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i just lost my job. i have a mortgage payment and a line of credit. the company has gone out of business and i need to lower the rate on the line of credit from the 15.999% no matter how many payments have been made the finance charges keep going up. now i am going to be on unemployment. the credit line is 15,000.00 can you help?

I am very sorry to hear about your situation. I am not certain there is an easy solution to your situation without any income unless you have some savings you can tap into. A debt management company can help you lower your interest rate a bit and help with the charges, however you will still need to make steady monthly payments likely for several years to pay off the balance you owe. A debt settlement company may be able to help you reduce the $15,000 balance through a negotiation process but again you will need the cash flow to make monthly payments to them.

Your first priority should be to try and spend as much effort as required to find a new job, not an easy task, I know, but keep trying everyday. The sooner you can replace your lost income the better off you will be in preventing these debts from growing too far out of control.

Unfortunately there is no magic solution, but read as much as you can on this website and others about debt management programs and debt settlement programs then speak with a few companies so they may provide you with quotes. However, please understand they will not be able to assist you without you proving your ability to make regular monthly payments to them so you can complete the program.

If you don’t have any savings to help you out then look into social services provided by your state. You should also contact your mortgage company to see what programs they may have to help you out while you look for a new job.

I wish you the best.