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Over $50,000 in Debt

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Ughhh
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Subject: Over $50,000 in Debt
 
Posted on Sun Apr 19, 2009 2:11 am  

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.
GarySnober



Joined: 08 Apr 2009
GarySnober's page
Posts: 66



9 Magic Points

 
Posted on Sun Apr 19, 2009 4:48 pm  

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.
carol

carol

Joined: 27 Jun 2006
carol's page
Posts: 1299
Location: Los Angeles, California


30054 Magic Points

 
Posted on Mon Apr 20, 2009 5:21 am  

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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Carol
cbass1017



Joined: 01 Feb 2008
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Posts: 143
Location: PA


1547 Magic Points

 
Posted on Tue Apr 21, 2009 1:41 am  

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
Shane
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Subject: Credit card
 
Posted on Fri May 01, 2009 4:01 am  

looking for someone who has done a debt relief program or has good advise.
Mary

Mary

Joined: 06 Jul 2006
Mary's page
Posts: 684



17424 Magic Points

 
Posted on Fri May 01, 2009 8:00 am  

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 !!
GarySnober



Joined: 08 Apr 2009
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Posts: 66



9 Magic Points

 
Posted on Mon May 04, 2009 4:54 pm  

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.
Firang



Joined: 28 Apr 2009
Firang's page
Posts: 55



-37 Magic Points

 
Posted on Sat May 16, 2009 2:45 pm  

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.
you are not alone
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Subject: over $50,000 in debt
 
Posted on Sat Aug 15, 2009 6:26 pm  

read susie orman books she is good
Paulina
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Subject: icIoeEEKRJS
 
Posted on Thu Dec 06, 2012 12:12 pm  

You have heard it before. Pay mnumiim on all your cards. Take the smallest amount you ouh on one and double or triple the payment. When it is payed off cancel that credit card. Then take on the next in line. Put the money you were paying on the one you just paid off and apply it plus the payment you were making on that card. The hard part is the first card, after that it begins to gain speed. The main thing is not to use the cards any more, leave them at home. If you do not have them you can not use them. And to cancel them as soon as you make that last payment.
Dheeraj
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Subject: WslOLkqPAUbjwRIzyTt
 
Posted on Sun Sep 01, 2013 3:37 am  

Good to know that you have received banptukrcy discharge and your wife has a terrific credit score. Bad things are over. Now your sole focus should be on restoring your damaged credit.Yes, you are eligible to become an authorized user of the credit card. Your wife can contact the credit card company and ask them to make you the authorized user of the card. They will issue a card on your name after receiving the written request from your wife. The card will be tied to your spouse's credit account. However, it will be better if you discuss about the handling of the credit card with your spouse beforehand.Once you become an authorized user of the credit card, the account history will show up on your credit report. I guess your wife is a responsible card holder. Otherwise, your wife would not have such a fantastic credit score. You can ask your wife about how to use the credit card in an efficient way. Make sure you never exhaust the credit limit and try to keep the credit-utilization-ratio within 30%.The positive details on your credit report from your spouse's account will help you improve your credit score slowly but surely. But you should never think that this single step will repair your credit. You'll be required to add other positive information on your credit report as well.Another way to repair credit will be to apply for a savings loan with a bank. The interest rates on these loans are quite low. So, I think you'll be able to afford the loan. Make sure you make the required monthly payments on time. Check your credit report to find out whether or not the account status is updated correctly. If you find that the account status has not been reported correctly, then you should contact the bank authority and ask them to rectify the mistake.A smart credit repair tip will be to take out a secured credit card. These cards also come with moderate interest rates. Regular and timely payments on these cards can help you add positive information on your credit report, which is your main goal at present.Finally, your credit score must have reduced by 200-250 points after filing banptukrcy. You have to really work hard to reach your previous credit score (before filing banptukrcy) again. Proper and efficient handling of the 3 accounts will assist you to rebuild credit. Pay all your bills on time for a certain period of time. You'll find a definite increase on your credit score within the next 2 years.About the AuthorJustin Scott is associated with the Creditmagic Community and making regular contributions as a member of the community. Not only that, he has also written articles for different financial websites.
Christine Compton
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Posted on Wed Dec 05, 2018 11:23 am  

I didn’t believe my report would get in good shape. I initially had a low score of 425, with 17 negative items on my report. Over 2 frustrating years of my unyielding search of a legit credit agent to help me fix my report, was really a waste of time, money and effort. 5 times, I got scammed by these so-called hack agents. My report even got in more bad shape as my score reduced to 398. At this point, I gave up on my report. I was about getting a new one because I know how impossible it is for me to get a loan or mortgage to acquire my dream home as I couldn't afford it. One day, I got a message from a former workmate who has relocated a year back, asking me to mail; HACKWEST@WRITEME.COM and get my credit issues fixed. Due to my previous encounters, I felt reluctant at first, but later gave it a try due to the fact that a friend recommended it to me. Surprisingly, in just 10days, my report became better in good shape as my score increased to 751 and all my negative items removed. I'm actually typing from my dream home as I live comfortable right now. If you've been in similar dilemma with your report, you could contact Hack West through the above email or text (424) 307 2638 and get your problems solved.

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