Reported by Bahiyah Shabazz, MBA
When you don’t get enjoyment out of an activity it’s time to let it go. When your expenses are costing you thousands it’s time to let it go. When you’re constantly giving, giving and giving it’s time to let it go.
Gather all your credit cards along with the statements to regard the TOTAL balance, interest rate and payment due. This knowledge will allow you to receive clarity with your plastic bondage. Yes, credit cards are a means of bondage. You feel trapped, helpless and disgusted. Why do you think it’s called a MASTERcard? You are a slave to its features.
It’s time to contact all your creditors and demand for a lower interest rate. Remind them of the relationship and history with the company. If all fails…threaten a break up. No one wants to be dumped! I’m not an avid promoter of transferring balances unless you have a plan to pay it off before the expiration of the introductory period. But you may have to do so to show business.
But you say…Bahiyah, my card is now in default because I didn’t follow your advice years ago. There’s a solution for that too.
When the creditors call ask questions about a settlement. STOP! Only agree to a settlement if they report as BALANCE PAID IN FULL not settlement negotiated. I don’t want your credit score to fall even further by reporting settlement. If they don’t report BALANCE PAID IN FULL then find an agency who will. Believe me someone will pick up this bill.
You also have rights. A right to tell them not to contact you anymore. Just because you’ve fallen behind doesn’t mean they have the right to harass you. Take these steps:
1. Ask for their address to write a letter indicating you want the calls to stop.
2. Let the person know that you are also recording the phone calls.
3. Threaten suit if they don’t respect the terms of the letter and DO NOT CALL.
Didn’t know that, did you? Yes, you have rights. You don’t have to receive phone calls and you can record the conversations.
In the end, I don’t want you to be in a turbulent relationship. Let the plastic go, but tell it you had a good time while it lasted.
“Love Yourself Enough To Support Yourself.”
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