Perfect credit but lots of debt
Date: Thu, 12/06/2007 - 12:47
We entered a debt management plan almost two years ago and have been able to barely get by every month until now. Also we have done things to reduce our monthly costs, ie eliminated some things like cable and such.
Well my car died and it will cost $3500 to repair, $3500 we do not have. And also her student loans have started to come due over the last two months.
We can not keep up any longer and will soon fall behind. This months I will not be able to make the entire debt payment of $980, I will send about $500 because I figure anything is better than nothing, right? But I'm sure it will end up costing me my first negative marks on my credit.
Anyone have any suggestions? Should we try and file bankruptcy?
debt management is not the program for you if you are not capabl
debt management is not the program for you if you are not capable of putting away some money for reserves every month in the event of an emergency. If you are struggling to make your monthly minimums then debt management is not for you which in my opinion is the case for the majority of people enrolled with these programs.
in 90% of most cases, a debt management program will have a higher monthly payment then your regular monthly minimums. This is why most people fail and one of the illusions that CCCS will get you out of debt faster then on your own.
debt settlement will lower your monthly payment and get you out of debt much faster then any other cccs program will.
paying something is not better than nothing believe it or not. The bottom line is that if you do not pay your monthly minimum, then you are iin default. Its a waste of money sending something rather than nothing. Of course it is in good faith but only we see good faith not the creditors.