Need advice on what to do

Hi all,

I live in Colorado, and I currently owe about $34,000 on credit cards: 26 to CitiBank, 4 to Chase, and 4 to Capital One.

I am married, but wanting to get a divorce soon and move out on my own. I do not want to ruin my husband financially. This debt is all in my name. Currently, I have no real income. I am a grad student, so I have been paying my bills with excess student loan disbursements and a small amount of money I was making working for my school, which has stopped now. I am planning to find work a few days a week once my schedule frees up, and will be making a small amount each month once next semester starts.

So, that is my story - I have absolutely no idea where to start. I don't know if I should try some sort of settlement program? And if so, I have no idea about how to find a reputable one. I would be grateful for any input.

Thanks
Ashley

You can sign up with this site to get a free debt counselling. IMO your case needs a professional care.

You may also consider filing bankruptcy if you find debts too overwhelming.

Did you compile all "your" debt while you were married? If so, your soon-to-be-ex-husband may be liable for 50% of it, even if it was "yours". Ouch!

The first thing you should do is find a way to earn income on your own.. That is the true problem here.

Regarding your debt, you are in luck , because the country is in a depression, and banks are willing to negotiate, and collection agencies are not making the money they used to off harrassing and bullying people.

You can start earning money on your own, and negotiate your credit cards with the banks before they get sent to collections.

If they do get sent to collections, then, just make sure that the collection agencies do not do anything illegal, (if so, sue them) and chances are, if you do ever go to court, if you know and exercise your rights, your case will get dismissed.

Ok, thank you all for the input. From what everyone has said, and everything I have read, I am interested int he debt settlement option... but I have no idea where to begin?

I'm not sure what sort of company I can go to for help - from what i have seen here and elsewhere, a lot of them look to be very shady, and I'm afraid to even sign up for more information with any of them. I don't like high pressure people calling me on the phone.

One question - if you do go the settlement route, how long does it usually take for the whole process to be resolved... either going with a company or doing it yourself? Do people see a better % reduction in their debt if they go with a company?