Debt Settlement?
Date: Thu, 05/28/2009 - 10:44
We presently have alittle over $60K in CC debt and all cards are maxed.
The interest ranges are from 11% - 25%
This has been the first month we have been late on any of them, and it doesnt look like that will change. My husband just lost his PT job which was an additional income. With a 1st and 2nd mortgage, car payments, daycare, insurance, utilities, etc, it looks like we are going under since now we only have $600 a month to put toward CC payments now.
Im not sure I have a big enough pair of 'marbles' to keep getting on a CC company to settle myself. And if I do muster the courage to work them, how do I come up with the Settlement money to pay after an agreement is made? I dont have anyone to borrow from, and $600 a month isnt much to sock away at a time.
Thanks for your help.
I would look into settlement if you really can't afford to do th
I would look into settlement if you really can't afford to do the minimums. Settlement can be a great option to help you get out of your debt a lot faster then if you were just paying the minimums. Usually paying your minimums will result in you paying for the debt for 20 plus years.
Things to consider:
Settlement will affect your credit negatively. You need to research on the company that you go with. Two good companies I know are Superior and Ram Financial Services. They both have good ratings with the BBB. I would still do research and call few more companies besides these ones. I found them on yellow pages website. Yellow pages is a good tool that allows consumers to place reviews about companies.
Some companies will work with your situation and some will not that is why it is important to call more then one company and do your due diligence and research, research and research some more about the company you decide to go with.