I am in a financial mess! Please advise me!?

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norton2628

New member
I am 27 years old. I have a full time job. My boss pays me 300 per week. 200 of it is on the books while 100 dollars of it is not. This was agreed upon so I could apply for health insurance which I need. I have health insurance now for the first time and cannot dispose of it. Well! I made a 2nd late payment (late by 3 days due to my negligence re the july 4th weekend bank closure!) in 12 months. I called the bank and told them this. They chose to raise my rate from 7.09 percent to 24.09 percent. My balance is 4600. I have no expenditures I can cut. I rent a room, I own no vehicles, I don't buy anything (no perfume, no bathing suit, no gym, nothing!!!), and I don't know what to do. The credit card company told me they could close the account and put me on a payment program with my rate pretty much what it was before-7 percent. My credit score will be badly affected however, correct? I am worried about this. I have no other credit cards open so I think my score will just be terrible and I am young and want to get my life on track and in the next 5 years get myself in a position where I can buy a house or make investments, etc. What should I do? Should I try to transfer my debts to another card? Which one? Should I take the payment program and close the account? Sorry for being long winded here, I just don't know where to turn with these questions! Thnks!
Ps. Don't try to redirect me to some scam website for debt help scammers. I want real advice here not advertisements!
Please read what I wrote:
I cannot get a second job on the books because I need to keep my health insurance-that is part of the mess. I am currently trying to find a second job off the books. I have a pacemaker and I need to keep it checked so I need the insurance right now, I know, i know, it's a stupid situation!!! I always paid on time though so I just got behind twice in this one year and boom, I am really in a spot.
Also...I have a roomate. I rent a room in someone's house...I have my own room and no kitchen etc. I need help repairing things. I need to get out of this situation but I just need to know more info about what to do with the credit card.
HEEEELLLLLPPPP
 
For long-term help, I would try to get a better paying job and/or find a roommate to help cut costs. Possibly even a part-time job in addition to the full time job, just to get that balance taken care of.

As far as the credit card, I would take the payment plan if they can put your APR back to the way it was. If they just close it and let you pay it off, this wouldn't affect your credit negatively. It would also prevent you from charging anything further.

If you just leave the APR at 24.09%, you will probably be paying just enough to keep the balance the same, and it will never go down. I used to work for Capital One and saw this scenario all day, every day.

You COULD do a balance transfer. If you could get a transfer with a 0% introductory rate for a year, and pay it off (or pay it way down) in a year, that can be a good thing; HOWEVER, a lot of times, once the 0% intro is over, the interest rate goes up to 20-something percent. So, if your balance isn't substantially lower, you will be screwed all over again. Also, if you miss payments or are late, they can take that 0% away immediately.

To conclude, let them close the card and take the 7%.... work as hard as you can to be debt free. Don't worry about credit cards after that point until your income is greater. Start a savings account for emergencies that can gain interest.
 
You need to get a better job... $7.50 /hr is barely above minimum wage. At 27, there is no reason you should be earning $7.50 /hr... that's what a high school student makes.
 
the late date will not report to the credit. Call the company and tell them what you put down above. Keep calling, they will lower your rate. There are so many people not paying now a days, they will be happy to take your money, even if it is at 7%
 
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