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Credit Card Situation -- ADVICE?


sdkenned
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Hi,

I am a young would be graduate student (though I dropped out) with very little cash/income. My credit card situation is out of control (2 cards totaling over $15,000). I have excellent credit (~730) and want to maintain decent credit. None of the cards are delinquent (one payment missed on the 8,900 balance Chase card).

Does anyone know about dealing with CC companies directly prior to more delinquency? I would like to settle below 50%... is this possible? If necessary, I will settle only one and try to keep up with the other.

Thanks,

S

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Your creditors will not even think about a settlement until your accounts are at least 3 months delinquent, but there are other things to consider. If you are paying other bills regularly, bills that appear on your credit reports, the creditors may be reluctant to ever entertain settlement as an option. Apparently, not having money to pay the bills is not a reason to settle from the creditors point of view. They want to see at least a little suffering before they offer any relief.

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I can echo what the other posters have said. CC's will not even think of settling if your account is current. Like another poster said, call them and ask to be put on their hardship program if their rates are too high. That's one thing you didn't mention is if your rates are reasonable or really high. If the rates are not high, getting on a hardship program may or may not be terribly helpful. Also note that if you default on one card and not the other, your rates may be raised on the card you are current on. Once they see that you have defaulted on any of your other credit cards, they'll jack your rates up. They did that to me, but I wasn't even late. All my CC's jacked my rates b/c of high utilization.

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  • 4 weeks later...

I'm in the same boat,current on all acct's but they raised intrest raites.I have a us bank credit card with a ballance 15,000 and in good standing,but there charging me over three hundred in interest each month. I know its a matter of time before it really gets bad. I don't know who to trust or what to do,I try to pay more than min. payment each month ,but intrest is building faster than balance is going down. I guess we will be making up for the subprime mess.Credit card companys are just a legal way of loan sharking!

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