as a single mother I do not have alot of income. Is there any way a credit card company will work with me to lower my monthly payments or anything? This is really important to me and I just don't know what to do.
2006-09-13 07:33:08 · 15 answers · asked by Kamryn's Mommie 2 in Business & Finance ➔ Credit
well, yes there is, before you do anything here's two links that get me tons of best answers from people in debt:
http://credit-cards.ebookorama.com
and here http://finance.ebookorama.com
just soak it all up then you'll be telling US what to do! lol.
good luck
2006-09-13 23:34:04 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Step One: Stop charging on your credit card.
Step Two: Figure out a budget and come up with a payment you can make every month.
Step Three: Call the credit card company and say I cannot keep up and want to keep my credit history clean.
Ask if you can lower your credit limit, make a set monthly payment and not be in default.
For example: If you have a $3000 credit limit, owe $2500, are paying 18% interest and can't pay the $125. Ask if they can lower you credit limit to $2000, lower your interest rate to 12% and make a monthly payment of a minimum of $75.
This guarantees to them you won't charge up more until you get you income in line and it helps you budget and not go into default. The person who you initially talk to will say no, ask to speak to their credit risk managment department, they will probably say yes as long as you make them a reasonable offer and stop charging new amounts.
If they say no go to a NON-PROFIT credit counseling agency. If the agency asks you for a fee move on. Their are also local programs that can offer credit counseling, try asking at your bank or contact the local Chamber of Commerce for a name.
Good Luck, it's hard but you're not giving up! I don't even know you and I think highly of you.
2006-09-13 14:47:05 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes they will. The problem will be with they will terminate the credit card. That won't be bad if you have already maxed it out. Another bad side to this is (unless your credit is already bad) is it will affect your credit, which affects everything else in your life...like insurance.
The simplest way to accompish your lower payments is to call and ask to talk with a supervisor. Explain your situation and see if there is a way you can keep the line open, but put a hold on encurring any more interest, while paying the debt down. It will take effort on your part to live within your means, but as a single mom I know it is hard. Just stay steadfast to your goal of reducing your debt. The less debt you have the more money you will free up.
2006-09-13 14:40:33 · answer #3 · answered by Richard B 3 · 1⤊ 0⤋
If you are having trouble paying on bills, go talk to your bank about getting a consolidation loan. This will take all of your credit card/loan/etc debt and pay it all off, creating a new loan with the total of the payoff. You will then have a single person you are paying for far less money than you would have otherwise.
After you do that, get to work on repairing your credit so you can get the interest rate down through refinancing later on. Go to http://www.creditinfocenter.com for help with that.
2006-09-13 14:44:37 · answer #4 · answered by dishmal 2 · 0⤊ 0⤋
Hmmm.......well lower monthly payments may be better..............however, the credit card companies are going to charge more interest! In the long run you'll be paying more than you originally owed. It really stinks to have to deal with debt. Mine isn't extreme (it's only a student loan) But I have to make certain sacrifices....what do I need as opposed to what I want. Plus...I dont have a child to take care of! I think you're best bet is to pay off the maximum you can give each month. Good luck!
2006-09-13 14:45:22 · answer #5 · answered by JM 2 · 0⤊ 1⤋
Be up front with the Credit Card Company -- they will work with you as long as you are current up to this point in time. Have you looked into any of the local Credit Counseling Organizations as well? Sometimes Churches sponsor them or another non-profit that works with Single Moms can refer you to a reputable (safe) Credit Counseling Organization.
2006-09-13 14:42:39 · answer #6 · answered by sglmom 7 · 0⤊ 0⤋
The best approach is to talk with the credit card company. Explain the situation and the steps tnat you can take to fix the problem. Credit card companies are smart enough to know that getting something is better than getting nothing.
Whatever the agreement is I suggest you stick to it. Oh! and stop charging things. Continuing to do will aonly compound the problem.
Good luck to you as you work through your problem.
2006-09-13 14:45:40 · answer #7 · answered by Goingslo 2 · 0⤊ 0⤋
Yes, I am sure that most credit card companies will let you pay it off in lower installments. Also, maybe you might be better going to one of those financial advisors where they put all of your credit cards into one monthly payment for ease. Or you could get a loan to pay them all off and then pay just that off.
2006-09-13 14:36:55 · answer #8 · answered by candyfloss_girl_uk 1 · 0⤊ 0⤋
Why did you go into debt? Be aware of those companies that want to clear your debt with a loan from them. If you risk losing loads then declare yourself bankrupt although your credit will be shot to pieces.
Try selling clutter from your house on ebay for some cash. I know the idea is rubbish but you'll get something.
2006-09-13 14:43:10 · answer #9 · answered by widgb 2 · 0⤊ 0⤋
Ive never done this before but it seems to be a good idea.
Find a small loan from a bank to pay off you credit card that the interest isnt as high as the card, then to pay the bank off you schedule it for a few weeks down give yourself time to save. (spend less save more) after that you pay off the bank.
If not...
gather up things you dont need make a yard sale
2006-09-13 14:42:23 · answer #10 · answered by Social 2 · 0⤊ 0⤋
you should call the credit card company and talk to them. most would rather have some money, than you not giving them any.
2006-09-13 14:58:42 · answer #11 · answered by bella_4624_19 4 · 0⤊ 0⤋