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Mark Cappel
UpdatedJul 18, 2024

I would like some type of program that can help me reduce the overall amount of debt I have with the lowest monthly payment.

I have about $40,000.00 in credit card debt. I am employeed and making all my payments on time. However it is getting hard to continue to make these payments as the minimums keep getting higher. I would like some type of program that can help me reduce the overall amount of debt I have with the lowest monthly payment. I do not want to wreck my credit score. It's in the high 600's. Please let me know what would be the best course of action.

The situation you describe has become increasingly common as many credit card banks have increased their required minimum payments based on recommendations from the Office of the Comptroller of Currency, the Federal agency that regulates national banking associations. There are several possible solutions to your predicament, but which one is the best for you depends on several considerations, including your income, your balances, your interest rates, and your creditors.

If you have sufficient income to pay more than your monthly minimums, you may be able to pay off your accounts through planned repayment. First, you should carefully review your finances to cut expenses wherever possible, to free up as much cash as possible to apply to your debts. While you will continue to make the monthly payments on all of your accounts, you will pay all excess cash to your highest interest account to pay it off as quickly as possible. Then do the same with your next-highest interest card, until that account is paid off. Continue this process until you have succeeded in paying off all of your credit cards. Depending on how much above the minimums you can pay each month, this method may rid you of your debt in a matter of years, save you thousands in interest, and preserve your good credit history.

If you cannot afford to pay any more than your minimums, you may want to seek the assistance of a professional organization, such as a debt settlement or credit counseling firm. makes it easy for you to apply for qualified providers of debt help, by following this link:

Free Debt Consultation Quote

I'll walk through your debt help options, so that you can pick the best solution for you:

While a Consumer Credit Counseling Service (CCCS) cannot reduce the actual amount your debt, it may be able to reduce your interest rates, depending on your creditors, which can reduce your required monthly payments. CCCS will likely not harm your credit score, but it may still make obtaining credit difficult, as many creditors look at enrollment in a CCCS program the same as if you had filed for Chapter 13 bankruptcy. Also, most CCCS programs require at least five years to repay your creditors, so you must be willing and able to make a relatively long term commitment.

Debt settlement, a debt resolution option in which the provider actually negotiates settlements with your creditors, usually allows consumers to pay off their debts for around 50% of their balances. This would reduce your debt as your mentioned in your questions. However, debt settlement will almost certainly have a negative impact on your credit score, as you will need to stop making monthly payments to your creditors to allow the settlement firm to negotiate settlements of your behalf.

I encourage you to explore the Debt Help section of at to learn more about the options I have described above. I do not know of any debt relief option that meets all of the criteria described in your question, but hopefully one of the three options I have described about will improve your financial situation.

Again, if you want a free consultation and a savings quote, makes it easy for you to apply for qualified providers by following this link:

Debt Relief Savings Quote

I hope that this information will help you Find. Learn. Save.

Best of luck,


Get rid of your debt faster with debt relief

Get rid of your debt faster with debt relief

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Struggling with debt?

Debt is used to buy a home, pay for bills, buy a car, or pay for a college education. According to the NY Federal Reserve total household debt as of Q1 2024 was $17.69 trillion. Auto loan debt was $1.62 trillion and credit card was $1.12 trillion.

According to data gathered by from a sample of credit reports, about 26% of people in the US have some kind of debt in collections. The median debt in collections is $1,739. Student loans and auto loans are common types of debt. Of people holding student debt, approximately 8% had student loans in collections. The national Auto/Retail debt delinquency rate was 4%.

Each state has its rate of delinquency and share of debts in collections. For example, in District of Columbia credit card delinquency rate was 4%, and the median credit card debt was $329.

To maintain an excellent credit score it is vital to make timely payments. However, there are many circumstances that lead to late payments or debt in collections. The good news is that there are a lot of ways to deal with debt including debt consolidation and debt relief solutions.