Q: What sources are available to help me lower payments and not effect my
credit?
A: There are a number of firms specializing in debt consolidation. They negotiate with the creditors and then establish one payment to cover all the payments. However, thoroughly check the firm out before proceeding as you may pay unnecessary fees. In the current market you can successfully negotiate with the creditors on your own. Many credit card issuers are offering special "breathing room" programs that will lower your rates for six months or more; others will settle the account for 50% to 70% of the outstanding balance; and others will lower the interest rate and minimum payments indefinitely. If you can pay something call the creditor and see what they can do.
