She really needs help

If there is one phone call that I hate receiving, it would be phone calls from credit card companies harassing me to pay my debt. Luckily, I haven’t been in that situation. I was able to manage debt and manage all my credit card expenses that I was able to pay all my balances for the month on time. What I do is I keep a spreadsheet of all my credit card expenses so I can monitor every month if I am already over my budget. And even though I am shopaholic and I sometimes shop impulsively specially if it is for my daughter, I was able to stick to what I can only afford every month, thus I was always able to pay in full whatever is due for the month.

But I have a friend whom I think badly needs debt elimination tips. She owes almost all credit card companies and a big chunk of her salary just goes to paying her debt. But since she can only pay the minimum amount per month, her payment just covers the interest and not the principal amount which doesn’t help in reducing the debt that she owes the credit card companies.

I know it is really stressful to always be harassed by credit card agents asking you to pay your debt and it would even be more stressful if you know that you cannot pay all of them at the same time. I think her best option is to look for a debt consolidation company that can help negotiate debt. These companies have the experienced to make a good deal for my friend. They may even help her negotiate for a lower interest rate or a much longer payment scheme that would fit the budget of my friend.

I just hope that my friend gets to settle her debt soon as I know how much stress her debt is putting on her.