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Posted: Sun Mar 18, 2007 7:49 am Subject: debt upto my ears>>>>need HELP!!!!!!!

I don't know what to do and this seem like a great place to start. I was in a auto accident in January (not my fault) that has left me unable to walk for a few months, because of surgeries and healing time. I am self employeed and have racked up A LOT of credit card debt. I need to know what is the best option for me to keep my head above water. I have been making the min. payments on time and stopped using them. The credit card companies have now started to raise the interest rates above 26% and I called them to lower the rates, but no luck. Last year my credit score was about 750, now it is 650. I totaled all the credit cards up and it is over $120,000. I am sueing the person that hit me, but that can take years to get that money. I NEED HELP BEFORE I GO UNDER!!!!!!

Thanks for any help!!!!!!!!!!

Posted: Sun Mar 18, 2007 9:58 am Subject:

Okay, first of all, are you okay physically? That is what matters the most.

Next, what credit cards do you have? And what are your balances?

You may want to consider debt consolidation. Since you have signed up for the board, someone will be calling you regarding your options. Gather all of your bills and total the amount that you owe to each creditor. You may want to consider consolidation through a debt consolidation company. However, it may cost you start the program so you may want to explore this website and in your area to see which ones would satisfy your needs.

You may want to use the methods found in the Do It Yourself link on this message board. It provides great information and sample letters that you can use to send to your creditors.

Posted: Sun Mar 18, 2007 11:16 am Subject:

A debt consolidation program could also help with lower interest rates and reduce payments and eliminate some fees. When you are contacted by the debt counselor definitely ask about what the different consolidation companies can do. Keep posting and asking questions.

Guest · Posted: Sun Mar 18, 2007 1:28 pm Subject:

Thanks for the info.

I will be okay in a about 6 months. I am going to get myself back on my feet again sooner or later. I just hope I don't go under in the mean time....

I was going to get a home equity loan, but I don't want to strap myself and lose my house in the process!!

My credit cards range from Discover, Visa's and Master Card's. 4 from Bank of America, 1 Capital One, 1 Discover, 1 Chase, 1 Citibank, 1 Providian and 1 from Best Buy. I can't wait to get this debt off my shoulders.

THANKS AGAIN FOR ALL THE INFO AND SUPPORT!!!!!!!!!!

Posted: Sun Mar 18, 2007 1:45 pm Subject:

the above post was from me, but I forgot to login first...

THANKS

Posted: Sun Mar 18, 2007 2:01 pm Subject:

You know I have a Capital One credit card and they told me that they were no hassle and so far they have not been. My interest rates have not been high at all and they are far better to deal with than Applied Card Bank or First Premier. But since I couldn't get a credit card before I got these, I am dealing with the hand that I have been dealt with.

Can I ask have you tried to apply for disability? Better yet, do you have insurance on your credit card that says that in case you are unable to work, you bill can be paid on or interest rates removed during that time? If I remember it correctly, there are so many credit cards that have that insurance on them. I could be wrong.

Posted: Sun Mar 18, 2007 3:29 pm Subject:

I am not going to be disbaled for life, just about 6 months. I am self employeed, but being out we are loosing a lot of work because some of my guys can't run the big equipment.

Unfortunately I do not have these disability insurances on my credit cards. I never had high balances and kept up with all my bills, but now is a different story.

I hope to figure something out soon....

Thanks again.

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debt upto my ears>>>>need HELP!!!!!!!

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