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DRowning in credit card deby, best option? |
I have over 55,000 in credit card debt, have never paid late yet, but it's coming to that point. My bills are more than my wife and I are bringing home. Have taken low interest cash advances to fill the gap but that just raises the balance of cards. Talked to a company about this debt settlement, but it doen't sound like I'm getting the whole story. Anyone have any ideas. If you go into debt settlement can the credit card company sue you for the balance? try getting the interest rates lowered, this can make a huge difference and no more cash adavances. Avoid bankruptcy if you can, it stays with you a long time. Source(s): http://progressive-debt-consolidation.co... Get a hell of a job and just start paying and paying and destroy the remain cards if any. If you have no assets, try bankruptcy. It sounds a bit extreme but after after a relatively short period of time your debts will be wiped out. You can then rebuild your life,but do not borrow money again/use credit cards-unless it is the last resort. Take a personal loan and pay off your credt card bills as interest on those loans is much lower. Once paid burn off your credit cards so that you are not tempted to fall in the trap again and cut off any new cards u get. Then plan and budget http://managingmoneyforpaupers.blogspot.... WOW, 55k! you certainly out did yourself, and me! how the heck did you get upto 55k anyhow? you have disorder, called the chronic swiping disorder. it may be repairable, but will cost you 55k. its painful, i know. i have made debt before, but nothing i couldnt handle. you should only have cards upto what you can maximallly handle. OUCH! Consolidate your credit cards, and if you own a home, take some equity and pay it off or something. you dont want to pay APRs of 1.9-19.9% on 55k. thats a gripload of extra money they make from you, and thats why they dont want to settle on less until you can pay them back. |
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