I got laid off as well as right away I’m at a back of upon my credit cards. I’ve listened of those ‘debt consolidation‘ places, though we do not know if that’s a answer. Will a c. label companies work out something with me? I’ve been dodging them upon a phone, though this has to end. we do not have alot of debt may be about 00.
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Laid off…hopefully you are receiving unemployment. You might do your research before consolidating your loans to see if it will affect your credit score. Try cutting out any extras you might have currently in your life and apply it to the balances. If you can’t pick up a second job, perhaps you can try Ebay or babysitting any type temp jobs to help you get ahead. Good luck.
Well, first, are your credit cards insured? Meaning, is there a small fee (percentage of your balance) you pay every month as "insurance" on your credit cards? They make the minimum payments when you lose your job or go on medical. If not, contact them and ask about a deferment. Sometimes CC companies offer this in emergency situations. They defer payments for 3 months or so. The worst thing you can do is not communicate. Call them and weigh your options.
Good Luck and I hope you find employment soon…FancyFree4u
The credit card companies will make a payment plan with u. Dont do the debt consolidation, thatll make ur credit worse. When u do that, it looks as you can’t pay ur bills to creditors, and they lose money thru that, so you won’t get a credit card again. It hurts ur credit more than it helps it. Tell ur credit card company your situation, and ask them to make a payment plan with u. Be stern with them because they just want money & they want it then. U gotta tell them that u will make a payment plan and that’s how u can do it. If at all possible, make a small payment while u are on the phone with them. Whatever u can make. Thatll help the situation. Even if it is only $5. I hope that helped & if u have any other questions about it, feel free to email me. I know exactly what ur going thru.
Step 1 – CALL THE CREDIT CARD COMPANY!!! Many people avoid this and their calls because they are scared or in denial… call them many companies have hardship programs that will allow you to get caught up and not destroy your credit.
Debt consolidation is a debt reduction set-up that allows consumers to combine their assorted debts into a single payment. Instead of mailing out payments on six or seven bank and store credit cards, you can make one payment to the debt consolidation company and they will make all the payments for you.
A debt consolidation company gives the customers counseling and solutions in debt settlement, credit counseling, and budget management. They arrange such terms with your creditors that your monthly payment gets reduced from the original.
Those are the basics but you should do a bit of research to know all your options and go for what suits you best.
Goodluck!!