What is the name of your state (only U.S. law)? Texas
I have three lines of credit as follows
BANK 1 = $54k Secured by me personally at 7.3%
BANK 2 = $33k Unsecured at 7.5%
BANK 3 = 35k Unsecured at 11.75%
Credit Card at $14.5k at 10%
Interest payments are about $1000 and I usually make $2000 payments but I am making no headway. I am considering not paying BANK 2 & 3 for a couple of months and then try to negotiate better terms and lower interest rates. I have never missed a payment, but I need to conserve cash due to my suffering business.
Can anyone advise me on how to negotiate terms with banks? I feel as if I will eventually have to file bankruptcy, but I still have approximately $65k left to use on my lines of credit, and that could last me a long time. Maybe long enough to wait out the economy. Therefore, I will only consider it if I get good advice and makes complete sense.
Any advice is appreciated. The dept is killing me and I need a solution.What is the name of your state (only U.S. law)?
I have three lines of credit as follows
BANK 1 = $54k Secured by me personally at 7.3%
BANK 2 = $33k Unsecured at 7.5%
BANK 3 = 35k Unsecured at 11.75%
Credit Card at $14.5k at 10%
Interest payments are about $1000 and I usually make $2000 payments but I am making no headway. I am considering not paying BANK 2 & 3 for a couple of months and then try to negotiate better terms and lower interest rates. I have never missed a payment, but I need to conserve cash due to my suffering business.
Can anyone advise me on how to negotiate terms with banks? I feel as if I will eventually have to file bankruptcy, but I still have approximately $65k left to use on my lines of credit, and that could last me a long time. Maybe long enough to wait out the economy. Therefore, I will only consider it if I get good advice and makes complete sense.
Any advice is appreciated. The dept is killing me and I need a solution.What is the name of your state (only U.S. law)?