Fixing The Bad Debt

Let's say you have 6 different unsecured debts. They might be major credit cards store credit cards or signature loans. There are several ways we can deal with these debts. Not paying them is not an option. Just remember that you probably didn't get into this situation quickly so you will not get out quickly either.

Here is a viable option that will require some work. With your credit cards you can contact the institution in question and see if its possible to negotiate a lower interest rate. I have found that this is some times quite difficult but they do have more programs to help deal with your situation than you might think. They may ask you to make a certain amount of a payment for 3 or 4 months and then after you have completed this they may change the conditions on the card. If this happens do exactly what they ask and don't miss. Once you have done this they may lower your interest rate and may even lower your payment. While all of this is going on DO NOT use the card for any purchase. They probably won't let you but don't be tempted.