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Archive for June, 2011

Credit Card Debt - What to do?

June 18th, 2011 at 09:46 am

I have about 3 credit cards which are all current at the moment. The 2 have small monthly payments and the 3rd has a monthly payment of over $250 a month.

Lately I've been feeling like I'm still stuck in the beginning. I try to pay more than what is due but each month when the bill comes, the monthly payments are still the same. I've been thinking about not paying this card anymore. I am fully aware of the consequences (phone calls, late fees, collections, etc). I've been thinking more and more about letting it go to collections. I feel that if I stop the payments, I can start saving and when that day comes, I can make settlement.

I've been talking to friends to get their story. One friend defaulted on 4 cards which she settled later. She said she never paid taxes and once she paid her credit went back up. I'm at a lost as to what really happens in the process. If I continue paying, then I will be digging us deeper in the hole.

Can anyone give me insight into your story?