My husband and I currently have total credit card

My husband and I currently have total credit card debt in the amount of 25,000. We are not behind nor have we been for the past 10 years. However, we are spending approximately $1000 a month on credit card payments. This is causing a severe drain and is very difficult to keep up with. I do not pay the minimum amounts but only about $50-75 more than the minimum required. the interest rates range from 11.9 to 19.9. Because we are not behind and have not been, would it be possible to negotiate with my creditors somehow to lower the interest rates and pay off this debt sooner? Between the car notes, house notes and credit cards we are unable to save any money at all and are in our mid 50s with no savings. what program do you think that would be best for us?

1 Answers

Even though I'm employed in the debt settlement industry, I can't say that this would be the proper route for you. I think you're on the right track by contacting your creditors to see if they will reduce your interest rates to get your debt paid off a little sooner than it will take at the rates you're currently paying. If you dont get anywhere by attempting to work directly with your creditors, I suggest contacting a consumer credit counseling agency, who may have better luck.

If you find that the new interest rates and payments that the CCCS has negotiated (or are estimating to negotiate), are more than you can handle, perhaps debt settlement may be an option you could consider. Again, though, I would definitely consider these other alternatives before considering settlement.

Best of luck to you!

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