Credit card question-closure due to financial hardship?

Question

hi,

i took a job overseas to try to pay off my cc debt. im sending 900 a month but the interest is eating all of it !

i asked them to lower i they hardly did at all. i was so mad. i asked what other option

"Close it out due to financial hardship and pay the balance"

would this effect my credit very bad? im not getting ahead at all

Thanks!!!

Answer 1

Best thing you can do. Think - the alternative is to pay forever and ever. How's an infinite debt going to be good for your credit?

"would this effect by credit very bad?" lol... silly question. You're being destroyed by debt, who CARES what happens to your credit?

Answer 2

You'd have to pay the entire balance to stop the interest. Unfortunately, if you're making good payments on the account, they're not likely to offer you any "deal" on cutting the interest. They only make that offer if you stop making your payments, but that will affect your credit rating, too.

Check this web site out. Dave Ramsey is a pretty cool financial advisor. He has a lot to say to people in your situation that need help.

Answer 3

Contact a credit councilor. They'll work on your behalf. You may even get off by only paying the principle & not the interest.

Answer 4

you may do extra constructive to borrow the money and pay the debt off and not ought to concern with regard to the pastime and previous due rates that the cardboard is accruing on a every day bases. every day which you owe on the cardboard is including further and extra to the debt. Please try this asap, card companies are terrible once you're previous due with money.

Answer 5

credit cards are loan sharks. very dangerous. not made by any God but from evil minded. no win scenarios and they know it. don't play if u can't pay. They'll enslave u forever

Answer 6

cut your card up and pay off the rest ....fast