- Posts: 2
- Joined: Fri Dec 11, 2009 11:40 am
- Location: Chicago
I lost my job over a 6 months ago, been looking ever since. I do a little cash-in-hand work, maybe 10 hours a week to keep the lights on.
I have two credit cards that I cannot pay. One through Chase with a $500 balance, another through Revolution Money with a $2000 balance. I have been dipping into savings to pay them in hopes of finding work, anywhere, but now I am at the point where I am literally tapped dry. I have alerted both to my situation, but have gotten very different stories from them respectively, and I am wondering what to do next.
Revolution Money says that they need in writing, what my exact situation is, and what I should request to be done about it. The woman mentioned having them reduce the balance, etc.
The man at Chase was very pushy, and told me that having them cut my balance, which they can up to 70%, doesn't makes sense with just a $500 balance and a $12 monthly payment. The minimum payment they allow is $10, so that doesn't help either. And then he recommended credit counseling, which I responded that I have no many to see through, and he told me it was free. Two minutes of research online and it is indeed, not free...
My original intention was to simply stop paying the cards. I own no property, sold my car, and don't have a paycheck they can go after. But after speaking with Chase, I remembered that just 2-3 months ago, Payment Protector suddenly showed up again on my statement, after canceling it a year prior. If I signed up for this again, and somehow made my payments for 2-3 months until it kicked in to where I could use the option to not make a payment for 1-3 years, would that be beneficial at all, knowing that I will almost certainly default entirely on the Revolution Card?
In other words, if I completely default on one, and my credit is marked for 7 years, would trying to make payments on the other eventually, make any difference?
Any other advice you fine folks can toss my way?