Financial Help! Should I apply for a debt consolidation loan? Or should I negotiate with creditors?
My father and I together have 5 credit cards, and 3 loans. Each credit card is of a high APR. The loans have a descent APR.
Our balance on the 5 credit cards are over 60,000 USD.
Our balance on the loans are about 4,000 USD.
I have a descent credit score, but I have alot of debt.
Every month I pay alot of interest with the credit cards.. It’s very overwhelming.
I need advice on how to manage all this. Our income is very limited. I have a part time job as I’m a student. I earn about 500 dollars a month. My father earns about 5000 to 6000 a month.
What are some possible solutions to cut down my credit card debt?
A debt consolidation loan? How would I get that? Which creditor is good for that?
I’ve also heard something about negotiating with the credit card companies, how does that work?