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NeedFinancialHelp

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I cannot afford my minimum payments, what should I do?
I faced some financial hardships and fell behind on several of my accounts. I'm finally in a position that I can start to make monthly payments, but my minimum payments have gotten too high for me to pay them all. I would like to start working on repairing my credit. I'm wondering if I should focus on one or two accounts first, or if I should make small payments (less than the minimum) on all of them. Any advice is greatly appreciated.

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You should sit down and figure out how much you can actually afford to put toward every account and then contact your lenders and try to work this out with them. You really need to contact each company, explain your situation and tell them what you can pay for now, they should work with you at least to a point to help get your accounts current again. Do not do what you were thinking about, just sending a little, less than the minimum payment is going to do nothing but hurt you unless the lenders agree. Contact your lenders right away after you've done the math on what you will be able to pay.

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Thank you!

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