Orlando's Endless Debt

Date: Mon, 12/04/2006 - 09:08

Submitted by anonymous
on Mon, 12/04/2006 - 09:08

Posts: 202330 Credits: [Donate]

Total Replies: 1

I am a 37 year old college administrator with a good job but bad luck. I was divorced four years ago and retained a lot of debt since my ex-wife had filed bankruptcy prior to us getting married in 1992. Also my mothers house literally caved in and I helped her to purchase a house which cost thousnds up front. Just to keep up with all of this debt, I have accumulated and incurred $47,000 in credit card debt. I also have $70,000 agsinst my house and another 25,000 in unsecured loans. I now make a 100K a year, but the interest rates are so hich on the unsecured bills, I can't keep up. I have a good history of paying my bills, but just need an aopprtunity to see the light as it relates to getting out of debt, or at least in better shape financially.

You will get a lower payment plan in a debt management program a

You will get a lower payment plan in a debt management program and since you have a good job, the monthly payments will not be a problem.

You can either include all the accounts under one repayment plan or put some of the huge debts under a debt settlement plan. This program will reduce all the debts to half. You will have to put your accounts in default for a certain period of time before your settlement company starts negotiations with creditors. Monthly payments are done by you in a new account. That portion of money is used to do the payments.

Consolidation will require you to pay the principal amount at lower interest rate. Most of the fees are waived off.

Whatever program you decide, make sure that you don't default in the payments otherwise the program will deliver no results and you will return back to zero.

lrhall41

Submitted by ArDeN on Mon, 12/04/2006 - 09:30

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