I was wondering if anyone had some advise. I am currently $100k in credit card debt. I am not past due on any payments and have very good credit score, but my income to credit ratio is pretty bad. I am feeling overwhelmed and not sure how much longer i can continue to pay minimum payments (which total about $2200/mo) I don't have enough equity to cashout or refinance. I am feeling choked. Should I continue as I am, contact a debt consolidation company, would they even help me since I am not late on any payments? Should I file bankruptcy? Any advise would be good.
I just don't know where to go from here.
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.