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How to come out of cc limit mess?  

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I have serious credit and debt problems! I currently owe in the ballpark of 40,000 dollars, more than half which is unsecured debt. I became accustomed to my bachelor lifestyle and refused to change my spending habits and now am heading towards a dead end. I have been researching counceling services and they all have the same outcome... bad credit. If I said I was willing to do anything to get out of this poor fiscal cycle; what would it take? Where should I start? My current living situation requires me to pick up small living expenses on my credit cards and worse off they just keep raising the limits of the cards? What a mess.
 

asked Mar 20, 2005 12:18 PM

Anonymous
Best Answer
3
best answer

Hi gnosis1,

Welcome to the forums, $40k is a big amount and without a reduction, it is almost impossible to repay as the interest and extra charges will eat up all the monthly payments.

The golden rule is, “pay your secured loans first”, else you will lose your attached security item.

Unsecured loans can be negotiated and reduced to 40%, also the interest rate and the late fees can be eliminated. Check our "do it yourself" section, it will surely give you an overview ( http://www.debtconsolidationcare.com/diy/ ).

Simon

answered Mar 20, 2005 04:27 PM

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