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jayben
Joined: 14 Oct 2009
jayben's page
Posts: 9
307 Magic Points
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Subject: When Should You Consolidate Credit Card Debt?
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Mon Nov 02, 2009 8:53 pm
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hi, hope someone can help me.
i have been bothered by credit card collectors day and night and they keep insisting that i pay my bills. i tell them that i cannot afford my payments. my amount totals $10000 and i cannot pay it all off in full at one time. i have not been paying for my bills for almost six months now, my hours from work were cut and im only making enough to get by day by day.
since my debt has been this far behind on payment, do you think i should consolidate my debts now? what are the benefits of debt relief programs? when should you consolidate credit card debt anyway? do you always have to do it as soon as your behind, or can you do it even when you're current? |
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debranewell2008
Joined: 10 Oct 2009
debranewell2008's page
Posts: 605
89 Magic Points
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Mon Nov 02, 2009 9:07 pm
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| I would say know would probably be a good time since you are that far behind. You should take care of it in case they go and get a judgment against you or something. There is a company on here named Freedom you might want to check with them. You can find them the easiest by going to posts since last visits and scroll down until you see a post made by them. They are new so I know nothing about them. But they seem to be willing to help people in your situation. |
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marcusandila
Joined: 27 Oct 2009
marcusandila's page
Posts: 148
3025 Magic Points
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Tue Nov 03, 2009 7:00 pm
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Hi Jayben,
I agree with debra. Now would be a good time because once they file a judgement against you, I'm pretty sure you have no other alternative because it then becomes secured debt. Don't hold me to that though, do your research. One thing though is some "credit consolidation" seems to be based upon credit approval. In which case, you aren't going to get the loan. Freedom seems like a good option, like Debra said. I'm looking into them, but always check out a company BEFORE you do anything with them. Honestly, if you just google the "company name scam" a bunch of stuff will come up if they have screwed people over. just look into any company for your own safety & well being. |
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FreedomDM
Joined: 28 Oct 2009
FreedomDM's page
Posts: 71
Location: Florida
1569 Magic Points
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Subject: Some tips J
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Fri Nov 06, 2009 12:34 am
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Hi jayben,
It sounds like your accounts have been charged off as they are attempting to collect the debt in full and you haven’t paid in about 6 months. Do you know if this is the case? $10k in debt can take quite some time to pay off, especially if the accounts are being sold left and right and incurring fees. You can obtain a free credit report from annualcreditreport.com and they do not ask for a credit card to verify or set you up on a ‘trial’ thingy where you get charged a month later. If you haven’t run your credit this year this would be a great first step in establishing where youre at and where the accounts are. Then, you can figure out where you need to go and how to get there.
I understand too, from your post, that your hours have been cut. We also have a few websites you can check out for legit work from home jobs- recently featured and validated on Dateline. I believe CNN and MSNBC also did an investigation to ensure they weren’t crooks. These sites may be able to give some extra income and only require a decent internet connection and a land line. I happy to provide these links for further review.
If you’d like, we provide a free budget counseling session as well to assess your current situation and make saving suggestions to better manage your monthly disposable income, free up some cash, etc. Youd be surprised what we can come up with!
Feel free to give me a call or shoot me an email. I also welcome and encourage the continued posts here so we can help educate others who may be in the same situation as you because trust me, you are not alone. 80% of America is suffering from credit card debt.
Good luck and let me know if I can be of further assistance.
_________________
Michael J Brazier
Non-Profit Budget Counseling |
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goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 4007
1224 Magic Points
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Fri Nov 06, 2009 2:47 am
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| I don't have any credit cards now, but I used to have four of them, the companies don't help at all. They will rap you with a fee in a heartbeat, sometimes these fees will send you right in to where you are today, big credit problem. |
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marcusandila
Joined: 27 Oct 2009
marcusandila's page
Posts: 148
3025 Magic Points
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Thu Nov 19, 2009 12:16 am
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goodnatured, freedom offers a monthly fee of $10 for the fee. plus the state required credit consolidation enrollment fees [which vary, i think]. not all companies are "out to get" the consumer. some really are out there to try and help. i think freedom is one of those companies, but i don't have any experience with working with them either to know for sure.
im curious, are you debt-free? from your postings it seems like you are. if so, congratulations! that sure would be nice to be debt-free.  ive made the "commitment" to myself that the only debt i will have in the future will be mortgages. that's it. im off to a good start so far... |
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