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i need some help...

Date: Sun, 08/22/2010 - 13:40

Submitted by anonymous
on Sun, 08/22/2010 - 13:40

Posts: 202330 Credits: [Donate]

Total Replies: 3


I am trying to figure out what I need to do. We have about 18k in credit card debt, still making payments, but can only afford the minimum payments. We have friends that had over 30k in cc debt and did a debt settlement program, and suggest we do the same to get out of it. But I only want to as a last resort. I would rather find another way to it paid without it hurting my credit score. We have never been moer than a few days late with payments, nothing negative on credit report, and I know if we do a settlement program it will negatively impact my credit. Now my question is: would it be worth taking a home equity loan to get rid of the cards, closing them out after paying them off? If we can make the minimum payments on the cards now, a home equity loan would be less a month, but we would still pay what we are now to all the cards. If we have to do a settlement as a last resort I guess we have no choice, but would rather not. ANY help would be HUGELY appreciated!

And I hope this wasn't too long of a question .....


Refinancing may not be a bad thing to do once, but don't fall in to new trap of trading unsecured debt for secured debt. Many homes have fallen in price in the last year or two, don't max out the loan where you have no equity left.
Remember if you fall into harder times ahead you can always stop paying unsecured loans (credit cards and some loans), but if you stop paying your secured loans (Mortgages, 2nd morts and car loans) you risk losing your car or house.
If you do a second mortgage or settle your debts by any means cut up the cards that you don't need.......Don't get back in debt trouble, it becomes harder and hard to get out.
Do you homework by looking at the threads in this site about debt solutions I have found them very useful. Good luck .....get and stay out of debt.

Been there ... Done that


lrhall41

Submitted by Resnr on Sun, 08/22/2010 - 21:28

( Posts: 12 | Credits: )


what if I try to call the cc companies and try to get the interest rates dropped, put a hold or close the cards so they cannot be used anymore. Would a cc company work with me that way even though I do make the minimum payments? Money is very tight at the end of the month, and we have not missed any payments to make us delinquent. I really don't want to do a settlement unless absolutely necessary. Since the economy went in the crapper, I have went backwards in pay by about 13k/ yr, my medical benefits went up from about $100/ wk to $210/ wk. We really need to get control of this, but no money at the end of the gets unbearable.


lrhall41

Submitted by on Mon, 08/23/2010 - 17:29

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