High Credit Card Debt

Terry Says

I’ve often given out this formula:

• Take the CURRENT minimum monthly payment — and double it!  (write that number down.)
• Pay the same amount  every month, on time — and do not charge another penny.
• Your balance will be paid down in less than 3 years (vs 30 or more years by just paying the new minimum every month!

If you cannot afford even double the current minimum, contact the National Foundation for Credit Counseling at 800-388-2227.  They will put you in touch with the nearest member agency.  You can either get counseling or a debt repayment plan, in which they contact your creditors who agree to accept a lower amount. Then you send one check to the counseling agency — and they distribute an agreed-upon amount with your creditors.

DO NOT CONFUSE THIS WITH DEBT REPAYMENT RIPOFFS!