Internet's first get-out-of-debt community - 134,000 members

What should I do first?
$50,000 student loans
$90,000 credit card debt
$18,000 car loans
I slowly accrued debt over the past 8 years...early children..was still in college...graduated...debt slowly accred but was not a big deal then....low paying job first....did put wife through nursing school...graduted and just started working...but during the past 3 years...our debt doubled all of a sudden....always had high credit score....till recently...now terrible..approx 555...
I am considering using superior debt solutions to settle my credit card accounts....I do have most of my cards on promotional rates 0%,1.99%, 2.99%...but the regular rates will start being charged starting in January...A waiting time bomb......I have good earnings potential and have approx. 20k to either put toward C.C. Debt or say pay off my cars...then do they debt settlement...paying off the 2 cars will free up $560 monthly. I greatly appreciate any advice or suggestions.
Mike

Posted: Fri Aug 22, 2008 1:15 am Subject:

Well, first off---let me say that you are better off than some people who end up here. You and your spouse have jobs and a savings to assist you, many of those who end up on here are at the end of their rope or out of work or even worse. Even so, I know that isn't solving your problem.

Other members will post you some good advice and until they do, let me tell you something to do in the meantime. Do a search of this site of Superior debt solutions (search box at top). More than likely someone has heard of it and you can read opinions and postings about it. Good luck!

Posted: Fri Aug 22, 2008 6:02 am Subject:

I would either take the 20k and pay off the cars or sell the cars and buy cheaper ones with cash. You might be able to get a couple ok cars for around 5k each which would leave you with 10k saved instead of 2k. After that you have to decide if you want to wreck your credit assuming you can stay afloat paying minimums otherwise your credit will be wrecked anyway.

Posted: Fri Aug 22, 2008 6:05 am Subject:

so are you thinking of making monthly payments to the debt settlement company or using your savings?

Posted: Fri Aug 22, 2008 7:43 am Subject:

I would pay off the cars first. That should free up money each month so you can better afford a 36 month settlement program or less so that your risks of law suit are much lower.

Do not mistake Superior debt solutions with Superior debt relief .
Superior Debt Solutions also goes by the name Nationwide Support Services, Inc. They have and F rating with the BBB.

I would shop with some other settlement companies like New Beginnings debt settlement LLC , or Superior Debt Relief , Century Negotiations , Roll Law Office , and Oak View Law. These are a few companies that have excellent reputations with the BBB. When shopping with settlement companies always check them out with the BBB to see if they have a good track record.

Jedi · Posted: Fri Aug 22, 2008 10:47 am Subject:

Paying your cars off is an excellent idea. Joining a debt settlement program may not be. Your fees for joining a debt settlement program will be rather high, you are better off negotiating those accounts yourself, since you will have some freed up money after you pay your cars why not use that money to pay some of your creditors. Call your creditors and explain your situation and negotiate to lower your interest rates if this does not work try speaking to a consolidation company, try Garden State Consumer credit counseling, I´m sure whatever state you live in htey are registered to do business there.

Whatever you do debt settlement should be your last choice due to the fees you will be charged simply for them to do the same thing you can do if you have some extra time and energy to settle your own accounts.

Posted: Fri Aug 22, 2008 10:58 am Subject: reply

i agree with everyone,deal with the cars first.the student loans you have to pay back.i would try rehabing those.then you can work on the credit cards.no matter what avenue you choose it will take time.just reasearch and go with what you feel most comfortable with.keep us posted.

Posted: Fri Aug 22, 2008 12:40 pm Subject:

And you have probably thought of this, but I would not completely deplete the savings.

Posted: Fri Aug 22, 2008 6:14 pm Subject:

I'm with Superior Debt Services, almost done with my debt. Agreed with everyone pay off what you can with some savings, but dont' use it all. Then be sure to go with a debt settlement company that will meet your needs. For me, I chose to go with Superior Debt Services their credintials are in order and have enjoyed working with them. If you have the patience and time then you could do settlment yourself. When thinking of doing it myself, I thought it might be better to have someone else do it because they have more accounts with that creditor and could get a better price if negotiating all at one time. Anyway hope you find the solution you are looking for.

BLL · Posted: Sat Aug 23, 2008 6:57 am Subject:

Settle all your debt yourself and do not pay off the cars. Use that money to settle those accounts. You can always sell the cars - you cannot sell your debt. Cars are worthless to own. You can settle for 20-50% these days - most people like myself have to borrow that kind of money off friends and family. Good luck - stick to 20% as your goal!

Posted: Sat Aug 23, 2008 9:22 am Subject:

melbenn---I believe there is another posting by someone on the boards that was wanting information on Superior Debt Services. Maybe if yo see it you can offer your opinions. Congratulations that you are almost done. Anything worth having takes effort.

Posted: Sat Aug 23, 2008 1:54 pm Subject:

Lorri, thank you I think I found it and responded. I am so excited that in a few months I'll be done and onto credit repair. Just in time to refinance.

Posted: Sat Aug 23, 2008 9:04 pm Subject:

Your story and experiences would be a very valuable contribution to this website. I encourage to visit often and answer questions or ask questions (if needed). Again, congratulations again!

Lyttle

Bogus loan spam deleted per ToS. - Uncle Wulf

Posted: Mon Aug 25, 2008 8:34 am Subject:

BLL-

In my opinion not paying off the cars and paying the unsecured debt first is bad advice. The sale of a car is not affected by its payoff status like you state. You get the same amount of money regardless of the amount owed on the car but you are in a lot better postion if your secured assets are paid for. If you default on debt then you lose a lot more if they take your car as opposed to taking nothing with the unsecured items. I do agree that the cars could be sold or downsized though but I would make sure they were paid for no matter which avenue the OP takes.

Tom321 · Posted: Sat Sep 06, 2008 12:06 pm Subject:

Mel-ben is a plant like melben1. Superior Debt Services is a SCAM. Or that peron is being scammed and doesn't know it. I'm sure this person is a plant by the company.

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