credit card bills
Hi Terry–Right now, my husband & I have between $40-45,000 in credit card bills. Between us, we bring home over $4700 a month. We are not late or behind in any payments, but just can’t seem to get ahead. Do you know or recommend a bank or other outlet that still gives personal loans. I would love to have just one monthly payment.
Thank you for your time. I enjoy watching you on the channel 9 morning news.
Terry Says: I’m going to send you directly to the National Foundation for Credit Counseling at 800-388-2227. They are experts at helping you deal with your credit balances. And it’s great that you can make at least the minimum payments. But at that rate it could take you 30 years — seriously, 30 years! — to pay down the balances. And if you keep charging on the same card you’re trying to pay off, the problem grows exponentially. So call them at 800-388-2227. That connects you to the nearest local office. You can trust them.
But before you call, get organized. Make a list of the name of the card, the amount of the balance, this month’s minimum monthly payment, and the finance charge (interest rate) on the card. That will help them help you.
And if you want to do it yourself, follow this simple formula for each card:
- Look at this month’s minimum monthly payment. Double it. And write that amount (double the current minimum) down on a post-it note.
- Pay that same amount every month — the number on your post-it note (even tho future minimum payments will be lower. Don’t miss a month.
- Don’t charge another penny on that card.
The balance will be paid off in less than 3 years!
