Hi Money Minder,
Hey Money Minder!
So, here’s the deal – I’ve got this $11,000 collection looming over me, which is sort of blocking my dream of joining the US Armed Forces. Yeah, I know, not my smartest move in the past, but now I’m trying to clean up my act.
My credit card is nearly maxed out, just $1000 shy of hitting the limit. But hey, I’ve been diligent with payments, trying to chip away at it by throwing in $500 extra whenever I can on top of the minimum. And my auto loan? Well, that’s been smooth sailing for four years, with a balance of $16k at a decent 8% interest rate.
I’m just two years away from paying off my car, but this collections mess might throw a wrench in my plans. They won’t budge on a payment plan – it’s all or nothing. So, what’s the move here?
I’m thinking maybe I could work something out with National Debt Relief or some other organization that could help me tackle this collections monster and turn it into a manageable monthly payment.
Any advice or guidance would be much appreciated. Thanks a bunch!
Farewell,
Striving for Success
Response from THE MONEY MINDER:
Thank you for reaching out to us. How can we assist you today?
Hello There,
I completely understand your situation and the desire to join the United States Armed Forces. It sounds like you have been working hard to manage your finances, especially with regards to your credit card and auto loan. It’s commendable that you have been proactive in paying off your debts and maintaining a good payment history.
Regarding the $11,000 in collections, it is important not to lose hope just yet. One possible approach could be to reach out to the collections agency and see if they would be willing to negotiate a payment plan with you. While they may initially request a full payment, it doesn’t hurt to inquire about possible options for setting up a monthly payment arrangement.
Exploring organizations like national debt relief could also be a viable option. They may be able to assist you in negotiating a settlement with the collections agency or provide guidance on how to handle the debt in a more manageable way. It’s always advisable to research and vet any organization you work with to ensure they are reputable and can truly help you in resolving your debt situation.
In the meantime, continue focusing on paying down your credit card debt and staying current on your auto loan payments. Being proactive and demonstrating responsible financial behavior will only work in your favor in the long run.
Remember, financial challenges are common, but with a practical and realistic approach, you can overcome them. Stay determined and focused on improving your financial situation, and you may find a path forward towards achieving your goals.
Best of luck as you navigate through these challenges. Stay motivated and continue working towards financial stability.
Farewell from THE MONEY MINDER.
