What should I do about being overextended

Date: Tue, 12/20/2005 - 11:25

Submitted by anonymous
on Tue, 12/20/2005 - 11:25

Posts: 202330 Credits: [Donate]

Total Replies: 1

My wife and I have accumulated close to $60k in credit card debit and personal loans. It all started right after we got married about 6 yrs ago and she couldn't find a job for a few months. This is when the snowball began. At first it was one card then another then we bought a bigger house then we should've. Next thing you know we are having a kid. We both have really good jobs right now and are current on our payments but that is all about to end. The last few motnhs have been a struggle to keep things up to date and we are fixing to fall behind due to some other things that popped up (both our cars needed new tires, washing machine had to be replaced, etc.) I have come up with a budget for us right now that includes paying all of our creditors each month but just the minimum payments. Is there something I can do and see if the creditors will let me slide a few months on payments? Or should I look into consolidation? Any help would be much appreciated.

Hi kobarnes Based upon your payment pattern in the past, it i

Hi kobarnes

Based upon your payment pattern in the past, it is entirely upon the lender's interest on how they want to treat their borrowers. $60,000 debt is also not a small amount and a thought will be given on it before they extend any benefit to you.

If you use a consolidation program at this point, you will get a reduction in the rates of interests in comparison to what you will pay on your own. Besides, this program will combine all your debts into one amount and you will be drawing only one check to your multiple creditors.

Late fees and other financial charges are waived off in this program. So, you can see a reduction in the total amount of your debt and a reduced amount will be put in front of you.

http://www.debtconsolidationcare.com/benefits.html

Not only you will get the above mentioned benefits, the consultant will analyze your financial situation and then lay the best payment plan that you can afford. Thus, you will always be regular in your payments and there won't be any calls from your creditors. In my view, since the total amount of debt is quite high, you might consider yourself for professional help. It will be more helpful to you in the long run.

lrhall41

Submitted by ben on Tue, 12/20/2005 - 13:44

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