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HomeBlog Credit Card DebtI owe $20,000 on a Credit Card at a 20% Interest Rate and Feel Like I’m Never Going to Get It Paid Off. What Can I Do?
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I owe $20,000 on a Credit Card at a 20% Interest Rate and Feel Like I’m Never Going to Get It Paid Off. What Can I Do?

March 3, 2016 by National Debt Relief

man looking tired with workThis may come as a complete surprise but the first thing you could do is negotiate with your credit card issuer to get that 20% interest rate reduced. You will need to contact the card card issuer, explain that you’re having a serious financial emergency and ask if it would be willing to lower your interest rate. As the following video reveals an if you were able to get that interest rate reduced to 15% and made a payment of $400 a month, you’d have that debt completely paid off in 79 months.

This might seem like a long time

This might seem like a long time but at 20%, it would take you 109 months to pay it off or almost three years longer.

In addition to getting your interest rate reduced you should try to heavy up on your payments. Instead of paying $400 a month maybe you could pay $500 and you would then have your debt totally paid off in just 56 months.

Other options for credit card debt

Unless you can prove you’re truly having a financial emergency that credit card issuer is very unlikely to agree to an interest rate reduction. In this case, your best option might be to contact a company such as National Debt Relief where you’d have a debt counselor who would review your finances and explain some of the other options available to you. For example, given the fact that you have $20,000 in high interest debt he or she will probably suggest a debt settlement program. This is where you would make one affordable payment to the debt settlement company each month, which will be deposited in an FDIC-insured trust account. As soon as enough money has accumulated in your account the settlement company will use the funds to negotiate a settlement with one of your lenders – probably for around 50% of your actual balance. This process continues until all of your debts have been settled to your satisfaction, which generally takes from 24 to 48 months – depending on how much you owe.

100% satisfaction guaranteesatisfaction-guaranteed

A reputable debt settlement company like National Debt Relief won’t collect its fee until it has settled all of your debts. This results in a 100% satisfaction guarantee because if you were to become dissatisfied with your debt payment plan at any time and for any reason you would be allowed to cancel out and wouldn’t be charged a single cent.

Another important advantage

Another advantage of using a debt settlement company is that it will contact your lenders and any debt collection agencies that have been hounding you, let them know it’s managing your debts and ask them to stop contacting you.

Debts that can be settled and those that can’t

While it’s almost always possible to settle credit card debts it’s important to understand that not all debts can be settled. For example, it’s not possible to settle secured debts such as a mortgage or auto loan. And there are some types of unsecured debts that can’t be settled including student loan debts, alimony, child support and past due taxes.

If your credit card company won’t help you then you may have to resort to a more aggressive tactic to get your debt paid off. Visit www.nationaldebtrelief.com to learn the best ways to reduce credit card debt.

Do you qualify for debt consolidation?

National Debt Relief
National Debt Relief

National Debt Relief is one of the largest and best-rated debt settlement companies in the country. In addition to providing excellent, 5-star services to our clients, we also focus on educating consumers across America on how to best manage their money. Our posts cover topics around personal finance, saving tips, and much more. We’ve served thousands of clients, settled over $1 billion in consumer debt, and our services have been featured on sites like NerdWallet, Mashable, HuffPost, and Glamour.

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Easy National Debt Relief Caller: Misty Transcribed WE 1/17/2021 Misty: The call may be recorded. How did you hear about National Debt Relief? JEANETTE: I just went online looking. Misty: Was there any specific financial concerns that led you to seeking out their services? JEANETTE: Yes. I just got in over my head with credit cards and I couldn't save enough for my taxes. Misty: How was your interaction with your representative that you worked with? Was it a positive experience? JEANETTE: Yes, it was a positive experience. Misty: Would you say working with NDR has affected your daily life? JEANETTE: Well, it has taken a little worry off. I'm still tensed about it, but it has helped. Yes. And definitely, now, I can put the money aside each month for my state taxes. Misty: What are your thoughts on the cost in relation to the quality of service? JEANETTE: Well, so far, so good. That’s all I know to say. [Chuckles] Misty: That brings us to the star rating. And it's a scale of 1 to 5, 1 is very dissatisfied, and 5 is that you would recommend them to a friend. JEANETTE: 5. Misty: Are there any other comments or even any suggestions on how they might improve their service for you? JEANETTE: I haven't really thought of any recently. So far, I'm pretty happy. Misty: Would it be all right if we shared some of your review content and your star rating on the ConsumerAffairs.com website? That way, if anyone is thinking about using NDR, they can read reviews of people that have done business with them. JEANETTE: Okay. Misty: Just to let you know, it's first name only. We never use last names and don't publish private information. JEANETTE: Okay. Good. Misty: Would you like me to email you the review when it's ready so you can update it if you'd like? JEANETTE: Yes, please. Misty: Okay. Let me make sure I have the correct email address. I have jetta116thst84@yahoo.com. JEANETTE: That’s right.

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Jeanette Cook
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