What to do about Credit Card Debt?
There are many choices: pay off a little at a time, get a 3rd Party Administrator, or file for Chapter 7.
Chapter 7 is a draconian move that eliminates most of your debt, while leaving certain amounts to pay off plus you have a black mark on your credit record for several years.
You could decide to ignore the bank and see your credit rating to a low that you will never recover from.
You could go to a 501(C) Nonprofit Corporation to manage the payments to the Credit Card Companies.
You could pay a little each month on your own, but interest rates would prevent you from ever paying it off.
You could apply for a credit card that has a large credit line and transfer all of your balances onto that card so you have one payment each month, but you would need to close out all of your other accounts.
You could take out a personal loan to pay off your credit cards and leave yourself with one payment each month.
You could take out a second mortgage to payoff credit cards.
You could refinance your car to pay off outstanding credit card balances.
The American Population has a total of 60% of its membership in and over their heads in credit card debt.
That means the banks have to be careful they do not make customers too mad in renegotiating terms of interest rates and payment of the principle.
My investment income has run out and I have gone back to my 3rd Party Administrator. Consolidated Credit Counseling Incorporated.
Its at the point, that I have 3 prior cards paid off, but I have four current cards that are maxed out and need to be renegotiated.
I look like something of a hypocrite going back to these people, but I looked for other ways to consolidate my credit card bills with no success.
In essence, if I could get a personal loan then I would use that money to pay off my credit cards, but banks look at me as a credit risk rather than an honest customer trying to stay above water.