Hi DH and I have 2 high interest,high balance CC's MBNA and CITI totaling almost $50,000! At this point what we pay a month isn't taking anything off the balance even the minimums of $1,000 a month per card. What tactics can we use to get them to lower our rate(they haven't yet when we called) At this point we don't know if we'll be able to pay October's payment.DH wonders if that will get them to work with us,I think it will backfire!I doubt they care that we can't afford to pay....we've considered BK.. Please help!
1.) Stop using credit cards. No exceptions. 2.) Get a second job. 3.) Create a budget and STICK TO IT. 4.) Use the second income strictly to pay down debt. 5.) Keep calling your banks and asking them to lower your rate. If a CSR can't do it, speak with a supervisor. Visit www.debtsmart.org for more info. 6.) If all else fails, find a credit counseling service. Check the BBB to make sure there are no unresolved complaints against the company you choose.
