Problem with Large Credit Card Debt

Date: Wed, 10/05/2005 - 13:49

Submitted by anonymous
on Wed, 10/05/2005 - 13:49

Posts: 202330 Credits: [Donate]

Total Replies: 1

I am 24 yrs. old and over the past two years I have maxed out three credit cards. My over all debt is aproximatetly 15 thousand dollars. I have recieved two letters stating that I my account is going to be placed as a "bad debit" which can ruin my credit for up to 7yrs. I have had trouble over the past 2yrs. finding work which is how I acrued this debt. I am only doing tempt work right now, how do I handle this situation w/out stable income?

Hi Nsoroma Welcome to the forums. It is true that if negative

Hi Nsoroma

Welcome to the forums. It is true that if negative information enters in your credit report, it will stay there for as long as 7 years. Though you might be able to improve it after completing the payments, but you won't be able to erase the negative marking completely.

I suggest you to make some payment arrangements as early as possible so that you can prevent your credit file from negative information.

You will have to save some portion of your money in anyway so that you can contribute towards your debt account. Because your regular payments will only be able to improve your credit ratings.

Do you want to use a consolidation program to ease your repayment process? In this program, you will be offered easier monthly installments at lower rate of interest.

Also, in the consolidation program, the consultant will negotiate with your creditors to reduce the financial charges and the late fees. Thus, you will be offered to pay an amount in your monthly installments that will be much easier for you to pay.

I hope that you can take a free counseling in this website and discuss with your consultant. He will be able to work out on some of the better options at your side.

Regards
Roxette

lrhall41

Submitted by roxette on Wed, 10/05/2005 - 15:24

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