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Need credit repayment advice!


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Posted by Winnie (130.132.9.118) on March 28, 2002 at 12:57:53:

Help! I was out of a job for 3 months, and during that time, couldn't afford to pay most of my credit card bills. (I haven't used them). Two, First USA and Household Bank, finally closed my account in January and demanded payment. As soon as I got my job, in late January, I calculated my new budget and figured that I had approximately $250 I could pay towards First USA and/or Household (I set aside another $150 for my student loans and Amex card, which I'm in good standing with). I called the credit card companies, and they said they would reduce my interest rate and put me on the hardship program (reduced monthly payments), if I'd send in a certain lump sum. So I begged my parents for $1000 and sent the money in. I wasn't going to until I got written confirmation of the deal, but my friends said it would be a sign of good faith. So after I'd sent in the $1000, they wrote back and said they had decided I had more than enough money to pay the minimum, and demanded I cough up $200 a month (PER CREDIT CARD)!!! I don't have that much money, and no assets whatsoever. Is there any way to handle this situation without going through bankruptcy or a debt consolidator? Even if they sue me for the money, I only earn about $200-$300 a week, so they can't squeeze much out of me.


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