I have been paying the minimum and affordable amount to the banks for my credit cards but they want more.?

Question

I am tired and out of ways to look for loan to oblige with the banks to pay more instead of the minimum payment that I have paid. I dont want to keep borrowing or asking loan when in the end I will be doomed. Is there any organisation/financial co where I could sought help to offer loan payable monthly @ a minimal interest charge per month and close all the outstanding payments with my banks.

Answer 1

At present your cards are probably being charged at 12 - 25% interest per annum.

Go speak to your banks and discuss the situation with them, tell them in this order.
1. You are keen on making full repayment,
2. You have other loans with other credit card companies
3. Could you take out a personal loan to cover all this outstanding balances
4. Arrange for fixed monthly payment

If it works, your interest would be lowered to between 4 - 8%, saving you a substantial bit. But you have to start disciplining your spending and stop charging to your credit cards. If it does work with the first bank, approach a second, and a third, until you get it.

Why would the bank grant you a loan at a lower interest
1. to ensure the security that you'd pay up the full amount
2. its a larger loan (sum of all your credit cards balances) - so while interest is lower, larger amount means similar interest received

If it doesn't work because of your credit history, approach your local debt counselling agency, they usually have some relationships / clout to obtain such a loan for you. But either way you have to stop charging to your cards. The bank is likely to recall the loan if they believe that you are not changing your spending habits and hence their money is at risk.

Answer 2

I am sorry for you that no one taught you in the destruction of owning credit cards and loans. The minimum payments and interest charges will eat you out of house and home for at least 5 years considering your debt. Borrowing and doing what you are doing WILL doom you. And in the long run, You will owe more then you can ever pay back unless you win the lottery. Of course I don't encourage you to invest in that AT ALL!!! Try your local CCC office(Consumer Credit Counseling) . Way back in the day they were non-profit, but today there are fees, depending on your debt. Do some research in your state re guarding credit card/loan debt. In Texas, you can't be threatened by collectors.
I am not sure of other states. You may need to just forget about a social life for a while as you pay your debts down and live life on a strict budget. Obviously you are an adult so you need to teach yourself discipline on how to budget your money. You need to over pay the minimum payment and just scrape by until you get your next pay check.. Ask your friends to buy lunch. Stop borrowing and live within your means. If you can't pay cash for it then you can't afford it and you don't need it. Stop spending what you don't have. Credit Card debt Will ruin you in the end. Get 2 jobs/ stop spending and cut up your cards.

Answer 3

If you keep making the minimum payments they really cant do much. Dont go for anymore kinds of loans youll just get farther in debt. go to a debt councellor and see what they can do for you. Otherwise maybe try getting a better paying job.

Answer 4

If u got buy insurance u can get a loan from your Premiun.The interest is much more cheaper n u can pay whenever u want partially daily,weekly ,monthly or even yearly.

Answer 5

You need to contact a credit counseling service to help you with this. If you are only paying the minimum requirements, you will never get out of these debts.

Answer 6

Remember Earnie Ford?

"I owe my soul to the company store"

Seek credit counselers.

Answer 7

Write to or go and see your bank set our your finances to them and tell them that is all you can afford to pay they will have to accept it! good luck

Answer 8

when you owe the bank $100 its your problem
when you own the bank $1,000,000 its the banks problem

;-)