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stacie200283

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Lower my monthly credit card payment
I'm struggling to make my monthly credit card payment. My credit card is through my credit union and when I asked them about lowering my payment, they said the only option is to take out a personal loan at a lower interest rate to pay off the card and then make lower payments on the loan. I do not want to do that because I am afraid I will get myself into more financial trouble. What other options do I have to lower my payment that do not include taking out some kind of additional loan?

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Excellent suggestions!!  If the Credit Union suggests the loan, maybe you have a good chance of getting it.  Credit unions are working more towards the member's financial benefit than banks, because banks seek to make large profits.

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It's actually not a bad idea if you can commit to not using your credit cards until the loan is paid off.

Your other option is to take a hard look at your monthly spending. Upload all of your accounts and such into Mint.com (don't worry, it's secure) and assess where your money is going every month. You should be able to identify areas to cut back. A lot of times this is insurance (change companies, increase deductibles), cable/internet, groceries/eating out, entertainment, and shopping/non essentials.

So set a budget, and commit to sticking to it every month, go to a cash envelope system if you have to.

You can also have a yardsale or sell stuff on Craigslist or ebay.

Another option is to get another job

Outside of the loan at your credit union and changing up your budget, the only option you have is to increase your income.

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