Credit Card Debt Help

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I am 42yrs old have a mortgage and home equity loan for 25,000- I also have 30,000 credit card debt and I just cannot sleep and dont know what to do.... I want to call CCCS but some people say dont... and some people say do it.... I cannot keep up anymore and feel like a failure and loser, Please someone help me and give me advice.... I am just lost :(

Best Answer

Here are some links you might help helpful and a possible alternative to CCCS. The problem with debt consolidation is that it tends to hurt your credit and then people tend to create more debt and it can cancel out credit cards and other accounts. http://www.christiandebtconsolidation.org/ http://www.christiandebtservices.com/ https://www.crownmoneymap.org/MoneyMap/Login/ FrmLogin.aspx If you consolidate - learn from this and budget your money and use credit wisely. That last link will help you with setting financial goals. Good luck!

Okay I admit I screwed up and went on a spending fee while in college and now I'm paying for it. I recently got laid off from my job, but this didn't stop the bills from coming. I'll tried ever thing in my power to set up a payment plan with my credit cards but now that I'm behind and most of the cards are in collection nobody want to work with me. Most of my credit cards are with a debt management program and some I'm making the minum payment, but there are some that are in collection and I don't like the way the reps talk to me. They're telling me that the account must pay the full amount as if I'm made of money. I've explained to them that I can't do this, but was willing to set up a payment plan. One credit card in collection I owe $1297.25 on it, but when I told them I could pay $25 to $30 a month until other credit cards are paid off and I'll raise the amount they laugh in my face. Their offer was to settle and pay $800.00. I can't do this. I have other bills to pay! Please help!

Best Answer

Well my husband and I had this same problem from debts he incurred before we were married. I would recommend finding a good not for profit credit counseling agency. They helped up pay off a 13000 dollar debt by arranging to stop late fees and lower interest rates. You do have to agree to incurr no new credit during this time. In the long run with the right agency it can be a great program. You can look online for one in your area.

Seeing a friend fall deep in debt in no time, I like to help him, get an idea of what his options are - Bankruptcy or Settlement. He made huge debt (over 50 thousand) to 4 major credit cards while in New Jersey. Since Feb 2006, he has no job, no nothing ... literally nothing, stopped paying, moved out of state, no contact with creditors or response to court orders. (A lot happened with other cards). Now, Card-1: With Original Creditor Principal 10K. With penalties 15K Card-2 Been sold 3 times and with an outside recovery company. Principal 19K. With penalties 27K. QUESTIONS: We understand Bankruptcy may be best option? its apparent it?s quite easy in his case. BUT please advice on the below. 1) In this scenario, how much these agencies would agree for one time payment? 2) How should we proceed OR should we hire an attorney to do this work for us? 3) Are there any better options such as consolidating? 4) Plz recommend attorneys, consolidators, any thing. Big Thanks.

Best Answer

Regarding how much the agencies would agree to a one time (reduced amount) payment depends on a few factors - age of the accounts, if they had sued and won (you had mentioned court), etc. If the accounts are fairly recent and/or they received default judgments on them, they probably will not discount the amount much. If the accounts are pretty old since he defaulted and there are no judgments, they may work with him on a much lesser amount. If the accounts are past the collecting SOL with no judgments, they would probably be more inclined to settle for a greatly reduced amount since the only way they could "legally" get paid on the accounts is with his offer to pay. Or, if they are past the collecting SOL and there is no judgments, he has a legal right to send them a SOL letter informing them the account(s) are no longer legally collectible and he has the legal right to not pay. He needs to order his credit reports to see who/what is reporting. He also needs to contact the court clerks in "every" county/city he has lived in since his "very first" default and ask if there is anything filed in his name. If he decides to try to work with them, he should first start by sending validation letters. If/when they properly validate he might send them his offer along with the requests that they consider it as "payment in full" and that they will delete what they have placed on his reports. If he is considering bankruptcy (BK), he might speak to a BK lawyer. You/he might also click on my profile and click on the last link I have listed. Do some reading in both the credit forum and the BK forum. (It is a "totally free" site with a great deal of info on it) He will be able to get an idea of what it takes to try and deal with the creditors or what is involved in filing BK and would probably be able to decide if he would want to file on his own or spend the money to have a lawyer file for him. Filing BK on ones own is not for everyone. If he reads through the forum and has any doubts about being able to handle it, he should get a lawyer

Ok my fiancee and I have $5,300.00 in credit card debt right now we have on 4 cards! We have asked for limit increase to try to add all to one card to have ONE monthly payment! And no luck! I have also tried applying for personal loans, and got declined! I don't want a credit advisor! I need help lowering or eliminating my debt! What can i do? I refuse to declare bankruptcy! Thanks for your help in advance!

Best Answer

go to the bank and talk to them and then if they tell u that u have to pay unluckily u have to pay.

I have the following debts: Wells Fargo Mortgage- $62000.00 Citizens Auto Finance- $25000.00- Behind 3 payments Debt Consolidation Loan- $18000.00 GE Money Line of Credit- $8000.00 Chase Credit Card- $5500.00- Behind 3 payments Sears Card- $1600.00- Behind 2 payments JC Penney Card- $1200.00- Behind 4 payments Wal Mart Card- $1500.00- Behind 1 payment Natural Gas- Behind 4 months HELP!!! I only make $45000 a year before taxes!!!

Best Answer

First CUT UP THOSE CARDS!!!!! Next you need to try and cut down the debt. If possible refinance and consolidate- though I see you have a Debt Consolidation Loan... so if you can, do it. If you can't, of course pay the highest interest rate cards first. Or calculate the amount each card will cost + interest in the long run according to the amount you owe. Next sell your car, or give it back, obviously you can't afford whatever type it is. Buy a used car -or even better, use public transportation, a bicycle, or your own two feet.. Who cares if the car is nice, when it's costing you an arm and a leg? Next you have to CHANGE YOUR LIFE STYLE, as in cut your other expenses Take shorter showers- get wet, turn off water, soap up, rinse off. Turn off lights, go buy energy saving light bulbs. Don't use heating for your house, if you're cold suck it up and wear a damn extra sweater. Similar if it's burning up outside, only use a fan, carry an ice pack, go around with light clothing. Learn to cook, at home, no exceptions. Brown bag your lunch. From all the store cards you have I'm guessing that you buy a lot of things- either pawn them, or sell them on ebay.com, half.com, amazon.com etc. Have a garage sale and get rid of your junk-it's amazing what people will buy. Try to work overtime. If you live by yourself, consider getting a roommate to cut costs, or move into a cheaper place. Does this all sound stupid? It's lifestyle choices that will help you from now on, even if you file for bankruptcy, because the choices you made were the ones that got you into the debt. If you buy stuff to keep up with appearance and to impress people, you'll only look a fool later because they'll be hearing about your bankruptcy. Make a strict budget. Don't break it, or get frustrated and say F-this. It's what will keep your from going into further debt, or in the future, from falling into the same cycle. Living within your means, it what will allow you to live comfortably.