Q: I have 716 and 732 credit scores, pulled from myFICO. I have 4 small credit card balances and one very large one with Bank of America for $23,300. I am really hoping to get some debt relief from BoA and must try to settle. If I can settle, I would be able to quickly pay off the remaining credit cards. Can I request a debt relief if I have never been late with credit card payments? I do not want to stop paying to preserve my scores. Right now, I am only able to pay the minimum monthly payments, but at this rate I will never get it paid off. At the start of 2010, my salary dropped by $18,000 and I have lived from paycheck to paycheck.
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America, Debt Relief
As a credit card debt relief agent I sometimes wonder what I would do if I were in financial trouble or one of my loved ones. What would I tell them? How would I guide them through the process? If I had to tell them to do it themselves this is how it would look:
First Things First
First I would help them take an inventory of their financial situation, and let them know how much easier their life would be without a heavy debt load. If they could not make the minimum payments on their bills I would tell them to settle some of the credit card debt themselves and to try to avoid bankruptcy as much as they can.
Settle the Highest Interest Rates First
Then they should settle their debt with the highest interest rates first.
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Agent, Debt Relief, Debt Relief Agent, Relief Agent