Lowering Credit Card Payments
Posted on September 16, 2009 at 9:06 pm
How can i lower my credit card payments? I have lost hours on my job and I need to take care of all my bills. I also have a lot of expenses because I'm supporting family as well... Help please, thanks . ....
Posted on September 17, 2009 at 1:25 am
Hi cafeemoocha! Welcome to the forum.
If you can manage, one way for you to go about lowering credit card payments is by overpaying on your monthly payments. Paying above what your credit requires of you will eventually result in a lower minimum monthly payment. Certain amounts will go towards the principal amount, and when that's decreased, the minimum amount follows suit. The interest of course will remain the same, but at least that would give you less to worry about.
Posted on September 17, 2009 at 2:14 am
thats the thing i really cant pay any more than what i have, but i sure wish i could do that... any more suggestions on lowering credit card payments?
Posted on September 17, 2009 at 2:44 am
Well, what you can do on lowering credit card payments is also through credit counseling. You need to enroll your account with them and attend a few sessions with a certified credit counselor. If they recommend that you are eligible for their debt management program, all your debts will be consolidated into one debt. You'll be paying the credit counseling company, who in turn will forward the payments to your creditors. In essence, you will be making minimal payments to all your creditors each month.
The interest rate will also be reduced to at least 15% I believe. Late fees and other dues may also be stopped once you're on the program.
Posted on September 17, 2009 at 2:58 am
That may work for me. Does it have a fee that I need to pay for?
Posted on September 18, 2009 at 12:44 am
Yes, and it depends on the company that you'll be working with. Surprisingly, even the non-profit credit counseling agencies that are capable of lowering credit card payments charge a fee. It ranges from $25-30 each month.
Posted on September 18, 2009 at 2:14 am
is there a way of lowering credit card payments that wouldn;t require me to put up something for security?
Posted on September 18, 2009 at 3:13 am
Just Got Lucky: If you mean by getting a loan as a means of lowering your credit card payments, yes, that can work. However, acquiring a loan to pay off other loans is not really the best option available to consolidate your debt.
Posted on October 2, 2009 at 1:54 am
Why is getting a debt not a good idea in lowering credit card payments?
Posted on October 2, 2009 at 2:35 am
Getting a loan or a debt in lowering your credit card payments will just give you additional debt to take care of--that means, another set of interest and fees to take care of. It does not completely eliminate the debt problem in itself and will bring you more trouble than good in the long run.
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