I missed some payments on some cc awhile ago due to medical issues. The problem is, they have jacked our int. rates up. One is up to 29.99%! I feel like I just can't get them down. I make a payment and it only brings it down a tiny bit. I don't have a ton of extra $ to just pay more. I have alot of medical bills that I am paying also. I am not employed, I just got approved for SSD. DH is self-employed. What should we do? My Fico is 619, dh's is 535. I have one charge off, so I can't get a debt consolidation loan. Tried, no go. We own a home and have 2 one car loans, one is dh's for work--sole prop. He needs the van for his work. I need to have a reliable car to get back and forth for medical stuff.
Since the medical bills aren't charging interest, you could send them a very small amount for a while just to keep them off your back, and then send the amount that you were using to pay them to the CC's. This is what I am doing, and it seems to be working.
don't use bk unless you can't afford the daily necessities. i filed bk and while there is life after bk, it is harder. what i did and may or may not work for you is i just stopped paying the credit cards. after six months, they charge off the account. my 2 accts are just now charging off, and once i know that for a fact, i will start negotiations for pay for delete.
anytime you are paying more than 20% on CC debt you are paying what CC companies call, but don't tell you, a default rate. they expect you to default based on lates, utilization on all CC, monthly income, etc. they charge the high rates so they can get most of what is owed in interest payments NOW for when you default later down the road. also, paying 29.99%, what are you paying down your debt ? less than $10 a month, figure it out, it will take more than 30 years to pay it off. it isn't worth it in your situation, just stop paying. your on a never-ending treadmill.
