This is where i stand what should i do?
Hi roadhouse I will ask you to enroll yourself for a debt con
Hi roadhouse
I will ask you to enroll yourself for a debt consolidation program. Because if you keep on making minimum payments to the credit card companies then you will only be covering the interest and there won't be much reduction in the principal amount. If you can go for debt consolidation, then you can choose the best program depending upon your requirements and your potential.
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Is it even possible for me to get this down to a certain percentage rate where I pay under 500 dollars a month? |
Even if there is any scheme that allows you to pay less than 500 dollars, then you will be making some extra payments as the duration will get increased. And you will definitely try to save that extra payment. The crux of the matter is that you can register yourself for free after you go through this site http://www.debtconsolidationcare.com and know the pros and cons of this debt consolidation program. Always remember that debt consolidation will work the best if you have the potential to cut down the unnecessary payments from now onwards otherwise it will be just like chasing a moving target.
Keep in touch
Roxette
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Hi roadhouse,
Welcome to the debt consolidation care forum.
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Due to bad business decisions I'm currently about 31,000 dollars in debt. |
You have already accumulated quite a fair amount of debt to your name but since you are young, and with debt consolidation you need not get tensed about settling your debts. 8)
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I don't know where to start. Is it even possible for me to get this down to a certain percentage rate where I pay under 500 dollars a month? |
Start off with debt consolidation.Your multiple debts will be consolidated into a single amount and all your late fees and additional taxes will be eliminated. Moreover, you will no more face the harassment from the creditors. All you have to do is pay an affordable monthly installment and clear your debts in due time.
And yes it is possible to pay under 500 dollars a month.The debt consultant will analyze your present financial status and settle the amount of your monthly installment with the creditor.Be sure that it will be within affordable means and by all chance less than $500 a month.
To know in detail about the benefits of debt consolidation please view: http://www.debtconsolidationcare.com/benefits.html
and also the other related articles in our site.
Please share your experience with other members of the forum and you are also welcome to come forward with further queries.
Re: This is where i stand what should i do?
[quote=roadhouse]Hello, I'm 24 years of age, I currently only make 1700 dollars a month salary. I started a clothing company about 3 years back. Due to bad business decisions I'm currently about 31,000 dollars in debt. Over 2 different personal credit cards and 1 business credit line (1 card is just under 24k other card is about 3k and the line is 4,500). I pay about 1100 dollars in credit card bills every month. I have no clue whatsoever on what to do. I don't know where to start. Is it even possible for me to get this down to a certain percentage rate where I pay under 500 dollars a month? Ha-ha. :oops:[/quote]
What were the bad business decisions? Did you buy things that were too expensive? I think now, you should think about downsizing your business. Because you can not remain with the status quo of previous poor business decisions.
First, you need to go through your business and see where you can cut costs and remedy prior poor business decisions. Can you move into a cheaper space, or can you use cheaper material/fabric? Are you buying things that can be leased? Is there a cheaper means for manufacturing? These are all questions that you should look into in order to cut costs. Streamlining your business will help to magnify the positive effects that you will experience through debt consolidation.