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What should I do?

Date: Fri, 11/14/2008 - 20:18

Submitted by anonymous
on Fri, 11/14/2008 - 20:18

Posts: 202330 Credits: [Donate]

Total Replies: 2


HI everyone, what a great site this is! OK here's my story! My husband lost his job a while back and his unemployment ran out so he had to take a extreemly low paying job for the time being. He went to school while he was unemployed so we are actively looking for a good paying job, but this ecomony isn't exactly booming!

So we're only bringing in about $300 a week and have $20,000+ in credit card debt. Well since last month we haven't been able to make any credit card payments. So my phone is ringing off the hook and I'm really scared to answer but now they are starting to call my family and I've had it! We DON'T have the money to make any sort of large payments right now. I could swing $50 bucks or so but even that is pushing it right now! What should I do?

I have cards that are late with: 2-Discover, 1- Washington Mutual & 1- Bank of America.

Any adivce would be really helpful! We don't want to file bankruptcy! This is the first time we have EVER been late with a payment to a credit card. Our credit score went from 825 to 650 in two months time! The stress is overwhelming! Its amazing how credit wise you can fall apart in a month!

Thanks for your time
Niki


Niki... have you thought about contacting any debt settlement companies? I believe if you have $20k + in credit card debt, companies can work your behalf to talk to the collectors to get them to leave you alone and settle things with them so you dont have to.


I believe alot of companies that are bugging people about getting there money dont truly expect to ever see the money, they will start to use scare tactics and make things horrible for you to try to scare you into spending and giving them the money you dont have.

Truth is, they would love to see any money at all if thats possible. Because they KNOW that if you dont have the money...You dont have it, simple as that.


So if you contact a debt settelment company, i believe its for a small fee to them, that they can help you out... get the collectors to back on, and most likely settle your debt at 30,40,50,or even 60% less then what your debt is right now...


Thats just a thought...

everything i said is not a set in stone fact, but i thought i would throw it out for you as an idea before the option of filing bankruptcy..thats the LAST option you should have, if your worried about your credit now, bankruptcy is only going to make it 100 times worse...


So hang in there, try not to freak out ( easier said then done i realize) and weigh the options before letting the collectors scare you into giving up the money that you cant afford to lose right now!!


Good luck, and keep us posted on whats going on! =)

Smile *


lrhall41

Submitted by abbytroyer52107-d1 on Sat, 11/15/2008 - 18:05

( Posts: 10 | Credits: )