What To Do When You Can’t Pay Minimum Debt Payments
July 10, 2009 by Erik Folgate
Filed under Credit and Debt
There’s no doubt we have gone through some hard economic times, and some of you have had a hard time paying all of your bills each month. There’s no need to be ashamed of it or get depressed about it as long as you are working actively to reverse the situation. Here is a short step-by-step guide to helping you make the right decisions about your money and ways to help you stay current on your bills.
How To Handle A Credit Card Debt in Collections
October 30, 2008 by Erik Folgate
Filed under Credit Cards, Credit and Debt
A Money Crasher’s reader recently sent me a message about a credit card balance in collections. I thought that you all would benefit from his/her question and how I answered it.
Question:
I have a credit card debt of a little of 8,000. It went to collection, and I just don’t have the money to pay it off. I thought I would be able to use my student loan to pay it off, but it didn’t come through. Do you think it would be possible for me to set up a payment plan with the collection agency, and if so, how should I go about it? I know that I won’t be able to pay a lot at first because I just don’t have the money while in school, but once I get done (may 09), I’ll be able to pay it off a lot quicker.
