I realize this sounds pretty basic. But people out there still don’t get it. If they did, our country wouldn’t be billions of dollars in credit card debt. As the following article points out, with monthly payments of $200, it will take you 54 YEARS to pay off $10,000 in credit card debt at a 19% interest rate. And what’s worse is you will pay $35,198 in interest on this debt.
I like that the article points out that you are not a bad person if this happens to you and you shouldn’t feel guilty for not being able to pay it back. Further, the article makes a great point that you shouldn’t take cash out of your retirement to pay off these debts. Beyond the tax consequences, this money should be left alone for your golden years. The article does discuss the possibility of negotiating with your creditors. This can be tough for the average consumer, especially if you get stuck in the 1-800 hell when you call that number on the back of your card. Rather than spin you wheels going this alone, you should seek the assistance of an attorney skilled in debt settlement. I can tell you one of the biggest differences between handling it yourself and having an attorney do it is that we don’t call that 1-800 number on the back of your card. We have specific individuals we call on to negotiate your debts. And we know what they will settle for. If you would like to negotiate your debts, but don’t have the skill or patience to do it by yourself, seek the assistance of a debt settlement attorney to assist.