Debt Management vs Hardship CC offer?
Justin S asked:
Ok so I know debt management companies can be very bad to use. So I called HSBC to see if they can lower my interest rate, they could not. I asked if they had anything that can help me, like a monthly installment program where the amount you owe stays the same. They said they did at 0% interest and 98 dollars a month. The thing is the account would be closed? Should I take their offer? And could I re-open the account or is it closed permenantly?
Jeremy
Ok so I know debt management companies can be very bad to use. So I called HSBC to see if they can lower my interest rate, they could not. I asked if they had anything that can help me, like a monthly installment program where the amount you owe stays the same. They said they did at 0% interest and 98 dollars a month. The thing is the account would be closed? Should I take their offer? And could I re-open the account or is it closed permenantly?
Jeremy
Kelly
Once an account is closed, it is closed permanently. If you want another account from HSBC, you’ll have to reapply.
Debt management is not horrible, but it is a serious decision. If you can’t afford to make your payments with how they are right now, it may be the best decision for you to prevent further financial despair.
You touched on hardship though. Would you be able to activate a hardship plan? But it is only $98. To prevent your credit life from having a bad mark, trim your expenses and pay it off.