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What to do?

June 8th, 2010 at 12:44 pm

Ok I just called the credit card company of where I bought my furniture. The account currently has a balance of $2042.48. I had a hard time paying this card at the end of 09 so I had let the card go for about 2 months. I caught up on payments in Jan and since then, I had been on a temporary hardship plan with them where I pay each month $75.00. Before, it was a monthly payment of $140.00. It was initially a 3 month plan but I called in March for an extension til July. So today I called to double check when the plan ends and the rep confirmed that it will be in July. I asked her if we can extend that again since it was a reasonable amount that I can make. She said no, they can only approve for a 3-6 month plan in a year. I went on to explain that I cannot afford the $140.00. She suggested that I use a credit card to pay it off or to consolidate which I explained that I can do neither. After a minute of silence, she tells me that there is no other options for them. I wish they were like Chase who is allowing me to pay my balance at $75 for 5 years interest free!

So now I wonder what to do. I don't use this card anymore. I got it so we can get furniture for our first apartment. So I can't use it on anything else but more furniture lol. Part of me just wants to use at least one paycheck to pay half and make small minimum payments later. The other part of me wants to use my 401k and pay it off entirely. Or just deal with it as it is and struggle to pay the $140.00 each month. What to do? Which is the best choice?

6 Responses to “What to do?”

  1. Looking Forward Says:

    I wouldn't even consider using 401K. I would default before that happened. What can they do if you just keep sending less than $140 each month? You would still be paying them.

  2. Miz Pat Says:

    I would call them again and see if you get someone else who is in the mood to discuss options with you

  3. whitestripe Says:

    yes, call again. after all, what can they do? take nothing, or take $75?

  4. gigglestar Says:

    Thanks everyone. Yes I will call again. I really don't want to touch my 401k so I'm going to try to rid of this balance once and for all within this year!

  5. ceejay74 Says:

    Good advice from all. Let us know how it goes!

  6. Jerry Says:

    Yes, this predicament should definitely lead you to call again, and ask to speak with a manager if you are not getting the results that you need. The company should realize that they are going to be in far better straits if they have some insurance of a lower payment for a while... rather than nothing! Good luck to you.

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