Student Credit Card debt on two cards – 5k ea?

April 8th, 2010 | by admin |

My brother is in school full time. He has canceled the cards, but the amt. due is not decreasing with the min. payment he can afford. At what point will the credit card company settle for 1/2 the amt due (or some type of settlement) because it keeps earning interest – -accts are not in collections
discover card/ chase

  1. 2 Responses to “Student Credit Card debt on two cards – 5k ea?”

  2. By Judy F on Apr 8, 2010 | Reply

    When I graduated college with 10k on my credit cards I had to take a second job in order to pay off my debt.

    He should talk to the card companies and see if they will lower the interest. If not, he might want to get a new card with low or 0% interest and transfer his balances. And pay as much as he can to pay them off.

    A 2nd job is his best bet.

  3. By Brinasmurfette on Apr 9, 2010 | Reply

    If he is not past due most credit card companies will not accept/offer a settlement. However, some of them if you are repeatedly being charged fees will offer a possible hardship program. In other words, a lower interest rate or no fees for a certain period of time with a certain amount of fixed payments. Also he may want to contact a consumer credit counseling service. They can negotiate with the credit card companies. This will report on the credit reports however but not as past as repeatedly being past due or filing bankruptcy.

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