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TEEBOP6's Photo TEEBOP6 Posts: 703
2/4/10 8:33 P

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Thanks for the info... I will definitely check it out.


"Whether you believe you CAN or you CAN'T, you're proably right."


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SLCTALBOT435's Photo SLCTALBOT435 SparkPoints: (0)
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2/4/10 7:12 P

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There is an awesome website called powerpay.org that helps you pay down your debt faster.

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LINDY36's Photo LINDY36 Posts: 4,721
1/28/10 2:11 A

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Like they say CASH IS KING!!!

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CD6164327 SparkPoints: (0)
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1/26/10 9:29 A

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I'm with you there we all need to switch to cash! I too would be out of cc debt if DH wouldn't have lost his job in August and was not eligible for unemployment. He did get another job after Thanksgiving, but is making a lot less $ then he is use to. So I had to lower my payback amount. But I should still be debt free except mortgage of course in April of this year, wow that is only 3 more payments! That really makes me feel good.
Hope all goes well for you.
P.S. I would call the creditor back & tell them you got a letter about lowering APR and try again. Sometimes you get someone the first time around that just doesn't care.

Edited by: CD6164327 at: 1/28/2010 (10:13)
TEEBOP6's Photo TEEBOP6 Posts: 703
1/25/10 10:31 P

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That is awesome! That is exactly what I am trying to accomplish. Orginially I had a plan to pay off my credit cards and had already paid off 3 of them but our employment situation change so am changing the plan. I can't wait to be able to say I pay cash for everything. That is really great you are free from credit cards.

"Whether you believe you CAN or you CAN'T, you're proably right."


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CHRISTINET2225 Posts: 288
1/25/10 9:56 P

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I think you have the right idea when you say people should just stop using credit cards. It truly would be better for the economy. More importantly, it would be better for everyone's peace of mind. I haven't used a credit card in over two years. By this time next year I will have all of my credit card debt paid off. I do occasionally use a debit card for on-line purchases, such as airline tickets. I have managed just fine without a credit card; I have not found one situation I cannot deal with. Cash is king!

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TEEBOP6's Photo TEEBOP6 Posts: 703
1/25/10 9:13 P

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Oh I forgot to mention one of the options they mentioned in the letter saying they were closing the account.... they said I should try calling them that based on our current APR, they could offer a lower interest rate. Funny cause when I DID call them last week, they told me 24.99% was the lowest interest rate they were offer right now. Another options they offered was to go thru one of their "approved" debt management companies.

"Whether you believe you CAN or you CAN'T, you're proably right."


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TEEBOP6's Photo TEEBOP6 Posts: 703
1/25/10 9:10 P

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Well, here is the first step of this ordeal. I told you I contacted the cc companies..well, I got a letter in the mail today say they took a closer look at my credit report and decide to close the account. I was a bit surprised since all I did was call to ask if they had options. Even funnier since their response was you need to more then 2 months past due before we have any programs to offer you. SO this is how they treat a customer with over 30 years of NEVER being late on a payment. Nice! I kind of think the credit card industry is going to "shot themselves in the foot" with all they are pulling here lately. I think more people will get fed up and stop using credit cards... which actually would be better for our economy but worse for them. I will keep posting about this...I'm sure there are more people out there going thru this very same thing.

"Whether you believe you CAN or you CAN'T, you're proably right."


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1/25/10 7:10 A

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I hear now is a bad time to try to credit companies to help b/c of all the new laws that are going in effect here shortly. I am glad my credit union cc rates aren't that high.
Good -luck and please do keep us posted.
P.S. do you or can you join a local credit union they usually can offer better rates.

TEEBOP6's Photo TEEBOP6 Posts: 703
1/23/10 11:29 A

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Well so far, I have found out the cc companies have nothing to offer anyone unless they are already more then 2 months past due on their payments. In my situation that really does not help any. I am still current on all my payments but not making any progress. I don't have money for food or necessities so then I have to use what credit I have available. I asked if they could reduce our interest... they tried to tell me that 24.99% APR is the best rate they have right now... I think that is BS. I feel like if I have to let my accounts get 2 or more months past due to get their help then why not use a debt management company... Yes they will charge a fee but then they handle all the phone calls to the companies (which has been very time consuming so far)and all the collection calls once you are that far behind. Still interested in others input but seriosly think about debt management company. If I do I will post my journey for anyone who may be considering it also.

"Whether you believe you CAN or you CAN'T, you're proably right."


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STORMIECAT065's Photo STORMIECAT065 SparkPoints: (0)
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1/23/10 11:16 A

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I have had to call around to my cc's as well, and some of them were helpful, some weren't. But it is better to handle it on your own if possible. At one time, I did a debt consolidation loan, which was very helpful. The only thing is that if you do that, you need to be sure to shut down all of your other cards and loans, otherwise it is very easy to end up right back in the same place.

But I have heard that a lot of creditors look at using a debt management company as not much better than bankruptcy. Don't know if that is true or not, though.

-demi

"I can do all things through Christ which strengtheneth me." Phil. 4:13


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TEEBOP6's Photo TEEBOP6 Posts: 703
1/20/10 10:00 A

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Thanks everyone for your input. This has given me a few other options to consider. Out of the companies I have researched, there are two that have a long history in this field and are A+ rate with the BBB. I do like the idea of calling the credit card companies myself to see if they can offer me something first. You would think they would want to help instead of not getting their money at all. Ha!

"Whether you believe you CAN or you CAN'T, you're proably right."


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LINDY36's Photo LINDY36 Posts: 4,721
1/20/10 1:40 A

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I used one a few years back and it helped me,I no longer have the debt and it took me less time than they alloted for me..That was a great thing..

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1/19/10 10:33 P

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You do know everything they can do for you you can do yourself. I have a friend that after here divorce she called the 3 credit card companies she owed and asked for a break they all helped her in some way 1 offered her 0%interest for 6 months 1 offered her a bailout payout.
I personal would never use one of those companies i feel I got myself into trouble and I learn my lesson better if I bail myself out. Plus I'm not a very trusting person when it comes to my finances. There are way too many scams out there now.
Try got to cheapskatemonthly.com she has a lot of debt relief ideas. It is by Mary Hunt is was there herself and got out of debt and has a easy to follow plan.
Hope this helps and works for you I'd hate to see you waste time and money.

CHRISTINET2225 Posts: 288
1/19/10 8:45 P

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Check with your state attorney general. Most of these companies do not deliver as promised and are just trying to make more money off of your problem.

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CD5310162 Posts: 945
1/19/10 12:25 P

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I know of people here (Canada) that have consolidated their debts but it was at a Bank (not a company)
they found that it was helpful as they had only one bill to pay to the bank. However, I would be very careful as to who I did business with . These are difficult and desperate times we are in right now and
the last thing one would need is for there situation to get worse by trying to make things better.
Take Care and good luck with your decisions.
emoticon

BRATS4's Photo BRATS4 Posts: 9,169
1/19/10 12:20 P

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i've know some people who have done this.it did not work for them at all

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TEEBOP6's Photo TEEBOP6 Posts: 703
1/19/10 11:36 A

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Just wondering about Debt Management Companies. Has anyone looked into or used a company like this to get their credit cards under control. I have been researching a few and not sure that is the right avenue for me. Most offer several programs. One to reduce interest without damaging your credit too much, one to settle your debt which this would involve bills going to collection before they could negotiate so considerable damage to your credit report. I would love to hear everyones input on this especially if you have used a company like this.

"Whether you believe you CAN or you CAN'T, you're proably right."


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