Need Advice Managing Credit Card Debt

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Post subject: credit card debt

lucydecasas
Date: 11/21/2000 7:30 pm CDT

I have a Citibank Visa I am past the limit they are charging me very high interest rate, I am in financial difficulty right now, should I close my account to stop the interest rate from escalating or should I leave it open and need to know quick what to do? Please respond soon. Thank You.

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Ma
Date: 11/21/2000 8:52 pm CDT

Even if you close the account, if you have a balance the interest will STILL continue, just b/c you close it doesn't mean you don't pay interest.

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Linda
Date: 11/21/2000 11:12 pm CDT

Sounds like you need some help. Have you tried consumer credit counseling? You need someone to negotiate with C. There's help out there. Look them up in your local phone book and ask for help.

Linda

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GEORGE
Date: 11/22/2000 1:03 am CDT

BE CAREFUL OF C.C.C.

HEARD HORROR STORIES OF CUSTOMERS OF C.C.C. NOT BEING ABLE TO GET A HOUSE AFTER FIVE YEARS PAID WITH C.C.C. AND NO CREDIT CARDS OF ANY KIND AFTER C.C.C.

THINK TWICE...

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Linda
Date: 11/22/2000 8:57 am CDT

Well, I have friends who have successfully used CCC. It's true, it will reflect on your credit, and you have to do what you agree to do, but it beats ending up in bankruptcy.

The other alternative that I know of is to call C yourself, and tell them what is wrong. They can freeze the account and stop adding penalties and interest, and set up terms for you to make payments. Especially if the situation is beyond your control, like an illness, divorce, or layoff from your job. It will still reflect on your credit, though - you will be starting over.

I had to take bankruptcy after my husband died - it is the last thing you want to do, believe me. And that is where you'll be if you do nothing.

I know everyone turns their noses up at the credit insurance the card companies offer, but, as an insurance agent, let me say, they can save your a$$ in most of the situations that cause this kind of dilemma. I have a big disability policy of my own, but I still take their credit insurance because of the unemployment and family leave coverage. It's worth every penny. Don't think it can't happen to you!!

Linda

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Ray
Date: 11/27/2000 9:31 am CDT

I would definitely seek help from a credit counseling agency. If you own a home, you can apply to the Housing and Urban Development Home Counselors who will help and they are free. If not, contact a credit counselor but make sure that the better business bureau recommends them and that they are certified. You do not want to end up paying more than you are already paying in debt.

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