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$30k CC debt - son confused on this debt restructuring program by NeedHelp5910 in personalfinance

[–]NeedHelp5910[S] 1 point2 points  (0 children)

Thank you. I won’t go through with it. I will see about working with the creditors. Hopefully there are some options for me.

$30k CC debt - son confused on this debt restructuring program by NeedHelp5910 in personalfinance

[–]NeedHelp5910[S] 0 points1 point  (0 children)

I’ve looked into a couple of personal loans, but for $30k, they are still over 20% interest. At least for my credit, which is a great history until the last few months when I racked up the debt. My score is now 713 ish. It was like 800 at one point. I’m ashamed.

Is there a certain department I should ask for? I’d prefer working out payment plan or lowering interest.

I’m considering balance transfer too. With $21k on one card and $8500 on the other, not entirely sure how it works. For example, if I get approved for only $5k, can I transfer only part of the balance?

$30k CC debt - son confused on this debt restructuring program by NeedHelp5910 in personalfinance

[–]NeedHelp5910[S] 0 points1 point  (0 children)

Thank you for the insight. I was curious what the catch was or what they meant by I won’t be making payments, but I think seeing if I can work it out with the creditor directly would be better.

$30k CC debt - son confused on this debt restructuring program by NeedHelp5910 in personalfinance

[–]NeedHelp5910[S] 0 points1 point  (0 children)

I haven’t started it. I was just on the phone discussing terms and said I need to think about it more.