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I cant pay my credit cards bill is debt consolidation the best route? do i have to stop paying for 3 months then you negotiate the balance

I suggest looking into a debt management Plan first.If you can`t afford the payment for that program than you may want to consider a debt settlement program.

do i have to stop paying for 3 months then you negotiate the balance

Yes , if you chose to do debt settlement you accounts will eventually have to be delinquent for the creditor to be willing to settle.

Sub: #1 posted on Thu, 07/31/2008 - 12:44

mobile0311 mobile0311
(Posts: 1817 | Credits: 104.57)

i agree with mobile, but you should investigate all debt releif options before you come to a final decision. debt management can help orchestrate a repayment plan, but if you can't afford your credit cards, you may not be able to afford debt management.

With debt settlement, you stop paying your creditors so you can build a savings account with ths company which will be used to negotiate with your creditors to lower the amount you pay back to around half (give or take).

Debt Settlement will have an adverse affect on your credit, but since you cannot afford to pay your credit card now, chances are you already have damaged credit. The object now is to settle your debts so you can start rebuilding your credit score.

Good luck.

Sub: #2 posted on Thu, 07/31/2008 - 13:00

amcshane amcshane

(Posts: 7 | Credits: 1.8)

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