I've done a little research but I would like to have actual feedback from people. I am currently behind on credit card payments and I am not sure exactly what to do. The interest rate is high and I do not seem to be making a dent. I can completely pay it off but there is a second card in the background that haunts me. Not to mention college payment is due as well. I have missed a few months payment on my second card and credit card companies have called multiple times.
I have been thinking about trying to consolidate credit however I'm not sure of the first step. I also just received a letter in the mail saying the credit card company is willing to settle the debt. Unfortunately I am not experienced in financial situations and I need help.
My questions are:
- What are the consequences of Credit Card Settlement?
- What are the consequences of Consolidation of Credit?
- How do I go about accomplishing the above?
I hope this will help others out as well as myself. Thank you for your time and help.