50,000 credit debt advice

Date: Wed, 12/17/2008 - 15:29

Submitted by anonymous
on Wed, 12/17/2008 - 15:29

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Total Replies: 1

Hello I have taken on 50,000 in credit card debt (6 cards) within the past 3 years due to unexpected circumstances..I make the payments without really struggling but its starting to get really tight..Id love to get a loan (close all the credit accounts but one small one for emergencies) for the 50,000 and make one payment, but no one will give me the loan because of the debt..I can afford about 850 a month and dont have equity in my own own home..Ive tried having some wealthy friends loan it to me for about 7% interest a month or taking out an equity loan and paying it for them, but everyone seems tight now. Wondering if anyone has any advice on how to get this combined into one loan...I make about 80,000 a year along with my wifes salary of about 25,000...My credit score is about 680 and I have a very secure job. I created this debt and wanna pay it not really looking for debt settlement and hoping someone has advice.

Hey Frontman, First off I want to commend you for having the

Hey Frontman,

First off I want to commend you for having the mindset that you "...created this debt and wanna pay it...". This will be instrumental in helping you get out of debt.

That being said, if you are totally against settlement, you could try looking into the Debt-snowball method. It worked quite well for a personal friend of mine. It doesn't involve CCCS so nothing goes on your credit report, but also be careful in planning for it because in some cases it will still take you 15+ years to pay off.

Finally, my advice for anyone in debt:
Go watch the PBS Investigative report "The Secret History of the Credit Card" or rent the documentary "Maxed Out". Either one of these films will give you all the determination you need to fight your way out of debt.

Best of luck to you!

lrhall41

Submitted by tmftwiz on Wed, 12/17/2008 - 16:25

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