| I have over 12,000 in credit card debt, can someone give me |
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jen78tx
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| I have over 12,000 in credit card debt, can someone give me |
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Hi all. Well I just came across this forum. I really need some advice. I have about $12,800 in credit card debt. I have one credit card with 6500 on it that has a 23.99% interest rate, which is the highest interest rate I have. The interest rates on my other 2 CC cards is around 10% to 12%. Thats only because I get car insurance through this company. I have talked to my bank (wells fargo) and tried to apply for a consolidation loan but they denied it. I dont know if its because my credit is not the greatest (score of about 632) or if its because I havent been at my current job very long and Im not making very much (about minimum wage). I also called consumer credit counseling but they disconnected me earlier and I havent talked to them since.
Does anyone have any ideas for me at this point?? I really appreciate any suggestions because I am exactly sure where to go from here... Thanks so much everyone..
Jennifer
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Tue Dec 13, 2011 2:29 am |
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coaster
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I suggest you contact the National Foundation for Credit Counseling:
http://www.nfcc.org/
This is a non-profit organization; they do not make any money off of your problem. They can advise you as to whether there's a local group of volunteers who can help you get your debt under control. They won't treat you like those other did.
One thing you might try on your own is to ask the credit card company with the outrageously high rate to lower your rate, because you're going to transfer the balance to one of your other accounts if you don't. I don't know if it'll work, but it's worth a try. I'm guessing you got slapped with that rate as a penalty for a late or missed payment or something like that? They're making bundles off you right now; I doubt they want to see that go somewhere else. 
Good luck....
~Tim~
Eye Candy : Why Whimsy
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Tue Dec 13, 2011 8:09 am |
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eastmn
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More than half of Americans -- 54 percent -- said that in the past 12 months, they always paid their credit cards in full every month:
If you can't pay the entire balance "in full" every month, then you don't need to be using a credit card (loan sharks). Debt Slavery!
29% Americans totally stop paying, walk away (US credit card default rate).
54% + 29% = 84%; which leaves 17% Americans for the sharks.
Ref:
http://www.creditcards.com/credit-card-news/credit-card-industry-facts-personal-debt-statistics-1276.php
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Last edited by eastmn on Wed Dec 14, 2011 5:54 am; edited 5 times in total |
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Tue Dec 13, 2011 12:28 pm |
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oldguy
Senior Member
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quote:
I dont know if its because my credit is not the greatest (score of about 632) or if its because I havent been at my current job very long and Im not making very much (about minimum wage).
Jen, can you give us a little more to go on? Eg, your income is $18,000 if you work full time, it may be only $9000 if you work half time, part time, etc. And $18,000 is quite a bit if you are age 20, live with your parents, and don't have to pay rent or much for food. OTOH, you don't have much to work with if you are having to pay $6000/yr for rent and $5000/yr for food.
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Tue Dec 13, 2011 6:08 pm |
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coaster
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quote:
Originally posted by eastmn
29% Americans totally stop paying, walk away (US credit card default rate).
That's absolutely a shocking number; and my take on it is that those "loan shark" interest rates that card-servicing companies have instituted as penalties for the tiniest infractions (which I suppose they argued would deter late payments and so forth and therefore approved and passed into law by the numbskulls in DC) are in reality making the problems worse
~Tim~
Eye Candy : Why Whimsy
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Wed Dec 14, 2011 7:59 am |
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eastmn
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quote:
Originally posted by coaster
That's absolutely a shocking number
Leaves only 17% of Americans for the sharks.
Credit card debt is sold as derivatives. This may explain why they're so cold, wont work with people (it's not their risk): Might explain why they wont adjust payment terms to something affordable at least until people can get back on their feet.
You would never catch me paying 25% on 12K, with her salary. Would give me a case of PTSD, possibly grounds for a lawsuit (refusing to work with her). This person needs legal aid. Maybe try to half the principal due and the interest rate. Loan/Principal reductions (adjustments) are 1099 taxable income, but disputed balances are not, and so she'd need to dispute 50%.
Legal aid is free or reduced cost for the unemployed or under-employed.
Also check for local college (student) legal aid or consultation programs.
http://www.legal-aid.org/en/las/aboutus/ourmission.aspx
Sorry for the rant...
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Last edited by eastmn on Tue Apr 10, 2012 5:05 am; edited 2 times in total |
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Wed Dec 14, 2011 9:08 am |
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coaster
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Cash: $ 1357.80
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quote:
Originally posted by eastmn
Sorry for the rant...
Au contraire mon frer .... it's a kind of a treat to see more than two or three lines from you ... do it more often
and please don't grade me on my French
~Tim~
Eye Candy : Why Whimsy
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Thu Dec 15, 2011 6:39 am |
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MSEnthusiast
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Location: USA
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Sorry to hear this. Get the book Pay It Down by Jean Chatzky. You can get it for free out of the library. She will teach you how to get out of debt. The book is a simple, quick read. There are "workbook" pages built right in. Good Luck.
@MSEnthusiast
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Sat Dec 17, 2011 1:19 am |
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