I just did a very hard thing ... for me

iVillage Member
Registered: 03-26-2003
I just did a very hard thing ... for me
Wed, 04-02-2003 - 1:47pm
Well, perhaps for other people it wouldn't be a big deal, but I just phoned two credit cards and explained my situation (exaggerated a bit, told them I was considering bankruptcy) and told them I'd rather avoid that and work something out with them. Well, the card with the biggest amount was quite eager. They said they would try and get me on a fixed payment program and lower the interest rate to 8.5% from 18.9%. She said she has to send it to her higher-ups for approval, but I'm willing to make $300 a month on $12,000. I then phoned the next highest credit card and they were less receptive but lowered the interest rate to 14.5% from 18.9%. So better than nothing. I owe them $5,000 so the monthly payments are reasonable for me for that.

My face is red and burning but my voice didn't shake when I phoned. I tried to sound like I knew what I was doing. LOL My heart is pounding, I'm shaking. Dang, this sucks. Anyway, feel free to pat me on the back. LOL Now if I could just phone the people who "own" my couch and are charging me 29%. ARRRGGHHH!!! Never fall for one of those "no payment until" deals.

I'm so glad someone directed me here and I have a place to talk about this. Its really been eating at me. I didn't fall asleep until after midnight last night and woke up at 4:00 with bad stomach ache and back pains. I'm sure its stress. But I have been saving money on food since I can't eat much due to the stress. Every cloud has a silver lining right?




Avatar for zaboz
iVillage Member
Registered: 03-26-2003
Wed, 04-02-2003 - 2:11pm
Way to go Tam!

Here, let's do some fun calculations to celebrate!

By getting an interest rate of 8.5% instead of 18.9% on $12000, you will save

yourself $104 a month!

Changing from 18.9% to 14.5% will save you another $18 a month.

Grand total= $122 a MONTH for two simple phone calls!!

That is awesome!

Trust me, I know how hard it is. Sometimes I work phone calls up so bad

in my head, I can't even pick up the phone! You did great!!

iVillage Member
Registered: 11-02-1999
Wed, 04-02-2003 - 2:43pm
Congratulations, Tam! You did a very difficult thing, and now you're one step closer to becoming debt-free!

I'm sure each and every one of us here can understand your feelings...

Keep it up!


Avatar for donovansmommy2000
iVillage Member
Registered: 03-26-2003
Wed, 04-02-2003 - 2:52pm
WTG Tam! I'm so glad you called them! Those CC co's rake you over the coals on interest as it is, and if stretching the truth can lower your interest rate, then good for you! Let them charge 18% interest on someone else's bill.

Now I wonder how it will go with the couch people! Good luck! Kathy

Avatar for cl_lovmy2kids
iVillage Member
Registered: 03-27-2003
Wed, 04-02-2003 - 3:28pm
Great Job! Another bonus of picking up the phone and making payment arrangements with people who you owe money, they wont be calling you! If they do you can say I spoke to so and so on such date and made arrangements. It important to write down who you talked to, when and what the arrangements are. Now go ahead and make that next phone call....You can do it!


BADASSTRINGS039-1.jpg picture by lovmy2kids
Avatar for aracasila
iVillage Member
Registered: 03-26-2003
Wed, 04-02-2003 - 3:41pm
Great job! I'm still working up the nerve to talk to my creditors, so I know just what you're talking about! You should be quite proud of yourself - that was a big step!

iVillage Member
Registered: 03-26-2003
Wed, 04-02-2003 - 5:12pm
Good for you! It's kind of scary to make those calls, sure, but you took a BIG step in becoming debt-free!

Remember~~~YOU are NOT your debt. Period. You owe the companies money, NOT your life, your soul, and your health!! (I say this because I too have had times where I've not slept well because of debt, lol)

So, here's a pat on the back for a JOB WELL DONE!!!!

~Lisa :)

iVillage Member
Registered: 04-02-2003
Wed, 04-02-2003 - 8:36pm

Your health is just as important as clearing your debts. You are obviously a strong person. And you should be proud of yourself not giving in to that "bankruptcy" thing or those credit cleaning companies. It only makes your credit look worse. Having a company handle your credit issues, implies to other creditors that your incapable of being responsible,e.g. And it doesn't sound like you owe that much to even have to consider doing that. Through the internet, look up your credit rights. Alot of attorneys post them for your own reference. Obviously, someone had to have ran your credit to tell you in detail you debts, e.g. Don't run it anymore, because it does go against your credit score everytime you do so. It might not be the greatest, but it's definitely not the worse. The best of luck to you. And remember it takes time and patience. Trust me - I know.
iVillage Member
Registered: 03-26-2003
Wed, 04-02-2003 - 9:11pm
(((BIG HUG)))

Congrats on taking that step. It sounds as if it was very hard for you and you did it! Hopefully you will be able to get some sleep tonight. I don't get much sleep either but mine is due to the fact I have a four month old! LOL


Avatar for mymartes
iVillage Member
Registered: 03-26-2003
Wed, 04-02-2003 - 10:06pm
Good for u Tam!!!! Pat yourself on the back, girl.


Avatar for cowboy4me
iVillage Member
Registered: 03-25-2003
Wed, 04-02-2003 - 11:25pm
WTG, I know how hard it was for you. I had the hardest time just writing my credit card companies and canceling 6 of my credit cards. I didn't want to call them, because first I would chicken out and find something more important; that and this way I have a record (I made duplicate of every letter & envelope). You did good girl. Now please try to sleep. Debt is just number on a piece of paper (but I do understand where your coming from).


"Love knows hidden paths."~~German Proverb