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Question By
Hoegen

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can I get a lower payments on my credit cards? I have alower income from when i first got my cards.

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it's rare but you can try

CC co's use a percentage formula to figure out the minimum payments.  You can contact them and ask, but you should be trying to pay off as much of that debt as you can, specially since your income has changed. 

on your CC statement, there should be a section that tells you how long it will take to pay off the balance if you only make a minimum payment and what the cost would be.  you will have to evealuate that for yourself. 

Realize of course that if you lower your payments that you will be paying on these accounts longer and paying much more in interest. If it takes 5 years to pay off, then you are liable to be paying 4 or 5 times as much as the original charged amount was in interest. Is it worth it to you to $500 for that $100 dinner that had 5 years ago? also by extending the time that it takes to pay off the cards, the longer your credit score will stay low.  

If I were you, I'd cut out any superfulious spending you have now and throw every cent you can at paying off these debts. Even if it means eating only Rice and Beans for awhile, It makes more sense to pay them off than to try and get lower payments.  

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Reply by
EddyTX

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I forgot to mention.  If your credit is still in good shape, you might try a consolidation loan. If you have a relationship with a credit union, I'd try them first, if not try your bank. 

Good luck! 

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