24 years old with $25.5-$26k in debt. Lost job in November. Have been paying minimum payments (roughly $700 a month between five cards). This month would be extremely hard to meet payments.
Through older threads I've learned that Chase has extended hardship program generous terms to others. 3 of my 5 cards are chase (Sapphire, United Explorer, British Airways).
On Sunday, I held the following thought process - In an ideal world, I would like for my minimum payments to be $0 for a few months (until I get another job) and/or for 0% interest for a bit, so my $500 a month in minimum payments actually starts to whittle down the roughly $20k of debt I have on those cards.
After speaking with Chase on Monday, they said that they could not do this. But what they could do is lower my interest rate to 2%, and put me on a 60 month repayment plan that results in minimum payments of $350. How might this plan affect my credit score? The credit bureau specialist I spoke with wasn’t quite clear on how it will show up on my credit report told me that it should not negatively impact my credit, but I am (honestly, I just couldn’t understand what he was saying and am hoping someone here with experience with this can break it down into English for me).
Submitted February 07, 2017 at 07:15AM by SternritterVGT http://ift.tt/2jXQ9sk
