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Archie
Joined: 09 Nov 2009
Archie's page
Posts: 63
9 Magic Points
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Subject: Hurricane of bill
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Fri Nov 13, 2009 2:15 pm
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| I have a hurricane of bills and don't know what to do. I saw my income decrease substantially and now I've fallen substantially behind in my bills, which has turned in to a hurricane of these bills. I just can't pay them. I want to pay all those bills off. Try as I might I never seem to have enough money I need help. |
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Ruthie
Joined: 15 Oct 2009
Ruthie's page
Posts: 63
1401 Magic Points
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Subject: Hurricane of Bills
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Fri Nov 13, 2009 7:20 pm
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| Work on a budget. Pay necessities fist. Then see what you can afford to pay to your bills reasonably. Then call or write your creditors and see if you can work out a repayment plan. Most have hardship problems and are willing to help. Once they go into collections, its a whole different ballgame. Do it quickly too. Ruthie |
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debranewell2008
Joined: 10 Oct 2009
debranewell2008's page
Posts: 594
99 Magic Points
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Fri Nov 13, 2009 10:14 pm
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Hi Archie,
You may also consider a debt consolidation. That way you wouldn't have but one bill to pay instead of a hurricane of them. That's cute. |
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Margaret
Joined: 13 Nov 2009
Margaret's page
Posts: 78
-146 Magic Points
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Sun Nov 15, 2009 1:17 pm
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The quick answer is that there are options. Which one you choose will depend on what your priorities are, so we will try to cover your options and let you decide the best course of action for your situation.
Now to your options for figuring out how to pay off this hurricane of bills that is crushing you:
The four primary concerns for most consumers are: i) monthly payment, ii) time to debt freedom, iii) total cost, and iv) the credit rating impact of the consolidation program. Be sure to evaluate each program, relative to your prioritization of these factors.
Since there are a variety of debt consolidation options, including credit counseling, debt negotiation/debt settlement, a debt consolidation loan, bankruptcy, and other debt resolution options, it is important to fully understand each option and then pick the solution that is right for you |
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Margaret
Joined: 13 Nov 2009
Margaret's page
Posts: 78
-146 Magic Points
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Sun Nov 15, 2009 1:18 pm
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| Although there are many forms of online debt consolidation, many people with good to perfect credit who own homes should look into debt consolidation loans, while consumers with high credit card debt and poor credit may want to explore debt settlement or debt negotiation. However, each consumer is different, so find the online debt consolidation option that fits for you. |
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Margaret
Joined: 13 Nov 2009
Margaret's page
Posts: 78
-146 Magic Points
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Sun Nov 15, 2009 1:20 pm
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Tips for your own quick Debt Consolidation Evaluator:
1. If you have perfect credit and have equity in your home -- consider a Mortgage Refinance.
2. If you can afford a healthy monthly payment (about 3 percent of your total debt each month) and you want to protect yourself from collection and from going delinquent -- consider Credit Counseling.
3. If you want the lowest monthly payment and want to get debt free for a low cost and short amount of time, AND you are willing to deal with adverse credit impacts and collections -- then evaluate Debt Settlement.
4. If you cannot afford anything in a monthly payment (less than 1.5 percent of your total debt each month) -- consider Bankruptcy to see if Chapter 7 might be right for you. |
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