Essential Steps to Discussing Unsecured Debt

In case you are obligated to pay income from a financial institution, there are lots of ways through which you could possibly work out your debt. In the event you act quick, you possibly will not be forced to pay a destructive volume. Bear in mind that the longer you dismiss your credit card debt, the greater the fees is going to be. There are debt negotiation firms that one could get in touch with. They could assist work out your personal credit card debt and even reduced just how much that you’re obliged to cover. If you need to get it done all on your own, it is possible to follow the methods provided under.

In depth Strategy to Personal Credit Card Debt Settlement

Stage 1

Should you be still paying your credit cards, stop without delay. This may surely influence to your credit rating but this is very important if you would like debt negotiation. Your credit card firm won’t be ready to work out together with you should you be presently having to pay punctually. When they really feel that you’ll quit paying, you have a even bigger opportunity within the settlement.

Phase 2

Hold out no less than ninety days before you make a deal. Generally, avoid discussing following the 6th 30 days starting up at the time you halted having to pay. This is because the corporation might have by now marketed your account with a series organization. If this describes what went down, you can no longer make a deal with your lender.

Stage 3

Send the corporation a proposal relating to debt consolidation. This could be through telephone additionally, you can record. Quite often, rogues works better. Just be sure you point out just how much that you’re willing to shell out. The amount should be in lump sum since most lenders will be more eager to trust you with this style of settlement. Generally, the one time negotiation may go from 30 to 60Percent of the exact amount you borrowed from.

Phase 4

Before you decide to give the amount, you should have the get the mediation written. The written contract needs to have the amount that you can shell out. It should also be crystal clear that this is a arrangement for the total personal debt.

Stage 5

Commence paying the agreed quantity. It’s a good idea in the event you mail the payment by means of income get or perhaps a check. You ought not provide the firm usage of your. This might be simpler in case you are extremely occupied that you cannot monitor your repayments. Even so, you’re offering your financial institution an excessive amount of entry, which is not advisable.

Important Thing to remember

If you decide to contact your standard bank or collector, make certain you are speaking with the director. Frequently, these are only ones that are certified to negotiate financial debt. Note that once you begin discussing, this can have an effect on your credit rating within a poor way.

You can find managing debt applications which help you make a deal while using collector. The business you choose should be connected with the Connection of Self-sufficient Credit Guidance or even the Countrywide Base for Credit Guidance. The difficult portion here’s you are forced to close all your credit card company accounts mixed up in system. This will likely harm your standing, however it is superior to declaring bankruptcy in case you are concerned about your rating.

92 Comments

  1. Terry /

    I currently have around 10,000.00 dollars of credit card debt on three different cards. I am paying 29.99% on two of them, and 22.99% on the other one.

    I have tried to get a card with a better rate to transfer my balances to, but the issuers won’t give me one because I am using so much of my available credit now. I have not had any late payments on my credit accounts, tho.

    Should I try to get a home equity loan to pay off the cards, or is that a bad idea, too?

    I know that I got myself in this situation, and I am wholly responsible. I do not feel right about declaring bankruptcy, but really want to get out of debt somehow.

    If I am unable to get a lower rate, then I don’t see a way to rid myself of the debt. Any advice?

  2. Terry /

    I owe about $12,000 in credit card debt and I wanted to make that my year’s goal to pay it off, but a lot of the websites I find require that you own a home, or charge a huge interest for someone to “negotiate” with your creditors to bring down interest. Does anyone know of a good resource where I can just consolidate the debt and make one reasonable payment?

  3. Ching /

    I live in the State of Georgia and am being sued over an old credit card that I defaulted on. It has been more than 4 years but less than 6 years since the date of default, so depending on whether credit card debt is considered an open account or a written contract in the State of Georgia, the Statute of Limitations may or may not apply. The Staute of Limitations is 4 years for open accounts and 6 years for written contracts. Does anyone know for certain which type applies for credit card debt in Georgia? The account is with Citibank MasterCard and was opened in the late 80’s or early 90’s. Thanks.

  4. Noe /

    I’m 26 years old, I make about 50k a year and I want to start thinking about buying a house. What should I do with this nagging credit card debt? Aside from car payments, the only other debt I have is $5,000 on one of my credit cards. Can I think about saving for a house, or should I pay it off before I even consider it? Thanks.

  5. Lina /

    Can a person be held accountable for a credit card debt that hasn’t been touched for over 12 years?

  6. I have no credit card debt. I am starting to realize that I am in the minority. (I do have student loan debt). As far as credit card debt, I appear to be in the minority. In your opinion, How many Americans have credit card debt?

  7. Edison /

    Just had a major surgery and racked up some major credit card debt while being out of work. Just looking to see where I could start now that I am going back to work.

  8. Is the Statute of Limitations on credit card debt, determined by the state you currently live in or where the debt originated?

    I have a debt that I stopped paying on in Jan 2002. I acquired the debt while living in Texas and stopped paying it while living in Texas. My husband is military so we have lived in Missouri for the past 4 years.

    The SOL for TX is 4 years for open accounts (credit cards) and for MO it is 5 years. Either way, the SOL has run out on this debt, however I am still wondering which would apply to us since we are military? We claim TX as our home/residence.

    Thanks!
    This debt was sold to a debt collector years ago.

    I have known others that have written cease and desist letters so I am not so sure that SOL on card debt is a “myth”.

  9. Kerry /

    I am in search of a company or method that will allow me to settle or consolidate my credit card debt. I have researched some companys but I am not sure what is real or a scam. Fidelity debt solutions is one of them. Has anyone had any luck with any of the debt consolidation programs or debt settling programs? Let me know. I need help.

  10. Arthur /

    I own a house and I have $12k credit card debt and want to refi or line of equity on the house to purchase a second investment home. Would it be wise to do that or should I pay off CC first and purchase a second home?

  11. Darwin /

    I will be graduating soon with about 20k in student loans. I also have about 10k in credit card debt. Is there any way to lump it all together?

  12. Kera /

    I have some credit card debt (ranging from 1k-4k) that I want to settle on. I haven’t paid a dime in about 2 years, so I should be able to get pretty low. The only problem is that I want to settle ASAP. I’ve heard people say you can settle for 30% of what you owe. I was thinking of a 40% settlement offer so make it quick and easy without having to negotiate back and forth. Any other info will help. Thanks!

  13. Lettie /

    Looking to pay off approximately $40,000 in credit card debt accumulated over approximately 8 years while supporting a parent. My salary is good and all debt is kept current.I own a home but with little equity due to the current market. Which loan/solution is the best?

  14. Matha /

    I’m doing a persuasive speech on why people should pay off their credit card debt, but first i need to know how people feel when they have the debt. THANK YOU :)

  15. Scott /

    I am in the process of selling my home. I have an outstanding credit card debt judgment that is being levied against the sell of my home. Is this lawful? Is there anything that I can do to stop this from happening? The credit card debt is over $14,000. I do intend to pay the credit card off but do not want it taken from the sell of my home.

  16. Parthenia /

    Or maybe a combination of both? I have approximately $3500 in credit card debt and am making double minimum payments on that debt. My question is should I make minimum payments and put the rest into investments or keep doing what i am doing.

  17. Carmelo /

    I have A LOT of credit card debt from opening a business and having to sell it in one year because of family responsibilities. Saw a bankruptcy attorney, but the options don’t seem to work for me as there’s no way I could ever pay off these debts.
    I know it’s very immoral, but what will actually happen if I just stop paying on them? I know I’ll be inendated with phone calls and lose my good credit standing, but can they attach my bank account or any other asset?

  18. Taren /

    My fiancee and I have approximately $30,000 in credit card debt (mostly his). He thinks that we should pay off all that debt and put a smaller down payment down on a home, rather than using all our money for the down payment. I argued that we should not worry TOO much about the credit card debt and take care of it another way, such as re-financing our mortgage in several years and using that cash to pay off the credit card debt (since the interest rate would be much lower). Any suggestions?

  19. Tori /

    My mom has 2 credit cards that are maxed out at a balance of $15,000 each. My mom gets letters in the mail about how her estimated debt is $30,000 and that they can help. Sometimes phone calls even come about this. How do settlement companies find out about this credit card debt amount?

  20. Claire /

    What happens to credit card debt when one’s parents pass away in the event that they do not have an estate, BUT the children do have an estate (real estate, etc)?

    Morbid, but just wondering.

  21. Pierre /

    I’m 23 years old, a student, and physically becoming ill due to the amount of stress I have between school and work, in which I still struggle to pay my credit card bills. What is the step by step legal way of settling my credit card debt? I understand the ramifications that my credit report will suffer, but my debt to income ratio is already too high to get any loans or credit anyway (student loans). What is the worst that can happen? Are there any companies that help students in my situation? Thank you.

  22. Porfirio /

    Just wondering what the average is. My husband tells me everyone has debt, and I can understand my house and my car, but what is your credit card debt?

  23. Ernesto /

    I have about 25K in credit card debt. I am planning to buy a 540K house. Currently I have great credit, is it possible to add my credit card debt into the home loan in order to make it a single monthly payment. What is the loan program called? I am shooting for 5 yr. ARM. Me and my wife plan to live there for about 3-4 yrs.
    To add I mean to pay off my credit cards with the home loan.

  24. German /

    I was recently terminated from my job in July and am having difficulty finding a new one, but in the meantime I have about $25K in credit card debt and not able to make payments. A credit counselor suggested bankruptcy, but I know the consequences of such action. However, without a job I have no money and I do plan to get one as soon as possible. So please don’t tell me to get a job, I already know that and doing everything I can by applying for many different positions. But given my current situation, is bankruptcy my only choice and is it better to do when you are unemployed or have a job? I have also already tried to contact the creditors to negotiate the terms, but no luck since my credit is in such bad shape. Any suggestions?
    I forgot to add something…will filing bankruptcy hurt my chances of getting hired for another job?

  25. Alysha /

    I have 8,500 in credit card debt and about 15,000 or more in my 401k. I’d like to know if it would be a smart idea to take a loan against my 401k to pay off my credit card debt, that way there would only be one payment and it would be much lower. I’d also like to mention that i’m only 24 and won’t be retiring any time soon.

  26. Dustin /

    I have about $50000 in credit card debt and as of now have a excellent credit history. I just got laid off and there is no way i can pay my minimum payments. I know filing for bankruptcy is one option but is there other options. Paying is not an option.

  27. Elvis /

    I am currently struggling to pay off my credit card debt (Approximately $4000). My interests rate ranges from high to low on 5 different cards. I have been only making the minimum payments recently and my credit score is in the mid 700s. Would I be better off keeping all of my debt separate and trying to pay more than the minimum every month or should i combine all my debt into one loan that i can make 100+ payments a month with low interest?

    Thank you for the responses!

  28. Wayne /

    I have racked up about $10,000 in credit card debt stemming from college and medical expenses. What is my best option as I am still a student and working with a very limited budget? Are there hidden catches to debt consolidation companies; if so what?
    What is the best way to negotiate with creditors to lower the debt?

  29. Fidel /

    What is the best solution for credit card debt?
    I am way in over my head, I have 6 credit cards and I’m over $40,000 in debt. I have tried to take out a loan at the bank to consolidate but i got turned down. I need HELP!

  30. Marinda /

    I have some credit card debt, it’s not to much compared to other people. Like, i would say, a couple thousand. I wanted to know if there were organizations out there that would help me negotiate with collections to lower my debt. That way i could just pay it off in full.

  31. Brant /

    I have about 25K in credit card debt. I am planning to buy a 540K house. Currently I have great credit, is it possible to add my credit card debt into the home loan in order to make it a single monthly payment. What is the loan program called? I am shooting for 5 yr. ARM. Me and my wife plan to live there for about 3-4 yrs.

  32. Hi All. I’m a recent college grad who is fairly new to the workforce and is ready to get rid of her credit card debt!! I was fortunate enought not to borrow much in student loans (a total of about $9,000), however by grad time I owed about 9 thousand in credit card debt. Now I am ready to get rid of this burden. I know that this sounds horrible, but my situation was very different than that of the average student. I am a mother and was raising my daughter the whole time during college. Instead of working full time I focused on my studies and only worked part time. Needless to say this made everything harder but in the end it was worth it. Also, I’m not looking for an overnight solution. It took me six years to accumulate this debt so I know it wont disappera overnight. I’m just looking for the best way to go about it. Please help!

  33. Billie /

    I have about 30K in credit card debt and I have good credit. My payments are about $800.00 a month and I want to eliminate my debt fast. Should I consolidate my credit card debt, or will that ruin my credit? I appreciate your help.

  34. Billie /

    My dad is ill, was just diagnosed with lung cancer. He and my mom own a small grocery store, sole proprietership but they also owe a lot in credit card debt (roughtly $120,000.00). The only obligation to the store are the lease and utilty bills and their home is paid off (worth approx. $150,000.00), store may be worth $50,000.00-$70,000.00. If something were to happen to my dad and he wills the home and the grocery store to me but my mom can’t pay off their credit card debt they owe, will I lose the home and the store still? Any advice would be helpful? What other things can they do to keep from losing the home and the store because there is no way my mom can pay off the credit card bills?

  35. Nakita /

    I want to get out of credit card debt. I’m in college, but am working. I have several cards that are at their limits, and have used most of my savings trying to pay the interest each month. I probably have a total of $5000 in debt, and while I make around $8000-10000 a year, I do have other expenses to pay. What are my options?

  36. Marianela /

    I’m searching for a web site or phone number to get free legal advice for credit card debt. I need a place that will give me an immediate answer. Thanks for your help.

  37. Kerry /

    I recently had to defer my salary at my job for an extended period and cannot afford to pay my credit card debt. What should I do? A friend advised me to not make the next payments and negotiate with credit card companies on the debt. Is this wise? Would you advise I do something else? Thank you.

  38. Felipa /

    I have a credit card debt of about 7 hundred dollars. I have money saved of about 5 thousand. I am wondering if I should pay it off from the money saved or just continue to pay it from my paychecks. I am afriad that by touching the money saved to pay it I will be tempted to continue spending this money. I also thought about restoring the money that I spend from the saved if I do use it. Is it easy to restore saved money?

  39. I have $40,000 in credit card debt. I can put my student loans in forbearance for 3 years. Should I do this to pay off my credit card debt?

  40. Kimberli /

    I will be going to court in a couple of days for a 5,000 credit card debt. I wanted to know what the best thing for me to do is. I want this to go away and want to settle for 2-3k at the most. What are things I should request if I want to settle? And what are things I should not agree to under any circumstances? I want to go to court prepared and not confused as to what I should be doing. Thanks for any help on the matter.

  41. Noemi /

    I am thinking about negotiating my own credit card debt. I would actually just like to pay the amount I actually used which was about doubled in interest and late fees. In fact in a few cases the amount of fees is more than the actual amount of credit I used. Anyone ever go at it alone any tips tricks?

  42. Pamala /

    Any tips, suggestions, ideas to help pay off credit card debt in which so many Americans get themselves in.

    I have a debt of about just $1300 which was about $2000 in the summer, I’m currently working and paying more than the minimum. Is it better just to pay the minimum, set the aside money each month then pay off the whole thing?

  43. Jarred /

    I had a large amount of credit card debt for a couple years. I never missed payments or anything, and I now am debt-free (as of the past couple months). In 3-4 months, if I were to get my credit scores run for a home loan, will my past debt (which is paid off and never was late with payments or anything) keep my scores low?

  44. Cheri /

    I am having doubt about the credit card debt of a person. My uncle passed away but he is having credit card debt. Who is responsible for that debt?

  45. Robert /

    Say somebody has X amount of credit card debt, then they die but still have that debt to the credit card company outstanding, what happens? Does the company have to write it off as bad debt or ? Perhaps the company can hit up that person’s estate. But let me pose another question then – what if that person’s estate does not have enough money to cover that credit card debt.

  46. Eveline /

    I will be able to pay off a $1400 credit card debt soon. I want my credit improved afterwords. Is there anything I can do to keep it from going down afterwards? I’ve heard of this happening.
    This is a charged off debt that has changed hands several times because of companies merging. I no longer have an actual card.

  47. Teena /

    Im doing a report on Credit Card Debt and there isnt much about the direct effects of being in credit card debt.

    I know bankruptcy is an effect but what else can happen?

  48. Gayle /

    Assume $8,000 credit card debt. Should I pay off cards first? I have a very high credit score due to paying off two new cars (long story).
    I’m currently paying them down. Just didn’t know whether I should even try to save for the down payment or put 100% into paying them down. I have about 1200 a month extra to “play” with. I want to fix all this college-time debt in case our economy heads into a recession.

  49. Rocio /

    I am planning to consolidate about $4000 in credit card debt by personal loan. What are the best lenders to approach?

  50. Dione /

    I have looked and looked.
    But all I get is tax and governement spending.

    Credit card debt stats are easy to find.
    You can find by income levels, by states, by cities, by nationalities, race,
    just about everything.

    But with this I cannot find a single thing.
    Help me – what sould I type in google to search for this info?
    Typing Credit Card Debt Republicans vs. Democrats is not helping me.

  51. Nolan /

    I had never really thought about this before, but how do people run up thousands of dollars of credit card debt when every card has a credit limit? Do they just have really high credit limits or have many different credit cards?

  52. Terresa /

    I have a good credit score, last time I checked about 6 months ago it was about 720-730. Recently I have acquired a big credit card debt, about $9,000 on one credit card (with a limit of $10,000) and about $3,000 on another one (with a limit of $5,000) for many different personal reasons. After the whole spending money ordeal was over, I was left with all this debt on my credit cards. Since then, I have cut back on all unnecessary spending, besides the obvious things like food, gas, etc. I have never been late on payments and have never been over the credit limit. I Also try to pay an extra hundred bucks on top of the minimum payment due when I can. Are there any good ideas on how to consolidate these two credit card debts and help me out with all this? Thanks!

  53. Say you earn 1000 and have to pay 1050 for your credit card debt. You have to rely on your credit cards ( again ) for those extra 50 and for your monthly expenses.
    What should a person with this problem do?
    Would it be ok to take a loan?

    Finance gurus like David Bach say to pay the highest rate card first, but what should you do if you can’t?

    Thanks ¡¡¡¡

  54. Porfirio /

    In addition to my student loans, I also racked up some credit card debt while in school. I know its probably a long shot, but can you place that in when you consolidate? Just wondering. Thanks

  55. Jacquline /

    I currently have around $40k of unsecured credit card debt. I am trying to do the right thing and pay them off.

    I just wanted to know in the event I cannot pay it off at all, what would happen besides my credit score being hurt? I know in the event I cannot pay off secured debt like a mortgage they can take my house away, however any consequences for unsecured credit card debt besides my credit getting trashed?

    thank you in advance for your time.

  56. Anderson /

    I’m a 24 year old single mom of one….I do not live above my means in any way yet we usually don’t even make it paycheck to paycheck. It is so frustrating not being able to just do….needing an oil change is a struggle nevermind my son wanting to do tae kwon do. I see so many people that have so much more but make around the same amount of $ and it makes me want to just go ahead and build some credit card debt. I’ll die owing somebody something, right? I’m not the type of person that would splurge on nonesense, I would use it when I can’t make it to pay daycare instead of going to my mom is trying to prepare for retirement next year. I feel like I will never get ahead otherwise….is it really that terrible to have some credit card debt at a young age. Any advice would be most appreciated.

  57. If your parent dies what will happen to their credit card debts? Will the children have to pay it off? Plus their parent will In Canada now but has a two credit cards in the Niagara Falls, New York.

    Thanks!

  58. Marcelino /

    I have over 10 thousands dollars in credit cards debts, with high APR. What is the best and most efficient way to condense them and pay lower APR and small monthly payments. I know about the transfer to different cards for 12 months of free APR but it takes 6 month of having the credit card, only than they’ll transfer your balance.

  59. Shalon /

    I have enough in my 401k and i need to consolidate credit card debts which would require all of it after taxes and penalties, but could to pay off all the credit cards! Which is better route, refinancing or 401K debt consolidation loan?

  60. Christia /

    I am on a budget, successfully last two years. Before then, we racked up nearly $9000 total in credit card debt on five cards. (home repairs, stuff). We have paid our credit cards on time, and have NO credit cards now. My problem, I am aggravated. Before my budget, I was late paying on two cards , and all cards jacked my rates to nearly 30%. So, even paying on time the last two years, the companies still deem me ‘risky’ since I only pay minumum. I still owe $9000!! I asked for a payoff amount, since half of what is owed is interest and penelties. They all say no, nor will they reduce the interest rate. (heck, they have a gold mine with me!) Anyone have luck with a letter asking creditors to take a lower payoff amount ?? I am caring for an ill son so i can’t work, and my husband’s job cut back so we are getting half of what we were earning. I don’t want to do debt consolidation, since they tend to be a scam. If I can’t negotiate a lower payoff amount, how can they?

  61. Karlyn /

    I live paycheck to paycheck, if i could knock out some credit card debt I would have more money to do the things I want. What is that fastest way to knock some of my debt down, so that I can actually save some money and enjoy life a little more?

  62. My husband and I are currently trying to get out of debt, and in doing so I have found a credit card balance transfer rate that is at 0% instead of the 29.99% we are being charged currently. This is our only credit card but we currently do not have the greatest credit but are on track to resolve our debt issue. My question is this. I called our current credit card company and told them that I will switch out the card to another company because they offer a much lower apr as to better assist us to get out of debt. She said that they do not allow that and also will not give us a lowe rate. How is this possible? I understand that they are not in the business to get you out of debt but to only keep you paying them the most amount of money possible but can they acutally allow you to not transfer the balance? Thank you in advance and only serious answers please.
    Thanks so much, Catdad, Great advice.
    I am not blaming the credit card company for my debt. I am simply stating that I am trying to get out of debt, so chill out. We don’t even have that much debt as it is less than 2000 so chill out.
    Another thing, Rebecca, people neogotiate salary all of the time. IN FACT, I did just that over a year ago. I went in and told them to give me more money or I was leaving. You can do the same with credit card companies you just have to know which buttons to push.

  63. Natasha /

    I currently have 1 credit card that my minimum payment of $170 and $100 of it is finance charges. How much do I need to pay so I can finally start seeing the difference. I would like for the finance charges to be siginficantly less so when I do make a big payment my balance actually lowers. Any advise?

  64. Gambler caused 135k worth of credit card debt. Is in ga now and in therapy. I don’t want to get in deeper trying to fix this? what is the best direction to go from here.

  65. i have 40000 dollars in credit card debt and no job no income what do i do?????????!!!!!!!!!!!!!!!!!!!!!

  66. I have a single credit card from Chase (visa). i am maxed out on it with a current debt of $1515. i am a graduate student and the research funds for my project ran out this jan (2009) and therefore no real income since then. at that time i had a debt of $700. emergency expenditures and a further limit increase to $1500 piled my debt. i have tried to pay it off periodically but now i have absolutely no cash influx. i ask my dad for my rent and general expenses. i didnt want to burden him with this and havent told him anything.so right now my balance/debt is constant at ~$1500. what do i do? any help?
    thanks for the answers. i know the obvious answer is to get a job.believe me,i have tried. but being an intl student doesnt open a lot of doors…i was also wondering how bad this big debt would be…as a few mentioned,it might not be a lot but its still quite a substantial amount…i wanted to know what is the impact of this,being unfamiliar with the credit score system.my accounts show $1515 outstanding balance. is this with or without interest charges?

  67. I got 2 credit cards and owe about $7,000 for both of them. It doesn’t seem like much but I was young and stupid when I signed up for these cards and the interest rates for them are super high! I’m paying l;ike close to $100 in interest monthly for both of them. Even if I pay the monthly payments the balance still wont go down! I want to get a loan to pay off my credit card debt. In the long run, I’ll save money, any ideas where I get get such a loan?

  68. Tracie /

    I have about $6,000 of debt from credit cards spread over about 5 different cards. I would like to have it ALL on one bill. Should I consolidate it? What do you think my best bet is? ( I always pay over the minimum amount due, by the way.)

  69. Eugene /

    So, I have about $3,500 in credit card debt. What’s the best way to pay it off?

    Does anyone have any experience with those debt consolidation services seen on TV?

  70. It seems that most people have some amount of credit card debt these days and I was just wondering if more people acquire it trying to buy something necessary (i.e. education, car, house) or something unneccessary (i.e. alcohol, clothing, etc.).

    Another words can credit cards actually be beneficial in the long run even though they cause you to rack up a crazy amount of debt?

  71. Im 10,000 in debt should i consolidate? Will it give me bad credit???I always make payments on time so credit is okay but i stretch every penny

  72. Eveline /

    I’m 24 and desperatley need to start paying of my credit card debt. I have tried to consolidate my cards though had no luck as my debt is to big on each card for me to merge them together.

    Basically my debt is as follows:

    St George Mastercard – Owe $5,600
    Bank West Mastercard – Owe $5,800
    Citibank Visa Card – Owe $9,230
    NAB Visa Card – Owe $8,960
    Myer Store Card – Owe $1,300

    There all 95%-98%maxed out.

    Although i also pay $2200 a month in rent, (and my income per month is only $2600). I have a total of another $600 that is charged on my cards every month for contracts that i cant get out of (such as furniture rentals etc).

    The interest + insurance on each card is around $130-$180 per month per card so again its around another $450 per month just to meet the insurance and debt.

    I paid almost $2000 as a whole to my cards last month, and its already gone right back down again, so i’m currently thinking either declaring bankruptcy or just letting my cards run down to $0 to force the banks to stop charging interest.

    Is there any company who can buy your debt of you? as i dont want to pay the banks back, they have already charge me enough in usless insurance, late payment fees and interest to get any favours from me.

  73. currently I have about Rs.35000 Credit Card Debt. My monthly salary is Rs.15000/- and monthly expenses around Rs.10000/-. I want to pay the credit card debt at the earliest. Any tips?

  74. I recently received a letter from the court requesting that I pay my outstanding credit card debt from a few years ago. A couple of days later, I received a call from a Lawyer demanding that I pay the debt immediatly. I currently don’t have the funds to pay the debt in full and have been informed that they will be charging me 9% interest each day on the full balance. Does anybody know what my options are?

    Thanks!

  75. Has any one ever used a consolidation company for credit card debt? Dose it hurt your credit? How does it work anyone know?

  76. I have two credit card that has a total of $19,000 debt with a crazy APR of 24%. I got an offer from another creadit card company that’s offering a personal loan up to 35K with an APR of %7.99. Should I go ahead and consolidate my two CC debt and get the low APR personal loan? Would getting another loan decrease my creditt score? Thanks.
    By the way, this is not an offer from a credit card consolidation co. It’s from Capital One offering a personal loan w 7.99APR for the life of the loan.

  77. Cecille /

    I always avoided credit card debt. I own a home and I like to save money. i’m 27 and single and all my girlfriends go nuts with credit cards. I fell into the trap a little bit and now I have $4,000 debt. Is this good for my credit or should i just do what I can to just pay it off right away?

  78. if a person loses a job, gets laid off, then paying for food, rent, etc becomes priority, and a credit card debt goes to the bottom of the list, my question: can a person go to court and try to cancel the debt through a court order? given the circunstance of being out of work?
    thanks,

  79. My friend is $7,000 in credit card debt. the good thing is that she has the cash to pay it all off. She wants to pay off all the debt and CLOSE her 5 credit card accounts. Will this hurt her credit long term? Her score is 600 right now. She knows you should keep them open because it looks better but she doesnt want to. She thinks her credit will go down 3-5 points per closed account but how long before it springs back up?

  80. If you have credit cards debt in the USA of about $20,000 and you are NOT a USA citizen and you move back to your country (England). What can happen in your opinion, I know the credit cards are unsecured debt. Can they chase you to another country (interpol) or is it just a bad debt? Do you think this will make a problem if I want to come back into the USA as a tourist in the future?

  81. I am on a budget, successfully last two years. Before then, we racked up nearly $9000 total in credit card debt on five cards. (home repairs, stuff). We have paid our credit cards on time, and have NO credit cards now. My problem, I am aggravated. Before my budget, I was late paying on two cards , and all cards jacked my rates to nearly 30%. So, even paying on time the last two years, the companies still deem me ‘risky’ since I only pay minumum. I still owe $9000!! I asked for a payoff amount, since half of what is owed is interest and penelties. They all say no, nor will they reduce the interest rate. (heck, they have a gold mine with me!) Anyone have luck with a letter asking creditors to take a lower payoff amount ?? I am caring for an ill son so i can’t work, and my husband’s job cut back so we are getting half of what we were earning. I don’t want to do debt consolidation, since they tend to be a scam. If I can’t negotiate a lower payoff amount, how can they?

  82. I have a credit card (my first and my last) and was gonna take a dip in the debt pool to see what all the fuss was about. A few months later, I was at the limit, and when I hit the limit the introductory 0% went away and they went to putting interest on it causing me to pay overage fees. Now I’m caught in their debt-loop here paying the minimum payment (which I know I should pay way more if I ever get it). What is the best way to get out of this credit card debt and get them out of my hair? Anyone with great experience on this or any experience at all is most welcome to answer. I want to weigh all possibilities for my life’s situations.

  83. Malcolm /

    If I stop paying on credit cards will they put a lein on my home? I can not afford the payments anymore and they are to high to consolidate?

  84. Is it possible to get 0% APR from the credit card company forever and ask them for a fixed and low monthly payments?

  85. Here’s my situation: I have 3 maxed out credit cards totaling 35K (all debt to help a friend in need) and 60K of currently deferred grad school payments. I still have good/decent credit because my wonderful parents put me as an authorized user for all their cards since I was 10. I can’t thank them enough. Also, never had one delinquent, etc. The 0% on the cards have now expired and in pretty high rates.

    I’m a full-time student and work full-time, but can’t show income because only been working two months and it’s a commission-based job. On track right now to make over 120K this year, but can’t work for the next month and need a credit line or free up one of the cards asap.

    Can I move all CC debt into one account? What’s the deal with debt consolidation-will it affect my credit score? needed? How about yet another credit card? Any other companies that will see the maxed-out high limit cards and not freak? Any options being a student?
    Creativity welcome :-)
    Thanks in advance, Sam

  86. I have 10 credit card and maybe about 3.6K in debt and I have HIGH APR’s on almost all of them and a annual fee on one. My FICO is 657 and I’m wondering if I can open a Citibank credit card with 0%APR for 18months and transfer all that debt on there? I have no idea how to do that or if that’s even possible… I literally am very ignorant and lost and would appreciate all the help I can get.
    I’m sorry I didn’t ask that question properly… am I able to actually transfer all that debt to that one credit card… like if I’m approved, of course lol, can I transfer all that debt?

  87. I am a student looking to get out of credit card debt. Between two cards I owe about $15,000, basically from spending about 2 years w/ shaky employment and reckless youthful spending.

    Right now I am working steadily at a job I love, albeit low paying and not enough hours to make a good amount of money. I am in school getting a supplemental associates degree to the BA I already have, which will hopefully help me to get a stable professional job w/in a few years.

    I would just like to know what my best options are right now, as far as credit counseling, debt consolidation, etc. I really know very little about all of this and got in way over my head in a short period of time and want to work my way out.

    I’ve been making minimum payments on my two cards and watching them go up and up each month to the point where I am spending nearly half of each paycheck paying the cards.

    One is maxed out and the other is close, and I only use them for gas and sometimes groceries at this point.

    Please, I just need lower monthly payments to make life a little more bearable, and so I don’t fear the monthly increase. I want to pay this back and am willing to do the work, but right now they are just asking for more than I can handle! Any help, any ideas? Please I am desperate, afraid, and can’t sleep at night anymore. Please help!

  88. what are the laws on credit card debt if the card is in one spouse name only and that person dies is the other spouse liable for the bill?

  89. I have about 7 grand in credit card debt :( What are the best steps to take to get out of it? Are there reputable non profit companies that can help me? Serious answers only please.

  90. Sherlyn /

    If a person is in several thousand pounds worth of credit card debt but that person dies, what happens to the debt?

  91. I have credit card debt in excess of $4000. Do the ads you see on TV for relieving one of credid card debt work? Or am I better suited to just pay it off?

  92. I read an article that the average person carries more than $5K in credit card debt… do you think this is financially healthy? Do you carry debt? More than $5K?
    I am glad to see I am not the only one that uses a card then pay it off each month.
    The only reason I use a card is to get airline miles
    Also, I carry no credit card debt but most of the people I know carry more than $5,000 in debt on their credit cards and only pay the min balance

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