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I have 3 credit cards with large debt & considering debt consolidation-concerned about payment amounts?

Debt Management
Margene H asked:


I have 3 cards-Chase ($8000 debt), Discover ($7000 debt) & Citicard ($2000 debt). The minimums are too high for me to pay & I’m now a month behind. I’m sending in what money I have to each creditor, but its still not meeting the minimums.

In your experience have Debt Management Companies been able to set up a Debt Management Program with these 3 creditors? Have the creditors been willing to work with a Debt Management Company?

I’d call the companies myself, but I hear they are horrible to deal with & never negociate lower payments & now I’m a month behind-so I’m sure they won’t want to even talk to me!

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This entry was posted on Tuesday, August 19th, 2008 at 4:44 am and is filed under Debt Management. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

4 Responses to “I have 3 credit cards with large debt & considering debt consolidation-concerned about payment amounts?”

  1. Bobbi Says:
    August 21st, 2008 at 8:59 am

    call the companies, they do have plans that you may qualify for. and get their plan in writing. they may be able to reduce your interest and fees for a set time, helping you pay them off.

  2. Mike Says:
    August 24th, 2008 at 7:12 am

    Do NOT get involved with a debt management company. They will take your money and give nothing in return. THEY ARE RIP OFFS!!!!! They do nothing you cant do yourself.

    Call each of the creditors… they WILL work out a plan with you.

  3. Paris P Says:
    August 27th, 2008 at 2:12 pm

    Absolutely call the credit card companies and see what kind of plan you can work out. Those debt management companies basically do the same thing, call your companies and get them to start a plan for you, and then charge you on top of the interest payments.

    The credit card companies want to get paid back… they have entire collections departments specializing in getting their money. They would much rather work something out with you directly over sending it to collections because it just means more paperwork and more wasted time for them.

    Just give it a try with the card companies first, and if you get shot down, then maybe turn to the debt consolidators as your backup.

  4. Thomas T Says:
    August 29th, 2008 at 2:17 am

    Try to visit ” ” to find out more details before you act. All the best.

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