Debt settlement advice?

Hi debthelp0000,

With that much debt bankruptcy may be your only option.

Since your cards are an average of around 16k each, the chances are pretty high that you will be sued and going the settlement way will take a long time (and again, at least a few court appearances) and be worse for you in the long run.

Settlement is really only good for those who don't really have that much debt, or those whom life has hit hard and they are in such difficult economic times that they would easily win any lawsuit against them (often called "judgment proof"). And that's something settlement companies won't usually tell you; they want their fees too!

I would send them each a letter, detailing your present hardship, and requesting a payment plan that can help you avoid bankruptcy (even if you are against bankruptcy, I would put it in the letter anyway). This is usually called Debt Negotiation. See here for more info on how to do that yourself.

Good luck and keep us posted!

chrys

Well it depends on what is the income you are generating every month as well. Apart from running out of money, you should see what is the additional money coming in. Then I would suggest you to try revolving the debt on different credit cards and start paying minimum fees, thereby you will not be paying interest charges, and along the way you debt will come down.

Try my website link, that should help you too.

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