In debt again

Date: Thu, 02/08/2007 - 13:41

Submitted by anonymous
on Thu, 02/08/2007 - 13:41

Posts: 202330 Credits: [Donate]

Total Replies: 2

I have been laid off twice with the past 5 years. Both times was for 6 months or more. I dug myself out of debt the first time but the second time hit harder for some reason. I owe about 12,000+ and I cant seem to pull my debt down signicantly. I was single but have been married for 2 years now. My wife is unemployed and I am trying to find a full time job but all I seem to be finding is contract jobs. I can borrow money from family but they wont give me the full amount of the debt owed so I need negotiate a lower amount or have someone do it for me.
Whats the disadvantage of doing it myself?

Thanks

Welcome to the forum! There really isn't a disadvantage of tryi

Welcome to the forum! There really isn't a disadvantage of trying to negotiate for lower interest rates yourself, but just from personal experience, I was unsuccessful when I tried this. Enrolling in a debt consolidation program might be more effective. A reputable debt consolidation company can get your interest rates lowered and late and overlimit fees waived. You pay one affordable monthly payment to the debt consolidation company, and they disburse the funds to your creditors.

If you entered all of your details when you registered with this site, a debt counselor should be contacting you shortly for a free, no-obligation consultation. They can discuss your situation and explain the options available. I would recommend checking out any company you consider using to help you with debt relief. Check the BBB's website to see what kind of record they have, how many complaints, whether the complaints were resolved, etc. Get clarification as to how much the fees will be, and thoroughly review your contract before you agree to or sign anything.

lrhall41

Submitted by Tiffany99 on Thu, 02/08/2007 - 13:54

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There is absolutely no harm if you can negotiate with your credi

There is absolutely no harm if you can negotiate with your creditors on your terms. You have to convince them for a lower interest rate and get most of the late fees waived off. If you can manage this, you won't need outside help. You are always free to take the expert advice from a counselor and deal with the creditors in a professional way. You also need to increase your present source of income for rolling your essential expenses.

lrhall41

Submitted by aciotsf on Thu, 02/08/2007 - 13:58

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