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 Posted: Fri Nov 02, 2007 4:17 pm Subject: Debt Consolidation or Debt Settlement - What would you do? |
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I am new around here, but have a lot of the same problems as others I've seen on here so far. Here's our situation....suggestions would be greatly appreciated.
credit card debt $45,000
Minimum Monthly Payment: $900
I have tried pulling equity out of the house but we are maxed out.
I am a stay at home mom, so we are a one income family. I do have a side business that brings in some money, but not enough.
We have consulted several consolidation places and most of them our payment goes up by about $100 - I can barely make the $900 much less a $1000. We are current and never had a late payment. I have tried calling the companies to lower the interest rates, but haven't been successful with any of the calls.
Suggestions....advice....comments....PLEASE!!!
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saleenasmommy
Joined: 02 Nov 2007
Posts: 1
Debtcc Points: 55
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| Posted: Fri Nov 02, 2007 6:21 pm Subject: |
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Hi, welcome to the forums  honestly, you've done a lot on your own. the only suggestion that I have for you is to use the free consultation option that this site offers. that way you can talk to a debt professional about your potential options. the good thing is you're current, we hope you can stay in that status and please keep in touch
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debtstinker
Joined: 08 Oct 2007
Posts: 288
Debtcc Points: 2786
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| Posted: Fri Nov 02, 2007 10:02 pm Subject: |
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I agree-contact a professional here to help you. Its free & doesn't hurt! You'll get to see your options and then you can go from there. Sometimes we hit a wall & we need someone else to help us around it-that's what the professionals do!
Best of luck & let us know how you are doing. If you need anything or have questions please ask us! We are here to help one another!
_________________
Mommy to Matthew Patrick...born 3/6/08!
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lawn1016
Joined: 26 Jul 2007
Posts: 681
Debtcc Points: 5946
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| Posted: Mon Nov 05, 2007 11:24 am Subject: Suggestion |
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Hello, definitely look into a debt settlement option, which concentrates on lowering the total amount owed versus just lowering the interest. Your monthly payment may even be lower than the $900 and could end up saving you thousands of dollars. The program shouldn't last longer than 3 years but be sure to review several companies before making any hiring decisions. Check out the BBB rating and other industry related organizations like the IAPDA (International Association of Professional Debt Arbitrators). Hope this helps.
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debtqueen
Joined: 12 Oct 2007
Posts: 12
Debtcc Points: 352
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