can not
afford the minimum payments on your debts, you could consider making reduced offers.
If you are already having a hard time
affording minimum payments on your debts and aren't comfortable with the fact that credit counseling may require you to pay even more each month, then this may not be the right option for you.
Not exact matches
If you're making the
minimum payments and you can
afford to make a little more, then you might consider a
debt snowball where you send a higher
payment to one of your credit cards each month (while making the
minimum on all your others) until that card is paid off.
Even though you can
afford to meet the
minimum monthly
payments, the variable interest rates
on each of your different credit cards makes it hard to proactively pay off
debt.
He will then negotiate with your creditors to reduce the interest rate
on your outstanding
debt so that you can
afford to make the
minimum monthly
payments and get out of
debt.
If you have high interest
debts (Such as Credit Cards), that you can't
afford to pay off, or can only make the
minimum payment on, you may consider consolidating them in to one lower interest loan.
With too much credit card
debt, many households can only
afford to make the
minimum payment on their bill, which almost guarantees the problem will be around for many years.
Gail's advice uses practical strategies for getting rid of
debt on your own; but what about the people who can't even
afford to make their
minimum payments and are looking at years to pay off their
debts?
Debt settlement services are for consumers that have a hardship and can not
afford to pay off certain
debts on their own by paying
minimum payments.
If you are current
on your credit card
payments but barely
affording to make
minimum payments, give us a call at 1 (866) 376-9846 — and we can discuss credit card
debt relief solutions that are available.
Each month, plan to pay as much as you can
afford on the highest priority
debt, and pay the
minimum payment on the other
debts.
Hi Kim
Debt settlement is primarily for persons who can not
afford to keep making their credit card
minimum payments, or who have already fallen behind
on these
payments.
In general, if you can
afford to pay back your
debts on your own by paying more than the
minimum payment every month without hardship, it's probably the best route.
If you can't
afford to make the full
minimum payments of say $ 1,000 per month
on your
debts, but you could
afford to pay $ 500 per month, a Chapter 13 Wage Earner Plan may be a great solution.