I like that Buffet quote!
My debt before I got laid off was about 50k which even then I was embarassed of and thought high. If I had paid my minumums back then the pymts would have been about $1500 monthly. 2 Citi and one Chase were used only to hold balance transfers of 0-3.99%. The one I used was B of A.
But I did not pay the minimum, I paid over $4000 monthly on the 4 cards.
Once I got laid off and one of the balance transfer offers expired things began to snowball. Now with late fees, unable to make the minimum so overlimit, 29% when before my highest had been 13% ---it seems really bad now.
so negotiating 2% off will not help me. I don't know what will and my questions to the forum were about if I default.....can I close the accounts and then pay them off but not keep accumulating the fees..just flat out close then pay off and pay monthly
what I can, say $500 month each or will they sue me if I don't pay the amount they want.
I did call Citi (2 accounts) and they were very nice, said I had been great customer, etc...and they gave me an option of paying $800 per month for 3 months to try to get back on track but interest rate would stay at 29% but the main problem with this option is that the first person I talked to told me that would be for both Citi accounts then when I called back they said that was a mistake and that was only one account, now we could look at the second and NO they will not consolidate accounts.
So flat out --with the interest being raised so high, fees, etc...my monthly minimum pymts on 4 cards now would be over $4500 and I wouldn't really even be paying them down. But I ONLY have at most $2500 a month and even that leaves me broke.
I really don't want to file BR so want to pay it but for being a good customer and getting punished at 29% does not sound right either.
What I want is to close all but one and pay off but at a rate I can afford but I don't know how to make that happen.
thanks for listening.