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 Posted: Thu Jan 24, 2008 3:58 pm |
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Looking for help in decisions of what's best for me as far as my debt. I have 6 credit cards with approx. $15K debt. I feel my budget is tight. I’ve been unable to set aside money to save for car, medical or any emergency. I have no health insurance so I’m nervous about if I have to go to doctor. Work is taking one day of work per week from us so I feel I'll be unable to be current much longer. No collateral to use to consolidate bills. Card rates average 21%. Don't believe I'll get lower rates even if I tried another card which I don’t want to do. I’ve heard you aren’t able to do a settlement if you transfer within 6 months before you start. Tired of living paycheck to paycheck. What’s better Consumer credit counseling Services, or Debt Settlement? Are there other options? Thoughts?
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texanincolorado
Joined: 24 Jan 2008
Posts: 1
Debtcc Points: 55
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| Posted: Thu Jan 24, 2008 4:20 pm |
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Hi there and welcome!
With Debt Settlement, you pay and pay a company until you have enough $ built up to begin to settle. In the meantime, you would need to pay on your cards to keep them from getting delinquent and pursuing legal action. I say this because just yesterday, we had someone here who entered into a debt settlement program and one of her delinquent creditors was going to sue her, but she didnt have enough in her settlement account to settle to stop the legal action.
Personally, I would do debt consolidation aka CCC or another similar program.
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volleyballmom
Debt Samaritan
Joined: 27 Aug 2007
Posts: 4178
Debtcc Points: 24889
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| Posted: Thu Jan 24, 2008 4:21 pm |
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and as a registered member, you can call for a free consultation with Debt CC at 800-601-1579
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volleyballmom
Debt Samaritan
Joined: 27 Aug 2007
Posts: 4178
Debtcc Points: 24889
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| Posted: Thu Jan 24, 2008 5:06 pm |
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If your able you should get a second job. If you have over a 1000.00 saved for emergency, put it toward the debt. pay the minimums and put any extra toward the smallest dept. Pay it off then move to the next one. This debt snowball is designed for those who are fed up with debt and are willing to bust it to get debt free quickly. It motivates by giving you quick victories along the way. Do you have any car payments?
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Debtcc Points: 100
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