logo

Debtconsolidationcare.com - the USA consumer forum

Forums
  • Latest topic

I have $80,000.00 in Credit Card Debt

Date: Fri, 02/24/2006 - 10:21

Submitted by anonymous
on Fri, 02/24/2006 - 10:21

Posts: 202330 Credits: [Donate]

Total Replies: 5


My wife and I are insurance agents, and make $350,000.00 between the two of us. We have $80,000.00 in credit card debt. We have had excellent credit, but now debt to income ratio is so out of whack. We are maxed out on Credit Cards and have been so for two years now. We can't pay larger amounts each month because now I must do all business transactions on my Amex which is about $8,000.00 each month. My credit score has gone from 700 to 620 over night it seems like. I have a 1 year old home, and we must refinance a small arm loan in October, any advice?


Hi Pat, I am assuming that you have a good monthly income and will be able to pay the minimum consolidation payments. These payoffs will be much lower than the minimums that you have been paying to your credit card accounts. Also, the interest rates will also drop down after enrolling in the program. Take a free counseling and get opinions from the consultant. He will plan your repayment options. The counseling is free here.


lrhall41

Submitted by john on Fri, 02/24/2006 - 11:11

( Posts: 1231 | Credits: )


Hi John & Pat,
Been a couple of hectic weeks for me. I too have huge credit card debt (6 digits) and good income (6 digits) but I also have to have cc's for work. In the past 2 weeks I have had to fly 5 roundtrips and 3 hotel stays, 3 car rentals. All on cc's.
John: we did sign up and got a phone call, but because the company was not on the ranking list, I didn't trust them enough to sign up. Also because I thought he was descibing debt settlement instead of debt consolidation. Are you saying in debt consolidation they lower not only the minimum monthly payments but also the total amount due?
Thanks
Quicksand


lrhall41

Submitted by quicksand on Thu, 03/02/2006 - 13:19

( Posts: 16 | Credits: )


Hi quicksand,

I can chime in a bit here. :) As far as I understand, your debt consolidation counselor will work with your creditors to cut off some of the interest charges and late fees that might be associated with your account. I don't think that they negotiate to have the actual amount lowered, because they may report it as settled. Just my two cents, I'm sure somebody else will come and give a better answer :) Let us know how it goes!

~Mary


lrhall41

Submitted by Mary on Thu, 03/02/2006 - 14:31

( Posts: 1344 | Credits: )


Quicksand,

Good to see you back :D

I appreciate your views. Everybody should do some research before doing business with some agencies. Perhaps the company that called you is a new addition to the list and has not been updated yet. However, if you mention the name of the company, I can do some research for you. You can PM me.

The ultimate goal is to clear your debts and protect negative entries to be entered in your credit report. Did you ask your counselor about this? They can help you to get your credit file updated in your favor. Keep us posted and feel free to ask your queries in forums.


lrhall41

Submitted by stanley on Thu, 03/02/2006 - 15:15

( Posts: 1639 | Credits: )


Hi Quicksand,

Feel free to PM me if you have any query regarding our service. We always try to offer the best to our customers. Hopefully we will be able to solve the problem together.

You can send email to [email]mike@debtconsolidationcare.com[/email] as well.

Best Regards,
Mike


lrhall41

Submitted by Mike on Thu, 03/02/2006 - 15:54

( Posts: 1317 | Credits: )