Cant make the min payment what should I do?

As a college student living on my own I made the mistake of putting to much debt on my credit card.

I have had the card from bank of america for over 6 years now. They jacked up my interest rate and the minimum payment almost doubled.

This is the first time I have ever missed a payment.

I am still in school, and I work a job under the table. I am hopping to be legally employed and making decent money in two or three months.

Im not sure what to do. Ive been looking at Debt Negotiation Programs but am not sure if thats the smart thing to do. Thay all seem to good to be true.


Please help.

Stay away from those debt negotiating scams. If you have any bank accounts close them ASAP.

If your credit is still good and you are current or close to it, try to apply for a balance transfer to a card with a lower rate. There are student cards that have very good rates and may be able to help you. Even if the rate is for only six months it will lower your payment and give you time to pay the card down. When the rate goes up after the intro period just do another balance transfer. Another option would be for you to call the bank and tell them that you can afford the payment at the lower rate and to help you as you are a student. If you are nice to them they may actually help you. Go up the command chain and speak to a supervisor, not the person that will generally answer the phone in customer service. Hope this helps...good luck.