i have a balance with citicards of $13800. about a $1000 is because of past due and missed payments. they hiked my apr up to 24% and then asked for the full balance owed. they said if i give them my checking acct # and preauthorize 6months of payments, they will drop apr to 0% and only charge $200 month. i really can't even afford the $200 right now but i could probably swing it. I know i will have about half of what is owed in a couple of months and could make a bulk payment. should i ask if they will settle for 50%? i don't want to just put it towards the balance and then pay on the rest because the money could go to other debts (student loan, cc that are current) but if they would settle for this amount then it would be worth it. this is ruining my life. i am afraid that they will sue me and that would be horrible. i am pretty much judgement proof, but i live in a small town and everyone would read my name in the paper. it would be a huge embarrassment to my family and my kids. please give me some advice.
I would take the $200 per month but ask to be listed as current, not late. Like many you are overextended to where even the min. payment is hard to meet. Citi is throwing you a lifeline (for their money). Anyone else.
