I owe 26,000 on a line of credit with 15.9% APR. My minimum payment is $540 for the next 96 months. It is deferred for 3 more months but after those 3 months are up, I will not be able to pay. Is there any help through CCCS with this? Thanks! :)
As of now I have never missed a payment on anything and my credit score is good. I know I may lose some points on my credit, but I dont' want to lose all the credit that I have.
I'm going through a separation and will be losing an income :(
Answers
- The idea of credit counseling is to help people who can not make the payments and want to get out of debt. It is not for people who just want a lower payment.
When you start credit counseling they will require that ALL of your unsecured debts be placed into the program. Once this is done the companies will most likely close out the account to further charges. During this time your credit report will be noted that you are in a Debt Management Program, so obtaining new credit will be hard. Once you are off of the program this notation is removed, and in some cases the creditors may reopen the account. It also depends on the company. Creditors are under no obligation to be a part of the program, so this creditor may not accept counseling and you would still owe the monthly payment they require.
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