I have cc debt with 2 banks: $9500 @ 19.99% $249

I have cc debt with 2 banks: $9500 @ 19.99% $249 monthly pmt with one bank and $10000 @ 29.99% with $337 monthly pmt at the other bank. The cards are still open and active but I am not using them anymore for new charges. I am employed with an annual salary of $30,000. My credit history has had its challenges but has been solid for the past 3 years with only a couple occasions of pmts 30 days late due to financial issues. As you tell my budget is just too tight after paying for rent, household and personal expenses and caring for my one year old baby. Is there any hope of working with the 2 credit card companies to reduce not only the interest rate but the minimum pmt due. I hope that my salary will increase after the new year but for now I am just happy to have my job. So lowering my monthly payments without adding years to the payoff date seems to be the only option I can come up with. Any thoughts or suggestions on how to work with the banks is much appreciated. Take Care.

2 Answers

You can also go in for a debt consolidation program so that you can lower the interest rates on the loans and repay your debts with ease. The debt consultant will negotiate with your creditors and attempt to extend the repayment plan and lower the rate so that you can repay the loan by making simple and affordable monthly payments.


You can enroll into a debt management program wherein the interests on the 2 credit cards can be reduced. The consultants will negotiate with the creditors to slash the interest rates and arrange a good repayment plan for you. All you need to do is make one low monthly payment every month to the management company. They will distribute the money to your creditors. 


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