Credit card debts

August 25th, 2009 by Questions

I have 3 credit cards with a limit of 1500 dollars on them. They are all expired already but i pay the minimum payments on just 1 of them (the one i bank with). I have no idea whats happening with the other 2. Also i have cell phone bills totalling 1500 for about 2 years. I do not know whats happening there as well.

Now, i decided to cover my debts somehow and put my credit rating back on track. What is the best way for me to cover the debt and make my credit rating rise again.

I am currently on Employment Insurance but i may afford to pay about 200-250 dollars per month. Thank you

Posted from: Ontario

Questions

One Response to “Credit card debts”



, A licensed trustee said:

Based on the information that you have provided, it sounds like you should speak to a credit counselor about a debt manageemnt program. This is a voluntary repayment whereby you repay the debt over time, usually with no new interest charges. It sounds like you owe around $6,000 – at $200 a month you could repay the debt in less than 3 years and that would go a long way to repairing your credit.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)