Ask Terry Questions Credit card debt options

Credit card debt options

By Terry Savage on April 16, 2024 |

Terry, I looked on your website and read The article where you were giving credit card debt relief options with the grading scale of A-F. That was very helpful and open my eyes to what are better options than I was thinking we’re good options.
I am a veteran and didn’t know if there was some type of special program or service available for my family. We are a family of 4 we own a house. Mortgage is $950. And because of my VA disability rating, we are tax exempt . And we have one car payment, $987. I’m not 100% sure of our credit card debt but believe it’s around $40,000. We are getting our tax return soon and I am looking to invest in bills which I always hear you talk about so I plan to put a couple hundred dollars to that and we are going to pay down some credit cards.
We live in Woodstock. Sorry for the lengthy question, but I appreciate your input, thank you

Terry Says

Thanks for writing. The best place — only — place to turn for trusted help is the National Foundation for Credit Counseling at 800-388-2227 or

They will guide you through the process. But definitely save some of that cash for emergencies, so you don’t charge up the cards again.
Then start with your highest rate card first. Look at the current minimum monthly payment.
Double that amount — and write it down. Keep paying that same amount (not double the NEW minimum) and if you never charge another penny, that card will be paid off in less than 3 years.
Can you do the same trick with 2 cards at once?? Double the current minimum payment, and pay same amount every month? That’s the road to freedom!
If you can’t, then NFCC can deal with your creditors and lower your rates and put you on a payment plan they will accept.

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