I need help on all my credit cards that are maxed up!!

Date: Tue, 05/02/2006 - 00:53

Submitted by anonymous
on Tue, 05/02/2006 - 00:53

Posts: 202330 Credits: [Donate]

Total Replies: 3

Well I've gotten myself into a little pickle, shoulda never gotten credit cards or loans or a new car. So all my cc's are maxed out, one of them over the limit, they total up to about 1700. I have to personal loans that i am being sued (sp?) on that total about 5100, probably 5400 after court fees are paid. And i have a huge fine for 1700 that has to be paid by the end of may. I have a good job but i'm making a measily 11/hr. I just dont no what to do anymore. So all of that added up plus my car payment and insurance payments and of course the absolutely rediculous price of gas has me boggled as to what to do. I have payments coming up this month that I think i'm gonna fall behind on. so all of that comes out to about 8800 in debt plus the 300 car insurance payment and the 200 car payment a month plus at least 3 fills of the tank at 50 bucks a week has me wondering what to do week in and week out and what not to pay. i've been hasseled with calls every day and i'm scared to answer the phone because i say i'm gonna make a payment and i dont because something always comes up.

Sorry for rambling on but WHAT THE HECK SHOULD I DO??? Would consildation be a way for me? Should a through my car loan and insurance in there till i get back on my feet or what????

HELP PLEASE!!!! :o

acpolly42 Hi, welcome to the forums! You've made the first

acpolly42

Hi, welcome to the forums!

You've made the first step in becoming debt free, by joining this site. You should be getting contacted from a debt counselor who will give you a free session, and go over the program benefits with you.

debt consolidation combines all your debt, and allows you to make one monthly payment that is affordable for you. You have to be able to stick to the program for it to work. Your counselor can usually eliminate interest fees to reduce the total amount that is due.

Also, making payment arrnagements and breaking them is usually the cause for continued calls. This upsets the collector, as they're just trying to do their job, as well as help you by clearing your debt.

By the sounds of your post, I'm curious if the fines you speak of are court related. If they are, you'll want to make that your top priority. Not paying fines by a due date could land you jail time instead.

Have you fallen behind on any car payments? As far as that goes, you may get to keep your car. You don't have to consolidate everything, but keep in mind that you'll want to know if you can make the payments. Spending $500 a month on your, plus gas, when you have so many bills is risky. That's basically a weeks worth of pay, when you could be using that money for other uses. Turning the car in, is a lot better than getting it reposesed.

Please let us know if you have any other questions!

Regards-
Mike

lrhall41

Submitted by Teleport on Tue, 05/02/2006 - 05:43

( Posts: 1388 | Credits: )

Great post Mikey, but I do have to disagree with one point. Tur

Great post Mikey, but I do have to disagree with one point. Turning the car in for a "voluntary repossession" is, in my opinion, not a very good idea. On your credit report, there is generally no distinction between a voluntary and an involuntary repossession, they are looked at the same way. In addition, he will still be responsible for any repo fees, auction fees, storage fees, etc., plus the remainder of the balance that is owed after the sale of the car. When the car is turned in, it will likely be auctioned off at much lower than the market value, and he will still be responsible for the difference of what is owed. A better option, particularly if he does not have negative equity, is to work out an arrangement to sell the car or trade it in for a cheaper car. This can be a bit of a hassle to work out sometimes but, if done right, can save him a lot of money and headache.

lrhall41

Submitted by dmj210 on Tue, 05/02/2006 - 06:44

( Posts: 123 | Credits: )

Hi acpolly42 If I would have been in your place, I would have

Hi acpolly42

If I would have been in your place, I would have felt the same way like you are feeling. Confused!! And don't know how to begin with!! Well, first of all, start thinking if you have ways to increase your income. If you have more income, you will be able to contribute more towards your debt account and come out of this mess faster.

If you can't arrange extra money, you need to give priority to the ones that need immediate attention. Write letters to the other creditors explaining your problem and request for some extensions. Hopefully, they will understand the situation and will be willing to work with you.

lrhall41

Submitted by john on Tue, 05/02/2006 - 09:39

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