unable to determine
Date: Wed, 05/19/2010 - 08:21
I have 50,000 of credit card debt that has had a low interest rate for awhile. Now the interest rate has climbed to 20% and I can no longer afford the payments. I had always planned to consolidate and repay the debt with my income. The debt management plans that I have spoken to can only offer me a payment that is more than I take home monthly. I am now considering debt settlement but I am afraid of harrassing phone calls and no-one making any payments on the accounts even though I am still making a monthly payment to the agreement. I have 2 kids and a house to protect. My husbands income is fully allocated to mortgage and living expenses. I feel overwhelmed with the amount of info I am taking in and I need help!
Thanks, Lisa
You can take care of your debt yourself and do not need the help
You can take care of your debt yourself and do not need the help of a debt settlement company. You can check out the 'do it yourself' section for the help.
Can you do balance transfer? This is one way to consolidate your debt. However, the debt would remain on your new credit card for which you would have to make payments. But if you can pay it off withing the period of initial low interest rate, you can become debt free.
Another option for you is consolidation loan. However, the availability of it would depend on your credit score.
Quote:Originally Posted by AnonymousHi- I have 50,000 of credit
Quote:
Originally Posted by Anonymous Hi- I have 50,000 of credit card debt that has had a low interest rate for awhile. Now the interest rate has climbed to 20% and I can no longer afford the payments.////// and I need help! Thanks, Lisa |
Welcome aboard Lisa,
We know what you're feeling because we have been there.
Some of are debt free while others are still fighting the battle.
I would suggest that you read these forums and scan the subjects.
You will quickly realize that you are not alone.
You've gained a lot of new buddies with very good infomation.
If you have questions, please ask away.
Once you determine the best method to attack and destroy your debt; I am certain that you will be successful.
I was underwater with debt via my own stupidity.
Heard all of the tv and radio ads to get out of debt.
Was very close to signing the dotted line when I realized that this was something that I could do myself & I did.
As the Beetles said "with a little help from my friends" :cool:
Good Luck.
Keep us posted.
Read and ask away.
Respectfully yours,
King "Kash" Jabba Labba
IF you choose debt settlement, I would only do it yourself. It
IF you choose debt settlement, I would only do it yourself. It was so much easier than I thought. I settled 3 of my 4 and no one yelled at me, made fun of me or anything nasty. I think the trick to this is to settle before it charges off. After charge off I have a feeling things change for the worst.
Now just remember that if you choose debt settlement your credit will be jacked up for a while, but will recover much much faster than if you filed for bankruptcy.
