Is the bank interested in making me a deal for my credit card debt?Ok, I completely suck. I perhaps have some somewhat noble reasons for my 30k credit card debt- mainly losing my job after getting caught up in living a life beyond my means, but, just for a second, let's say 'whatever'... I'd like to get out from under this burden and my question is (considering... |
it all depends on what credit companies you have if they will negotiate with you.
my husband has a 16k credit account debt with 1 credit card. his minimum payment is 650 per month and it is hard sometimes to make it.
he called to try to negotiate with them on lowering the payments and/or lowering his interest, and they flat out refused to do either.
even though the banks are getting this money, the consumer is the one hurting and not getting help. just like the banks were supposed to help homeowner loans, they havent done it so far.
if they are now willing to help, you might want to consider bankrupty, but most anymore are chapter 13 with a repayment plan of 5 years.
also, the courts make out your budget, and can eliminate certain things in your budget they deem not acceptable; you might have bills totaling say 700 a month to live, but they may only allow say 550 for food, housing etc.
good luck
Are you behind in payments? If so, then the answer is yes and no. I was sent an offer from HSBC for 30% off my debt. They want money, they need it. So just ask.
Now for the bad part. If you strike a deal with them, they wont give you a clear to go status. The accounts will be closed, and reported to the credit bureaus as settled for reduced amount.
New creditors look at that as a bad debt, and you'll have a tough time getting credit in the future. Also your FICO will go down significantly. I suggest doing it, better than bankruptcy, and you can always build your scores back up over time.
Good luck
