I entered a debt consolidation program a year ago, and I’m wondering if its really the best option for me. I did a lot of calculating, and between the interest I’m still paying to the credit card companies, and the monthly fee I’m paying to the debt program, only about 55% of my money is actually going to pay off my debt.
I called one of my credit card companies, and asked them what my interest rate would be if I opted out of the program and paid on my own, and I was told it would go up from 7% to 32%.
So basically either way, a ton of my money is not going to pay off my debt. Are there any other options?
Thanks for helping me look at it a different way. I’m just really pissed at myself for being so stupid when I was younger, cause there are so many things I could be doing if I didn’t have all this freaking debt
No offense, but seriously, if I had more money, I would pay more toward the debt. Its not as simple as paying more when you don’t have anymore. I can barely even afford gas for pete’s sake.
First sentence: I entered into a debt consolidation program a year ago. It goes like this… all the payments I will make this year, less the difference in my balance by the end of the year, plus the monthly fee for a year. So I can either pay this fee, or go back to super high interest rates.
And I am paying more than my minimums.