An Independent Non-Profit 501(c)(3)
Consumer Credit Counseling Service
American Credit Counseling Service, Inc.
Community Service Since 1988
4 Taunton Street, Suite 5 Plainville, MA 02762
Toll Free (800) 729-0551 -- Fax: (508) 695-0148 -- Contact Us
My credit cards balances never go down, what can I do?
This is a common issue we address daily. People are struggling to pay the minimum payments on their credit cards only to have a very small portion of their payment applied to the balance. Interest is a large part of your credit card debt.
For example a typical credit card balance of $2600.00. Minimum payment is $59.00 but interest is $43.00 so you are only paying $16.00 off your balance! If you used the card for purchases you can add that to your balance too. Do not worry, ACCS can help.
Your ACCS counselor can do a budget analysis and review where you may be able to make some changes and pay more to your creditors, paying them off faster. This is the best plan. In the credit example above, if you stopped charging and only paid the credit requested minimum payment it would take you 13 years and over $5000.00 dollars to pay it completely! However, if you paid $95.00 monthly it would be gone in 3 years and payments would total just over $3400.00. This is a savings of around $1700.00 dollars.
If you are unable to pay the minimum payments, your ACCS counselor will discuss a Debt Management Program with you, to see if that would be of benefit to you. There are options and ACCS is determined to make sure everyone gets the help they need.
If you want to regain control of your credit cards, give ACCS a call. Our Certified Counselors are standing by!
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