Settle Credit Card accounts with Promotional Interest rates
Date: Wed, 10/01/2008 - 14:39
84k debt...can only afford min payments...with little to no interest paid currently...All the cards will start to blow up with high rate and probably double my min payments........
What should I do with all these accounts? I have approx 20k cash to either pay off my cars---owe $16500 or put these funds into a trust account with a debt settlement company
Advise and Info wanted from good people...not plants from other companies.....This is our lives here..........I really like this site, but hope its not being taken over by scammers.. THanks for your imput!
Mike
84k unsecured c.c. debt....n ot including 60k student loans.....
84k unsecured c.c. debt....n ot including 60k student loans.....16500 in car loans
also worried about my future income...in financial services industry....I'm leaning toward chapter 13, but I dont want to hurt the only thing I have...I own my own investment and insurance company....cant lose or hurt that...this is what will eventually generate the cash I need to get out of this mess.
A debt settlement company figures to settle at 40%, and you have
A debt settlement company figures to settle at 40%, and you have over half of that already. BUT, they have fees you have to pay, which figure into your monthly payments. Some accounts may settle for less than 40%, some stubborn ones, maybe higher. Or there is the remote danger of lawsuits from creditors or collectors that don't want to wait. I am in a settlement program, and it is going well for me, but everyone has a different situation. I didn't have any cash up front, just started making the payments monthly (as high as they were, they were about 1/3 of what the credit card payments were). I believe that bankruptcy is a last resort, and you should try to settle first. That said, you should consider settling the accounts on your own before you go with a company. I felt I HAD to go with a company just because of my personal situation at the time, but many people have success doing it on their own if they have the time and gumption. Suze Orman would probably tell you to get some cheaper cars, lol. That amount would be a great start to a settlement, but you'd still have to come up with the money for your car payments every month on top of the settlement payment. I guess you'd have to get quotes from each of your considered companies, and sit down and figure out on paper which way would not only be less expensive each month, but also how quick you would get out of debt. With that kind of jump-start for settling, it wouldn't take you the full 36 months they usually call for. But I would still suggest to anyone, to see if you can settle on your own before you go with a company.
