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Need your advice on $ problems
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<blockquote data-quote="trinityroyal" data-source="post: 159658" data-attributes="member: 3907"><p>Steely,</p><p>First off, {{{hugs}}}</p><p></p><p>Now. On to the credit-card-debt-and-new-car dilemma.</p><p></p><p>1) I would find an inexpensive used car in good condition. Something small and fuel efficient. I'm not sure what the used car market is like in your area, but a few years ago I bought a used Suzuki Swift for $2000 cash. I could use an eye-dropper to fill the tank and it was indestructible.</p><p></p><p>2) Phone each credit card company. Explain your situation, and find out if you can negotiate terms, such as a lower interest rate, or some sort of lump sum payment. With so many people struggling financially, lenders are very often willing to make a deal with you and get some of their money back, rather than no money. </p><p></p><p>Tell them that you want to catch up on your payments, but you just can't manage that financially, and ask what sort of arrangement they are willing to come to.</p><p></p><p>If you're several months behind in your payments, you'll want to do this soon. If they start taking any debt collection action, then they will be less willing to work with you on negotiating terms.</p><p></p><p>3) See if you qualify for a debt consolidation loan from your bank. Or better still, a Personal Line of Credit. You can borrow enough to pay off the credit cards. At a MUCH lower interest rate. Then you have a fixed monthly payment and a fixed repayment term, both of which would be more manageable than all the outstanding credit cards with the associated fees and penalties.</p><p></p><p>4) Rebuilding your credit rating. Yes, your credit may suffer a bit, but there are things you can do to rebuild it. If you negotiate terms and pay off at least some of your debt, you will</p><p>-- lower your interest</p><p>-- lower your monthly payments</p><p>-- catch up on your debt sooner</p><p>-- not be so deep in the hole each month.</p><p></p><p>If you can negotiate a small monthly payment each month that you can manage, then you will put your credit back on a good footing sooner.</p><p></p><p>(Keep in mind this is from a Canadian perspective, but I get the feeling that the banks are all alike in this regard)</p><p></p><p>Hope this helps,</p><p>Trinity</p></blockquote><p></p>
[QUOTE="trinityroyal, post: 159658, member: 3907"] Steely, First off, {{{hugs}}} Now. On to the credit-card-debt-and-new-car dilemma. 1) I would find an inexpensive used car in good condition. Something small and fuel efficient. I'm not sure what the used car market is like in your area, but a few years ago I bought a used Suzuki Swift for $2000 cash. I could use an eye-dropper to fill the tank and it was indestructible. 2) Phone each credit card company. Explain your situation, and find out if you can negotiate terms, such as a lower interest rate, or some sort of lump sum payment. With so many people struggling financially, lenders are very often willing to make a deal with you and get some of their money back, rather than no money. Tell them that you want to catch up on your payments, but you just can't manage that financially, and ask what sort of arrangement they are willing to come to. If you're several months behind in your payments, you'll want to do this soon. If they start taking any debt collection action, then they will be less willing to work with you on negotiating terms. 3) See if you qualify for a debt consolidation loan from your bank. Or better still, a Personal Line of Credit. You can borrow enough to pay off the credit cards. At a MUCH lower interest rate. Then you have a fixed monthly payment and a fixed repayment term, both of which would be more manageable than all the outstanding credit cards with the associated fees and penalties. 4) Rebuilding your credit rating. Yes, your credit may suffer a bit, but there are things you can do to rebuild it. If you negotiate terms and pay off at least some of your debt, you will -- lower your interest -- lower your monthly payments -- catch up on your debt sooner -- not be so deep in the hole each month. If you can negotiate a small monthly payment each month that you can manage, then you will put your credit back on a good footing sooner. (Keep in mind this is from a Canadian perspective, but I get the feeling that the banks are all alike in this regard) Hope this helps, Trinity [/QUOTE]
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