I am struggling with my credit card payments, I ma

I am struggling with my credit card payments, I make just enough money to make my minimum payments, pay my mortgage, car payment, etc, but I usually hardly have enough left over to feed myself, let alone deal with any unforseen problems. I am lost and don't know where to start with my credit card companies. Please advise.

4 Answers

You can also go for debt avalanche method. Find a job soon.

You can try to manage your debts on your own instead of enrolling into the debt relief programs. You can't possibly waste any money now. Right?

You can go for the debt snowball method. In this method, you make minimum montlhy payments on all your debts. You make some extra payments on the smallest balance. The idea is to pay off the smallest balance first. Keep on making extra payments till the smallest debt is paid off. Once the smallest balance is eliminated, apply the strategy on the second smallest balance.

Yes, I too agree with Anna, but if you think you can't repay the total balance that you owe, you can also go for credit card debt settlement. As you say that you don't have enough money to feed yourself, you can waive off a portion of your balance to expedite the repayment procedure. Though this may have an adverse impact on your credit score, you can later on try your best to take the steps that can boost your credit score and make you creditworthy in the near future.

You should contact the credit card companies and inform them about your financial hardship. You should negotiate with them so that they consider your situation and offer you a credit card debt consolidation. If you can convince your credit card issuer about your financial hardship, he will definitely try to help you with an affordable payment plan.

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