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Do it yourself debt settements

Date: Sat, 09/29/2007 - 07:27

Submitted by sherrie45
on Sat, 09/29/2007 - 07:27

Posts: 22 Credits: [Donate]

Total Replies: 2


I've been researching all the avenues to do debt settlement since I feel it is my only option at this point, to get out of credit card debt. It looks like I'm getting a home equity approved (fingers crossed) - if I get the home equity I will hold it in the bank until and if I get to a point of being unable to meet my credit card minimum payments. I read an article today about "universal clause" on your credit cards. Most credit card companies have a clause that says if you are late with other creditors or your credit card ratio is high, they can change your preferred rate for no reason -even if you have never been late with them. I'm very concerned because I was hoping to just have to do debt settlement with my higher rate cards and continue to plug away at the cards with a preferred rate until the balance is paid in full. Has this happened to anyone?

I also have been researching a do it yourself debt settlement through zipdebt.com - has anyone tried this self help program? I'm thinking that if I can save the $20,000 - $30,000.00 these debt settlement companies want to help me, I can put that toward credit card debt.


How much are your credit card debts now?

There is a do it Yourself section at the top of your screen under the Ranking Chart tab, you may want to look at.

I did mine myself. Took time, but it worked. I scrimped and saved, and put extra toward my smallest debt until it was paid off. Then I took that payment, and put it with the payment for the next smallest one and paid it off, and so on.

Alot of people say pay your highest interest ones first, but my highest interest ones had a large balance, and I am the type that needs to see progress or I get discouraged-that's why I did the smallest balance thing.

If you are oing to use debt consolidation or settlement, why not use it for all your cards? Then you would have only one payment a month, instead of several.

Let us know whay happens, and feel free to ask questions..KAren :D


lrhall41

Submitted by Bossy4455 on Sat, 09/29/2007 - 07:36

( Posts: 5854 | Credits: )


I have $134,000 in credit card debt - payments are approximately $2,500 a month - I will not be able to do debt consolidation - it's be financial suicide. What I think I can do is debt settlement - otherwise, wait until they are ready to settle with me - my credit is going to go to crap, but it beats bankruptcy which stays with you for 10 years. I accumulated the debt over a 9 year period, I've borrowed from my retirement and I've maxed my house and I've maxed my card - no where else to go now ... I have to deal with it. I have unreimbursed medical, two cars, kids college and etc. on those cards - always thinking someday I'd get ahead and then it just became a vicious cycle of robbing Peter to pay Paul with increased balance transfer fees and etc., my last transfer fee was $1,500 by bank of america - just more debt and then they increased my credit card to 23.98%. I'm never digging out.


lrhall41

Submitted by sherrie45 on Sat, 09/29/2007 - 08:27

( Posts: 22 | Credits: )