Trying to find the best answer. Help!!!

You can settle the debt your self if you don't want to hire a company. Can you provide more info to better help us try and help you ? Who you owe and the balances ? Also how delinquent are you are this time ? What state do you live in ?

Advanta (grrrrr!!!) $28,000
Citibank $50,000
Amex $10,000
Capital One $7500

I'm not late one a single one yet, but this WILL be my first month. I can't make a one of them.

I'm in CA.

Thanks!

How much can you actually afford to set aside each month to be used to eventually settle ?

About $1200

Here is the reality of your situation. Two of the accounts you own have balances over 20k. Creditors with big balances like that can be pretty aggressive and will likely sue you in 12 months. If you can only afford $1200 a month thats not going to be enough time to build up enough funds to settle successfully before they sue you. Have you considered Chapter 7 Bankruptcy. Honestly in my opinion you need to consult with a bankruptcy attorney and get his opinion. I have a feeling he is going to agree with me.

I cant file bankruptcy. My husband and I are seperated, and it would affect him as well.

I do have a friend who is willing to lend me money, which would enable me to pay off some settlements. I can then pay her back at an interest rate I can handle (2% she mentioned). I've known her for YEAARRRSSS and know she is not only good for it, but I have total trust in her.
But I need to get these settled down first.
I also have $10 in bank I can use...

Does that help at all?

OK, well the 10K would help. If you are still hell bent on doing settlement that I would suggest you take the 10k and save as much as possible and try to settle the 50k account with Citi. After that you are going to want try and save and eventually settle the next largest which in your case would be Advata. Keep in mind that the accounts will have to be delinquent at least 90-120 days before they will even consider a settlement. So in the mean time save as much money as fast as possible. How much money will your friend let you borrow ?

I think I could ask her for anything I needed. She is very well off and she offered it to me not the other way round. I would think anywhere from $30-$50 K would not be unfeasible. But of course, I'd rather not have to ask her if possible. I'm prepared for it, but the less the better.
Obviously....

I'm selling off everything I can possibly think of on craiglist in the meantime, and eating mac and cheese and so forth....

Do I just stop paying those 4 cards then? I mean, not even try? Would a debt settlement co be the way to go or just hold on and try to do it myself in a few months when they start to whine at me?

I've got another card I have to keep, because I travel for work and have to be able to reserve plane tickets, but it's at 0 and I've been aable to keep it at 0. And I refuse to let it get above 0.

You can't afford to keep paying the minimums anyways so yes you would stop paying them. I would settle on your own and save the money you would have paid in fees.

Thats kinda what I thought. Wanted to get an objective opinion from someone who has been there done that.

Rant alert...I gotta say, I've always made my payments, rarely been late if ever, and for some unknowable reason, these card companies just keep raising my interest to a point where it becomes impossible to pay them. I've begged them to lower them so I could keep paying them, because I really WANT to pay my debt, but they dont want to hear. I dont understand the logic behind it all.

Because these credit cards companies make money off of screwing people. I am glad that Obama helped pass the credit card reform act to stop the abuses from the banks.

Obviously they do, but one would think they would make even more money by woriing with them and potentially keeping them as customers, wouldn't one?
Its so stupid.

A year ago my credit rating was around 760..nowdays, I cant even get overdraft protection. And while, yeah, I spent more than I should have in hindsight, I was not one of those real problem spenders. I always made the payments and kept my balances reasonable. When I made the purchases, the interest rates were affordable, now...I have one at 34.99%!!!!!!!!

I totally agree, i see people come on here and blame the economy on people not paying their credit cards, but the real blame is on the credit card companies, they unfairly raise interest rates like that. How can anyone afford to pay interest like that on a large balance. I have one they raised to 22.99% for no reason, was never late, but then it just made it hard to make the payments. It sad, you would they would want to try to work with people, instead of taking the chance of losing eveything if some files bankruptcy.

Jacq, I know it's scarey - I'm so in over my head that I couldn't sleep at night. I had to go with a company and once I did I felt the stress leave my body and my mood changed drastically. Just keep moving ahead and look for that life of "DEBT FREE" I am in settlement now - the phone calls for the most part have stopped from all but one company and I am just saving all that I can to try to get out of this debt as fast as possible. Good LUCK.

Thanks.
It is, but I think I might be ok in the long run.
I did talk to my friend this afternoon since I first posted and she totally is willing to cover me when/if I can get some settlements figured out. Thats a blessing. She is being a true and good friend. Meanwhile, I'll hoarde every penny.
There is this odd sense of relief at justr giving up in a way. The future is uncertain, but for right now I can pay the mortgage and eat and pay my kid's tuition at preschool....

Yep, just make sure that you take care of your kids. It's rough, but after a while, it will work out. Kid's need a stable home, or at least of presentation of such. They don't need to know what is going on. If you are still current on your bills, go ahead and do a phone number swap on them. So, when you do go late, they won't have a home or work number. I would suggest (and pretty sure someone would disagree) getting a prepaid phone for the creditors to call you on, so when you are done with this, throw away the number or so some kind of symbolic burning. :twisted: It is just a suggestion. Good luck!