I am overwhelmed by my debt, especially my credit card debt. My two biggest credit card debts are both with Wells Fargo. I have one WF card with over $8,000 and another with over $5,000. My total credit debt is about$ 30,000. I've cut all my expenses and used up all my savings. I no longer can afford to make my minimum payments each month. Late payments have lead to creditors hiking rates on some of cards to about 30%. I feel like I will never catch up. Is there a Wells Fargo debt consolidation program that would help me get out of debt? Please help. Thank you.
Thank you for your question about your Wells Fargo credit card debt and the best solution for your debt problems. Let's review your options for your solving your debt problems in general, the specific Wells Fargo debt consolidation options available, and some important information on how Wells Fargo deals with accounts that go delinquent.
Wells Fargo is a full service bank. They offer basic banking services such as checking and savings accounts. Wells Fargo has a mortgage department, and the bank offers personal loans and unsecured lines of credit. It also offers a number of different credit cards.
Any time that you feel you are not able to pay one of your bills, contact your creditor in advance. This doesn't guarantee that your creditor will be flexible with you, but maintaining open communication is smart. Call the customer service department and ask if they offer a financial hardship program. That may give you some temporary relief.
Ask for an interest rate reduction or permission to make a smaller than normal minimum payment, so you can avoid a costly late fee or a major hike in your card's interest rate. If you are told no, ask to speak with a supervisor. This won't guarantee success, but there are times when the general customer service representative doesn't have the authority to put you in a hardship program and a supervisor does.
Wells Fargo offers unsecured personal loans and personal lines of credit. You need strong credit to qualify, and it takes excellent credit to qualify for the best rates available. To qualify, you also have to show that you have enough income to afford to repay the loan. Approvals are granted quickly to qualified borrowers who submit a full application and provide any requested documentation in a timely manner. It is possible to apply for a loan and receive the funds the next day.
Shop around for a personal loan by checking with a Bills.com debt consolidation loan partner. If you don't have good credit, rates can be high. Make sure you can afford the monthly payment.
If your credit is in good standing and you have balances on any debts you are carrying, a balance transfer is another possible debt consolidation solution. Make sure you understand the fees that come with the balance transfer and how long the low introductory rate lasts. As of October 18, 2018, Wells Fargo is offering at least one credit card to which you can transfer balances at 0% interest for 18 months. There is a fee of $5 or 3% of the amount you transfer, whichever is greater. After the 0% period ends, After that, your APR will be 17.49% to 26.99% APR,depending on your creditworthiness. Your APR will vary with the market based on the U.S. Prime Rate.
If you default on any of your Wells Fargo accounts, or with any of your other creditors, and you are unable to work out a solution with them, you will end up in collections. Not every creditor treats all their delinquent accounts. Even the same creditor may treat individual customers differently. However, there are some basic strategies and practices that Wells Fargo and other creditors use when collecting on delinquent accounts:
If Wells Fargo or your other creditors are not willing to work with you, your best debt relief solution may be to work with a professional debt relief organization, such as a credit counseling firm or a debt settlement firm. Before you choose the right way to solve your debt problem, it can be very important to understand how your specific creditors work with their customers. That way, you can plan the most effective strategy for getting out of debt.