Minimum Payments?
By katsmeow1213
@katsmeow1213 (28716)
United States
May 8, 2008 12:44pm CST
My credit card debt has just been handed over to a collection agency. I just recieved the bill today. Being that this is my first credit card debt, I'm not sure how it works once it's handed over to collections.
The bill says the minimum payment is $80. Does that mean they won't accept anything lower than that? I try to pay on my debt as best as I can, but I'm not sure I can afford $80 a month every month. If I do I won't be paying on any of the other debt at all.
I'd call them to find out, but then I'd feel like I'd have to set up a monthly arrangement, and I don't like doing that. When it comes to the debt, I like just being to pay what I can when I can. I usually do a minimum of $25 per week, sometimes it is more depending. I don't want to commit to a monthly payment, only to not be able to afford it.
What should I do here? Should I just give them what I can when I can, should I send them $80 a month?
2 people like this
5 responses
@kykidd (6812)
• United States
8 May 08
A lot of people are used to paying things weekly, because that is how they get paid. Depending on your total debt on the card, you may want to wait since it has already been turned over to collections. They may be able to negotiate and you won't have to pay back the full balance.
1 person likes this
@katsmeow1213 (28716)
• United States
8 May 08
The balance is only $600 right now. I want to do some payments when I can. The credit card company themselves wanted nothing less than $160 a month, and I couldn't afford that, but planned on giving them something when we got our tax check. It won't be enough to pay it, but it will cut it down enough.
@dangnabit67 (2021)
• United States
8 May 08
Go to consumer credit counciling. They can help you. Hopefully you have one in your area. They will help lower your payments and stop interest for piling up.
If it stays in collection to long they can garnish wages. Not to mention your credit is shot.
@katsmeow1213 (28716)
• United States
8 May 08
My credit is already shot, so I'm not worried about that. My husband won't let us go through one of those debt agencies, he doesn't like their methods. We've been handling it well ourselves, slowly climbing out.
1 person likes this
@dangnabit67 (2021)
• United States
8 May 08
It would help with the high payments and interests.
All it takes is one thing to go wrong like a car breaking down, or wind up in the hospital ect and your stuck.
@katsmeow1213 (28716)
• United States
10 May 08
We've had both happen, but this bill has nothing to do with that. My question was how to pay on this bill. I thank you for your advice, but but I cannot use a company such as that. I prefer to handle it myself.
1 person likes this
@marciascott (25529)
• United States
8 May 08
I wish I had never got none of my Credit Cards, I have 6 and I will be glad when I pay them off, they aren't much, so I can pay them off easy.
@rockvixen (894)
• United States
8 May 08
If the minimum is $80 then that is what you have to pay, and yes monthly. You can always call to arrange something to pay less per month. My mother did that, it took her 4 years however to pay. She had to pay all the debts off first before getting another credit card. She's paid off now 4 years later, so she can get a new card. I think you need to call and find out what your options are. If they still say you have to pay 80 a month, then you may have to do that. I hope it all works out for the best.
@DonnaLawson (4032)
• United States
8 May 08
Sounds like if you don't give the 80.00 monthly payment your late charges and late fees will go up so high that you will not be able to afford them at all.. I believe that I would call and try to make arrangements with them.. It couldn't hurt to try but will hurt if you just ignore it and send nothing.. Good luck to you, hope someone has the right piece of advice for you..
@katsmeow1213 (28716)
• United States
10 May 08
Well it's through collections now, not the credit card company itself, so I'm not sure how it's going to work with them. This was our first credit card, his second but he had that before me. We obviously weren't capable of handling it, I wish we'd never gotten it in the first place.
