UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next
Author: TMF2Aruba Big funky green star, 20000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 310475  
Subject: Re: Credit Card Debit growing Date: 1/30/2001 5:38 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Over the last year, my wife and I have run our credit cards to the limit due to medical bills, increasingly supporting my mother after my father's death and other unforseen events. And, we know we need to do something to lessen the credit card debt we have incurred.

We have looked at home equity loans, but at this point in time, we do not have enough equity in the house to make a loan worth while.

We would prefer to take care of this ourselves rather than going to a couseling service at this time (the nearest service is about 45 miles one-way).

Where should I look for information on how to develop a repayment plan with our debtors, and reduce the interest rate.

Thanks in advance for your assistance.

Hi newitmanager!

I'm very sorry about the circumstances causing your debt situation. Keep in mind that the things you mentioned were out of your control, and the problems that you face can and will be dealt with. There's no shame in the fact that life threw you a curve.

The best way to deal with creditors at this point, is simply to call them. If you've got some cards with high rates, and have been getting offers of better rates, give the companies a call and tell them you think they should be more competitive to keep your business.

You'll have much more room for negotiating here if your payment history has been excellent. I'm hoping that your payments have always been on time.

If you read through some of the posts on this board, you'll find that there are many excellent ideas for coming up with extra cash as well as cutting expenses. Let us know if you can't find those posts, and we'll be more than happy to run through many of the ideas that are commonly posted.

Good luck, and let us know how things are going!

...but I still am...

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next


TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
Post of the Day:
Macro Economics

Looking at Oil and Gas
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.