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Where can I get help with credit-card debt?

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Asked by Anonymous at 6:23 PM on Apr. 8, 2009 in Money & Work

Answers (2)
  • My advice would be to read the book The Total Money Makeover by Dave Ramsey, listen to his radio show, read on his website, watch his show on Fox Business at 8pm EST, join the group on here called Dave Ramsey Fans. Cut up your credit cards, sell stuff in your home that you no longer need and establish a $1000 emergency fund. Once you do these things you can start snowballing your credit card debts. That means list your debts from smallest to largest, pay the minimums on them all and pay everything extra that you can come up with on the smallest debt. Do this until the smallest debt is paid, then start on the next smallest debt, etc.

    What I would NOT suggest is that you hire a debt consolidation company. Those places are scum. They take your money and can't do one more thing for you that you can't do for yourself. Read the book I suggested, check it out at the library!

    Answer by slw123 at 8:22 PM on Apr. 8, 2009

  • If you find yourself in a position where you cannot pay the minimum payment on each card each month, then contact each credit card company right away and explain that you are in a financial hardship right now and need to set up a payment plan with them.
    They will close your account, your interest will be at 0% during the time of the payment plan (usually 12 months long), and they will set up a reasonable amount that you can afford.
    Try to set it up where they make an automatic withdrawal from your account each month and ask them for a letter of agreement of the payment plan.
    If you receive any calls or letters from them about delinquint payments, call them right away to be sure they didn't make a mistake with your account - they will straighten it out right then and there and it will not be held against you.
    Best wishes!

    Answer by PrydferthMenyw at 9:08 AM on Apr. 9, 2009

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