Family Dilemna Credit Card Debt

This means that your family has a total of $1,47,000 in credit card debt along with $40000 cash advance. This means that the total amount of debt your family owe is approx $187K. Now, since your total family income is around 140K, I think you can pay off the entire debt in 2 years time if you want to. You can pay off the credit card company directly till the 0 APR expires, and then go for balance transfer cards to get another 12 months introductory APR of 0%. However, you should pay the minimum amounts due on your cards regularly, so that you are not reported as delinquent to the credit bureaus.

I dont want to sound mean, but a 0% rate means nothing. The bottom line is you owe the money. Having been in a similar situation, if you can afford the payment, debt settlement will reduce the balances by 50% or more. It will affect your credit in the short term , but credit can always be rebuilt. I am happy to recommend a company that will help you. You can e mail me at deleted- ND

It is the habit of buying happiness, get known that happiness can never be bought. the more you try to dig happiness with money, the more you call worries. Habit is the thing you need to rethink upon. I think, you can repay the loans under these condition, yet concerned that you will still get more debts. Remember, although your father is not worrying, yet you need to be cautious, as the banks can dig a history of 20 years back also.
Better you may consolidate your debts and pay the whole amount at the cost of reduced rates. Your worries will be reduced to some extent.

yeah it was crap (i.e. stock market) to try to make enough money to get a down payment for a house but that didn't turn out too well as you can see...Thanks everyone for your insight and i know our situation is not as dire as some but with my dad breathing down my neck i don't know where else to turn to. I tried calling bofa today and they told me that if you aren't delinquent they won't even help him which i can understand. But, my father wants to be proactive and wants something quick and easy as long as it only affects him and not anyone else in the family especially since he owes 56k on 2 cards (bofa and associated bank) out of the total 149k that we owe. Any more suggestions?

I had the same problem with debt. The problem with debt is that if you don't change your mindset, you'll never get out of debt. A site that really helped me get out of debt was deleted - ND Here's the link

Its terribly rude that you came here for help and a "guest" is being judgemental. Listen we all have been in debt here, but know is the time for action. There are many things you could do. Considering you all have 0% interest tells me you have excellent credit expecially in these hard financial times its hard to get that right now. See if you can play the 0% game. My mother in law is a accountant and after a former boyfriend charged up 20,000 worth of debt she would get a offer of 0% for a year and tranfered all those cards to one and when the year was almost over she would transfer it to another 0% for a year and hammered it as hard as she could and had most of it paid off in a year and a half. see if this is a option for all of you.

I honestly believe you should all be in charge of your own debt. Later this could be a issue for your family if you allow your father to take care of this debt for you. if the 0% game doesnt pan out, check into consolidation, settlement, or even bk. In that order.

Its gonna stink, but you got yourself into it, and you will get yourself out. and as bad as it sounds the more you suffer, the more you will remember what it was like so that you never do it again. good luck! and remember we are all here for you! we have all been there

Hey mod, Can we remove this solitation from this guys post.?

[quote]I had the same problem with debt. The problem with debt is that if you don't change your mindset, you'll never get out of debt. A site that really helped me get out of debt was ******* Here's the link
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