Credit card debt/ reduced income

Date: Mon, 05/10/2010 - 17:11

Submitted by anonymous
on Mon, 05/10/2010 - 17:11

Posts: 202330 Credits: [Donate]

Total Replies: 3

I currently have 22000.00 in credit card debt. I was laid off for a year from a job paying $66000.00 a year and took a job that is paying $45000.00 a year. I am not behind in payments but can only make the minimum payments because of the reduced income. Would this help me to settle the debts so that I can get them paid off? Thanks in advance for any advice

Well, in order to settle you likely have to fall behind on your

Well, in order to settle you likely have to fall behind on your payments. This would have detrimental effects your credit score. Hence, if you have an immediate financial goal to achieve, settlement might not help you. Further,

when you would default, some creditors may choose to sue you whereas others may appoint collection agencies to pursue the account. Hence, make yourself aware of both the pros and cons of settlement before you go that path.

You can check out the 'do it yourself' section before deciding on your future course of action. You may check out your other alternatives too.

lrhall41

Submitted by SC on Tue, 05/11/2010 - 22:19

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How soon the CC companies sue or send to collection agency if fa

How soon the CC companies sue or send to collection agency if fall behind on payments? for example B of A, Chase, citi and discover

lrhall41

Submitted by on Wed, 05/12/2010 - 05:48

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Most take 180 days or 6 months to charge off. After that collec

Most take 180 days or 6 months to charge off. After that collection agencies may buy debt and come looking for you. I have stopped paying on 9 cards 6 months ago, settled 6 and have not been sued. There seems to be no rhyme nor reason why some are sue and others are not.

lrhall41

Submitted by OZZIE69 on Wed, 05/12/2010 - 08:35

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