HELP! I don't have enough money to settle!
Date: Wed, 04/20/2011 - 09:37
I recently inquired about refinancing or taking out a home equity loan so that I can settle out my debts. Unfortunately, because I'm about 4 months behind with my creditors my credit score has taken a hit and now I cannot qualify for either of these. I owe about $70K in combined, unsecured credit card debt, yet my job does not pay me a fortune that allows me to settle. I don't know where else to get the money. It'll take me an eternity to pay this debt off, even if I settled on only half of it. I don't want to be forced to use a debt settlement company either. Any suggestions besides bankruptcy? :cry:
The only things that come to mind are bankruptcy or trying to ne
The only things that come to mind are bankruptcy or trying to negotiate hardship plans with the creditors. Generally, they reduce your interest rate and/or lower your payments. A good rule of thumb is that they try to work out a plan that will have your account paid off in 4 years. Would you be able to afford your monthly payments on the cards if they were reduced? If not, bankruptcy may be your only option.