HELP!!!! I recently moved back to the state I was born in to care for my elderly mother. In doing this, I also started a course as it was also time for a career change, so at present, I am unemployed and just getting by. I called my credit card company and asked if there was a way to lower my payments temporarily, and then I would catch up after becoming employed, but they informed me that while they do this, because I am unemployed they would not. I am not wanting to to ruin my credit standing, which has been relatively good till recently. ANY-ONE OUT THERE WITH ANY IDEA'S ON WHAT TO DO IN THIS SITUATION????? Any help you can offer is greatly appreciated Thank-you in advance! STREBOR
Is your credit still good enough to get a fairly high-rate card with a low balance transfer for life of the transfer? For example, 3.9% until paid off. Take just about the max as a balance transfer. Use it to pay off the other accounts, and put any remaining in the bank to help with the payments for the new card. Don't spend it for other things--make sure you have money to pay the new card.
Be aware that credit terms that offer low payments tend to have higher rates, and vice-versa. Balance transfers at good rates til paid may have faster payoff than offers at higher rates. Although the monthly payment amount determines your cash flow, your true cost of money is based on your interest rate.