I have gotten so far behind on my credit card bills that i'm considering bankruptcy.?

Question

is there a way I can negotiate with my credit card companies to work out a deal with me? I want to do what's right and pay them back but I am over my head in interest charges and late fees

Answer 1

The new bankruptcy laws are really strict now. If you decided to file you would be forced to go through credit counseling and you would still be responsible for the debts. Some of your creditors may work with you to reduce your interest rate and lower your payments. The downside to this is your creditors may also require you to close the accounts and stop using the credit cards. First step would be to speak with your creditors and see if you can agree on monthly payments that would fit your budget as well as help get you out of your situation. If you do come to an agreement I would send a certified letter with return receipt to your creditor documenting your conversation and the terms that were agreed upon. By doing this you protect yourself and have proof of the agreed upon terms.

What I had done in the past was kept a notebook with me documenting every conversation that I had with my creditors. Dates and times that I called, name of person I spoke to and an outline of what was discussed. I personally felt better in doing this in case something came up that contradicted the conversation I had all the information that I could refer back to if I needed to call again.

Answer 2

tell them you want to re-age your accounts get the interest rate dropped and you can make a payment amount of this each month until its paid....write them a letter stating what you can do and see what they say...if they aren't willing to work with you ...go with one of these debt consolidation companies but I would try doing it myself first....

Answer 3

sure just call them up but when you do have a plan of what you are willing to be able to work out!!! don't just say your want a cheaper rate tell them the rate you want to pay!!!