offTrack
New Member
Cash: $ 1.00
Posts: 3
Joined: 31 Dec 2012
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I have a friend who has been paying on cards for the last 10 to 15 years where it was only 25,000. She pays the minimums but it just keeps growing. Now it is up to $75,000. I feel she has paid them more than enough. I feel now that they are victimizing her. Should she offer to pay them off 20 cent on the dollar and how would she go about this? Does she need to send a letter stating so? What is a good way out of this mess? Thank You.
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Mon Dec 31, 2012 6:09 am |
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oldguy
Senior Member
Cash: $ 751.85
Posts: 3656
Joined: 21 May 2006
Location: arizona
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quote:
for the last 10 to 15 years where it was only 25,000. She pays the minimums but it just keeps growing. Now it is up to $75,000. I feel she has paid them more than enough.
Your friend is not being entirely honest with you - if she had truly paid the minumums the principal would have streadily gone down. She has been borrowing more money from the card company.
Here's a clip from 'credit card computation' -
quote:
they are required to do so in a way that allows consumers to pay a portion of the principal, so they can eventually climb out of debt -- assuming they don't keep putting on new debt on their balance.
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Mon Dec 31, 2012 2:08 pm |
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