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Ughhh
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Subject: Over $50,000 in Debt
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Sun Apr 19, 2009 2:11 am
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With no income coming in for about a year now. The little I do get, barely pays for food.
However, I have always managed to pay the mins on my cars. But I am paying $100 here and there and that's about what the interest is. It will never go away. Even if I get a job, I will be paying this off for the rest of my life.
I wanted to do some kind of loan or something to consolidate so I can pay off ONE balance a month but nobody is going to give me over $50,000 in loans. ALL my credit cards have balances. Nobody is going to give me an increase. Balance Tranfers aren't an option as all my cards are maxed out.
Yeah, it was either become homeless or max out the credit cards. I chose to max out the cards and now I don't know what to do. Everyone says file bankrupcy but I hate seeing my credit go down the drain completley. |
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GarySnober
Joined: 08 Apr 2009
GarySnober's page
Posts: 67
6 Magic Points
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Sun Apr 19, 2009 4:48 pm
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| Hi im really sorry about ur situation. You look at it this way... If you dont think you can afford it in the long run, Credit debt is never worth stressing and risking your health. It is just a credit score and can be rebuilt in a few years. If your tired of this debt and cannot find any help then BK is not the worse choice. 2-3 years you can rebuild your credit. |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1308
28489 Magic Points
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Mon Apr 20, 2009 5:21 am
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You can get a debt consolidation loan only if you have a good credit score. Can you please tell me your credit score and the amount of debt you have with your creditors?
However, I think that if you are not willing to file bankruptcy, you can call up your creditors and settle your debt for less. Mostly the creditors agree to settle for 40 to 50% of the outstanding debt amount.
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cbass1017
Joined: 01 Feb 2008
cbass1017's page
Posts: 141
Location: PA
1441 Magic Points
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Tue Apr 21, 2009 1:41 am
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I would always recommend atleast trying to negotiate settlements with your creditors before just jumping the gun and filing bankruptcy. As Carol said, if you can get some of your balances down to 40-50% of the amount you owe and maybe even lower interest rates as well, you may be able to start paying it down.
I've had to file a Chapter 7 bankruptcy before. Yeah it was rough but not the end of the world. And here I am 5 years later with much better credit and a very important lesson well learned.
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Scott McKay
FreeOnlineCreditGuide.com |
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Shane
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Subject: Credit card
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Fri May 01, 2009 4:01 am
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| looking for someone who has done a debt relief program or has good advise. |
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Mary
Joined: 06 Jul 2006
Mary's page
Posts: 730
17413 Magic Points
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Fri May 01, 2009 8:00 am
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Hi Shane
If your debt is high and you want to get rid of it, the best way is to go for debt settlement program. For this you can either register with a good debt settlement company or contact with the creditors yourself and come to a settlement agreement. Under debt settlement, the creditors usually settle the debt for 40 to 50% of the outstanding amount. However, your credit score may not improve after you settle off the debt. But if you settle the debt, you can save yourself from getting sued by the creditor.
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Where there's a will, there's a way !! |
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GarySnober
Joined: 08 Apr 2009
GarySnober's page
Posts: 67
6 Magic Points
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Mon May 04, 2009 4:54 pm
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| Yes mary thats correct paying off the debt in a debt settlement doesnt guarntee that your score will really increase and improve. But by doing the right thing youll save yourself all the interest that would have been on top of all that debt over time and they cannot take you to court and sue you. |
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Firang
Joined: 28 Apr 2009
Firang's page
Posts: 59
0 Magic Points
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Sat May 16, 2009 2:45 pm
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But in my opinion to 'just agree with the creditor' is not the solution towards increasing the credit score.Person need to find out the alternative sources to fund the debt.
Just refinancing won't work if the person is not habituated to save the money and is regular on the payment of the debt. |
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you are not alone
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Subject: over $50,000 in debt
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Sat Aug 15, 2009 6:26 pm
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| read susie orman books she is good |
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