Question by .: I’m drowning in debt and on the verge of losing my home but instead of my family helping?
they just saying chill they can’t get blood out of a stone..How is that helping? Would you be smiling and putting a brave face on things if you were in my position? My mum could easily help me out if she wanted to but she wont and I have been hers and my disabled Dads sole carer for the past 10 yrs..Yet my family still expect me to smile my way through it and let them sit there ridiculing me..
Question by mdass41: Drowning in Credit Card Debt?
I have never had a late payment, telephone calls or anything. I am a spender and after my Mom passed I used shopping as therapy. Now I am in debt upto my eyeballs. How can I get REAL help. I have no equity in our house, and with the unsecured debt I have no chance of a loan at a bank at a reasonable interest rate. Is there any help out there. I make good money, as does my husband, we just see no end to this mess, and I will not go bankrupt…..ANY HELP would be greatly appreciated.
Excuse me B by saying I WILL NOT go bankrupt, means I know I accrued this debt and I will NOT have other people suck up my poor judgement. You answer was rude, I am not being pompus, youare!
Answer by rennickelizabe go and see your local citizens advice office and see if they can help as they may get you on to a debt management plan and see if that will at least give you a repreive of sorts and lower payment s each month
Question by Becksterincali: Im a single mom drowning in credit card debt. please, I need advice!?
Im in about 18,000 dollars in debt, my payments are about 450 a month in minimum payments. I make 8 dollars and hour raising a 15 yr old daughter. I no longer purchase anything on the cards, I just want to pay it off. i am despartley afriad of my credit being ruined because I dont have any social security or any income for when Im older, and all Ill have is my credit. Ive never been late on paying, but my card payments have come first before gas money and food. Im so scared and drained. Should I just consolidate and pay whatever I can…or should I keep struggling and paying them first and pray I make it till they are paid off? Right now my income is less than my bills and im just drowning more and more. Ive always been proud of paying my cards on time and in full…but in the long run its effecting my rent, food, bills….The reason the amount got so high was that I was out of work and it was put the rent on the cards or become homeless. What can I do?
Answer by zyberianwarrior credit counseling do it as soon as you read this.
Question by joedirt226: Drowning in debt, don’t know how to get out.?
We currently have around $ 20,000 in credit card debt and pay any more than the minimums. We have never been late on any of our credit cards or loans, but we have very little money left after we pay all of our bills and living expenses and know we are way in over our head. We do not use credit cards anymore, so we are not accumulating new debt. We already have a home equity line of credit and cannot afford a higher payment to consolidate our debt into another mortgage. I am 30 years old and have a 401k, should I cash it out to get out of debt? Paying off credit cards and a small auto loan would free up almost $ 700/mo in cash flow. We are stressed out and do not know what to do.
Answer by CatDad Contact your local Red Cross for a referral to the local Consumer Credit Counseling Services (CCCS). They can negotiate reduced interest and payments. They can usually negotiate your monthly payments down to 2% of your total outstanding balance…which inf your case would be $ 400/month.
Stay away from any “debt consolidation” company that promises to cut your debt in half through debt settlement….This is a risky tactic of deliberately ceasing all payments to creditors and forcing your accounts into default to attempt settlements. You can never predict how your creditors will respond to the deliberate defaulting of your accounts…they might settle at 50%…or they might serve you a summons, take you to court…and if they win, you could be looking at wage garnishment. Many people who sign up with “debt consolidation” firms incorrectly assume that they have the power to force your creditors to accept settlements…they don’t.
Question by Loudmouth: Being drowned by debt, is bankruptcy worth it or are there other smarter options?
I have $ 14,000 in credit card debt and would like to know what my options are. I’m struggling to make the minimum payments and now I’m having to skip some bills to pay bigger ones. I’m thinking about filing bankruptcy and am aware of the consequences of it such as crashing my credit score and whatnot. But are there smarter options such as debt counseling or debt consolidation, or what is the smartest choice to go with to try and avoid bankruptcy? Hopefully someone who’s gone through this can give some input. Any and all input is welcome though. Thanks.
Answer by Young Fortune 500 There is no easy answer to this without anymore info such as your age, your assets, are you a homeowner, etc. Also, we would need to know your income and expenses to figure out if you could actually pay this debt back.
To give you a general answer, I couldn’t imagine 7+ years of no credit over such a tiny debt? If you are having issues paying minimum, than maybe your interest rate is very high. Do you have anything you can use to offset this debt such as car loan or home equity loan?
Are you also doing all you can to improve situation? Such as packing a lunch to work instead if eating out, buy luxury items you can’t afford, drive a car beyond your means and unwilling to trade it in for cheap car?
Bankruptcy will make your life miserable and should be last resort. Imagine all the things you use credit for that you can’t do: buy a house, connect utilities without hefty deposit, have a cell phone account as opposed to prepay, etc.
I personally was $ 48k in debt when I was 22 and about to go into medical school, I got my realtors license to get more income over just my 2 other jobs and did so well that I not only paid off my debt within 2 years, I also decided to go into real estate and turn down medical school. I made my first million by age 26. If I had filed banruptcy, instead of taking delivery of my Ferrari F360, I would have had another 2 years of waiting just to not have a prepay cell phone, instead I built my current home from savings at 28 and have no mortgage or car loans. The moral of the story was I decided to work a 3rd job and deal with the debt as opposed to throwing away 7 years of credit.