credit card debt relief
Is there a way to lessen our credit card debt through a company like National Debt Services? I have $20,000+ in payments to 13 cards ranging from $500-$4,000 per card credit limit. I also have $86,000 with Interactive Brokers handled by Grassland Capital LLC. located in Chicago.
Terry Says
Whoa. Don’t fall into the clutches of a for-profit debt consolidation service. Your first call should be to the National Foundation for Credit Counseling, a non-profit that can really help. The toll-free number is 800-388-2227. They will help you deal with your credit card debt.
Now, I don’t know anything about your situation. You said “$20,000 in payments” — but does that mean your monthly payment (?!) or is that the total of your outstanding balances? I
don’t know how that $86,000 is invested, whether it is in an IRA, or anything else about your financial situation. But as a guess, you are likely paying 20+% interest on your credit card balances. And it is unlikely that you are for sure earning that much in your investment account.
Again, I don’t know the tax implications for your investments — but it seems that your first step should be to withdraw money to pay down your credit card debt!! Again, ask NFCC — because there may be some tax reasons not to do that.
