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 Posted: Tue Feb 26, 2008 1:32 pm Subject: Newbie: Help! Consolidation or settlement? |
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We have $200,000 in credit card debt. My husband makes a good salary ($300K) but we are barely getting by, no savings for college due to only paying minimums & interest. Right now our credit is GOOD b/c we pay on time every month.
Should we consolidate or settle????????????????
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suzan
Guest
Debtcc Points: 100
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| Posted: Tue Feb 26, 2008 5:59 pm Subject: |
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settle for 30 cents on a dollar
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gnucci
Joined: 26 Feb 2008
Posts: 2
Debtcc Points: 49
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| Posted: Wed Feb 27, 2008 12:05 am Subject: |
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hi suzan! it is good that you are trying to get out of your debt. if you have too many credit cards then i guess consolidation will be best for you. but if you want to save some money for the time being and want to pay up later, then you may go for settlement. in both cases, the amount that you currently owe will reduce considerably. with careful planning you will get out of this debt very quickly. at least you still have a steady income unlike most others. choose the option which is best suited to you according to your present circumstances. good luck!
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laurel188
Joined: 16 Jan 2008
Posts: 110
Debtcc Points: 2507
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