Need advice on what to do about $40k of credit card debt!

Date: Sun, 04/27/2008 - 09:41

Submitted by anonymous
on Sun, 04/27/2008 - 09:41

Posts: 202330 Credits: [Donate]

Total Replies: 5

I have $40k in credit cards and need advice on what to do. apr on the cards is an average of 10% so it's not that bad. When I signed up for this service it says you are charged 15% of your debt for their service. I believe the Consumer Credit Counsling Service is free so why should I use this service? Is a settlement program a better option where an attorney will work to reduce my debt? I am very concerned about ruining my credit because although I have high debt I have good credit and always pay on time. I'm concerned because I want to buy a new house and new car in the next couple of years. Any advice would be appreciated. Thanks!

Hello Dustin and welcome to the forum. :) I can only share my ow

Hello Dustin and welcome to the forum. :) I can only share my own experience with you and give you my personal opinion, but that doesn't make it right for you. Only you can make that decision after weighing all the options.

I have only had experience with a Consumer Credit Councilling Service. It was a non profit organization and I can't praise them enough. They actually dealt with my creditors and brought the interest rate down, and even stopped it in some instances. This was a few years ago though. It didn't hurt my credit very much because a few years later I was able to obtain credit easily. It was truly a relief to have help at that time. That's my experience, for what it's worth.

lrhall41

Submitted by Shazzers on Sun, 04/27/2008 - 11:23

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Thanks for the info. I'd like to reduce my debt if possible, an

Thanks for the info. I'd like to reduce my debt if possible, and it is my understanding that Consumer Credi only works on lowering the apr. Is it impossible to get a mortgage loan when in this program. Can anyone else offer advice on whether I should do the settlement program or Consumer credit? Thanks.

lrhall41

Submitted by on Sun, 04/27/2008 - 12:49

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Thanks for the info. I'd like to reduce my debt if possible, and

Thanks for the info. I'd like to reduce my debt if possible, and it is my understanding that Consumer Credi only works on lowering the apr. Is it impossible to get a mortgage loan when in this program. Can anyone else offer advice on whether I should do the settlement program or Consumer credit? Thanks.

Well, that's the whole purpose of CCCS, to reduce and pay off your debts, so I'm not sure what you mean when you say they only work on lowering the APR??? After they worked out a budget for me, I paid them ( CCCS ) a certain amount each month and they divided it among my creditors. It took a couple of years, but eventually everything was paid off.

lrhall41

Submitted by Shazzers on Sun, 04/27/2008 - 19:28

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What to do about 40k

Spam removed, by Shazzers

lrhall41

Submitted by on Sun, 04/27/2008 - 19:45

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I had about 140k in CC debt by Jan. 2008. I have 68K settled by

I had about 140k in CC debt by Jan. 2008. I have 68K settled by end March I paid about 50 % of debt including debt settlement company fees. It is nerve racking to deal with collection calls and threats. I am sure you do not have to deal with calls if you take consummer credit programs. If you can afford 15 to 20K and time and patients, debtsettlement is not a bad option IMO.

lrhall41

Submitted by scottinred on Thu, 05/01/2008 - 13:19

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