Iam in debt please help?

Question

Ok here my story i need help...

I have 4 credit cards that of which i have fallen three months behind in all four. Im in total in a tol debt of $11,000.00..My minimum payments are as follows

1) 751.00

2) 640.00

3) 100.00

4) 150.00

Now note that i have been unemployed for a month and have no source of income at the moment...I have been searching for a job like crazy and should..no will!! be back on my feet by the end of this month...Now my question is can i choose the amount of money i want to send to each credit card or is the minimum payment the only amount i can send? i cant afford the minimum payments at the moment!!!

Answer 1

http://info.means.it

you can get much information in this website, If you will check anyone blue link in website.

Answer 2

You can choose to send less than the minimum payment, but be prepared for some consequences. As one of the other answers pointed out, your over-limit and late fees will keep increasing the outstanding balance on the card, possibly by more than the payment (depending on how much you send).

It could also affect your credit score and the credit card companies could send your balance out to collections. It's unlikely this would happen if you didn't make the minimum payments for only one month, or even two, but if you continued to pay less it would eventually happen.

Have you tried contacting the credit card companies and explaining your situation to see if you can negotiate a lower payment for a certain term? You might be able to negotiate a lower minimum payment for 3 months, for example, based on what you can afford to pay.

The interest and other charges would still accumulate, but you would have an agreement with the credit card company and it wouldn't affect your credit score.

How open they will be to negotiating will depend on your history with them and what you credit score is like, but the worst that they would say is no.

Answer 3

I highly recommend Dave Ramsey's "Total Money Make Over" Do make sure to stay in contact with your creditors. You can negotiate the same deal as a so called "Debt consolidator". Just make sure to call them and explain the situation. Good luck.

Answer 4

I was in the same boat and I would just send each one maybe 20 a month, it shows that u are trying to pay. The only bad this is it will keep your over the limit fees and late fees going up.  I just started with American Consumer Credit Company, they got my credit cards into one monthly payment that is bearable for me. They got my interest rates lower and no over limit or late fees. NO PHONE CALLS EITHER from the CC companies. You would have to close all your credit cards though and not open anymore.  Hope this helps.

Answer 5

I would just send what you can. Even if you send each one 10 or 20 a month, you know they are going to take that payment. whatever you do, do not give them electronic access to your bank account. They will say they will take a $10 payment and they will clean you out.

However, saying the above is all well and good, the most important things are food, shelter, transportation and utilities. You have to cover these first. If you can't make any payments because it will cut into your necessities then don't pay them for now.