4 comments to Help! My Credit Is A Mess! Three Of My Credit Cards Have Gone To Collection Agencies?

• Chris G

  July 13th, 2010 at 6:27 am

  First of all, get yourself on a budget:
  see http://www.financialgym.org/budgeting.ht…
  Next, pay the minimum payments every month and apply ANYTHING that you can extra towards the cards. Talk to the collectors about once a month. Offer to fax them a copy of your budget. Let them know that you are trying to pay them off and you’re working as fast as you can.
  The collector will probably call you scum, make fun of you, demand more money, and threaten to sue. However, pay only what you can. A collector’s job is to try to make u emotional so that you’ll get stupid and pay your credit card bill before you go out and buy food.
  Hope that helpshttp://www.financialgym.org

• Jose T

  July 13th, 2010 at 12:04 pm

  ok here is a starting point and very good one. I was in your shoes a while back. Talk to the creditor not the collection agency if you can. Try and talk a payment plan with them. I’m sure they would be willing to help. You want to have them write it in writing that if you setup a payment plan that it will at least show up on your credit as paid and not gone to collection or you can ask for them to completely take it off in exchange for you paying your way out of them. You are in a tough bind but you can get out of it slowly and maturely. Talk with you creditors first and avoid the middle man. If it comes down to talk to the collection agency then try to conjure a formal agreement on paper to the best of your ability. If your goal is to get your credit into shape, the best bet is to slowly pay what they are asking for and work something out with them. Trust me when i say that if you talk with the creditor they can sometimes settle an ammount or a payment plan and report to the collection agency that it was filed in error and in turn the collection agency taking it off your credit. I did it once and it was such a relief. Credit jumped up 40 point. Yay!

• Bill B

  July 13th, 2010 at 5:36 pm

  You probably won’t like my answer, but here goes. First, take all the credit cards out of your wallet. Take all but one (e.g., Visa or MasterCard), and wrap them in aluminum foil. Put a couple of rubber bands around the foil and put them in your freezer – maybe the bottom of the ice bucket. Take the remaining credit card and put several rubber bands around it and place it back in your wallet. That way if you have an emergency, you’ve got a card in your wallet but the rubber bands will remind you that its use should only be for critical items. As for the cards in the freezer, it let’s you know they are there if you absolutely have to have them, but we need to wean you off using them.
  Now, start paying for everything in cash. Not checks. I’m taking about your impulse buying (not your rent and utilities). You need to significantly cut back on your spending. Teach yourself to say NO. “Do I REALLY need to buy this now?” Start comparison shopping to educate yourself about prices, and when you absolutely need something, wait for it to be on sale. Consider garage sales or consignment shops run by churches or other charities – the mark-up is usually less.
  Looking for a better paying job is a good idea, but have you considered a second, part-time job? Dedicate those earnings to paying off your debt. The hours you spend working will keep you from spending in your free time.
  As for the current debt, schedule a meeting with a credit counselor. I’ve included a couple of links below for you. Listen and follow through with your counselor. They should be able to work out payment plans with your creditors. A creditor wants to be repaid with interest, but will settle for the principal as no creditor wants to write a balance completely off. Let the counselor talk to the collection agencies – they have a lot more experience at the negotiations than you do.
  Best of luck. Half the solution to a problem is knowing you have one. You’ve realized you have a problem, now comes the second half – finding a solution.

• Magda L G

  July 13th, 2010 at 6:04 pm

  Visit the below website

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