I’m in deep credit card debt and can no longer hold the fort, should I do debt conslidation or bankruptcy?
I currently owe about $25,000 on 10 cards, I was paying them off with minimum paymetns until i missed a few payments (late fees, interest % to 29%) and now its getting worse and worse. I feel i can no longer keep up with this.
A friend of mine recommended me to do Incharge.org for debt consolidation, But I’m not sure because isnt it almost the same as bankruptcy since it’ll ruin my credit for the next 7 years and I still have to pay most of it back?
Another says I should file for bankruptcy. Which one do you recommend? I really don’t know what im going to do. How does bankruptcy work? I know that it’ll ruin my credit for the next 10 years, i won’t be able to buy a house a car or get a loan, but thats not what im worried about. If i file for chapter 7 bankruptcy, does that mean all my debt will be wiped off and i just have to deal with not being able to get credit for 10 years? is that all it is?
thanks alot for your answers.
thanks for your, but how do i file for chapter 7? just try to find a bankrupcty laywer? and i read that i have to qualify for chapter 7, what qualifies?
thanks
Brain
If take out a debt consolidation loan secured through your home will that affect if we try to refinance mortg?
needing to consolidate credit card debt. but would like to in future refinance home soon. will it cause a problem with refinance if secure with home?
Eldridge
Should I use a loan to payoff some credit card debt?
I currently owe approximately 10,000 in credit cards and an additional 30K in Student loans. I make my payments on time, though usually right at or slightly above the minimum. I received a pre approved loan (I assume debt consolidation) from citifinancial for 6000. I was curious to see if it was a good idea to use this loan to at least pay off my lower balance credit card debts and some of the largest one. My instincts tell me that I am robbing Peter to pay Paul, but it does sound enticing. Could I have the pros and cons of doing such a loan? Thanks.
Jamie
Debt Consolidation Loan w/ Horrible Credit?
Does anyone know of where I can get a debt consolidation loan with a score of 519? I have a decent monthly income now but I have so many different debts I can’t seem to get ahead. I’ve heard too many horror stories about debt management companies to try them and I don’t want to fill bankruptcy. Can anyone please help?
Bernardo
Getting out of high interest credit card debt?
We have a high balance on some high interest rate credit cards. We own our home…I am wondering if there is any tips or info on refinancing and including our credit card debt into the refinance or debt consolidation. I don’t know much about it. How much is normal to be charged for these things? What is a good trustworhy business to go through? What are my options? Am I just going to get myself into deeper debt?
Allen
What is the best debt consolidation service to use?
Im Looking at a lot of credit card debt and its beginning to become to much for me. What services if any are the best to use when looking to consolidate? Fyi im have about 7 different credit cards with some substancial amounts on them!!Help Please!
Shad
Is doing “nothing” better than declaring bankruptcy when can’t keep up with credit card/medical debt anymore?
Can’t even afford “debt consolidation” either since can’t afford monthly payment to have all debts paid off within a certain time frame…Have been heavily burdened and stressed trying to make minimum payments over the last six months and just can’t do it anymore! Is bankruptcy the best thing to do? I am pretty aware of the consequences of bankruptcy, so still wonder if doing “nothing” and just letting all the credit cards and medical bills slide into default is a viable or “better” solution…
Joe
Is a Debt consolidation/personal unsecured loan a good plan?
We currently have three auto loans and three credit card, making six payments going out each month. The average APR on all come to 11%. Some of the autos were used so the APR was not so great and the CC are from ages ago when our FICO wasn’t that great either.
Our FICO is in the high 700’s so getting approved for a HELOC or an unsecured personal loan wasn’t a problem.
The reason we don’t want the HELOC is that the houseing market isn’t that hot right now and we don’t want to max out our home loan.
So the other day we were approved for the full amount that we asked for but will end up using 92% of the amount we asked for.
The main reason is that I would like one payment for everything. That way I’m not shuffeling things around just to make the min. payment on things etc. And when the housing market pics up we could revisit the HELOC.
What do you think?
As far as the HELOC, we didn’t have enough in the house to take care of all the loans so it wasn’t going to work right now.
that’s good to know that you’ve done it before. I like the idea of the single payment. We just had another baby, that makes three kids under 4yrs. old and I’m responsible for paying the bills and I don’t want to ***** up our FICO by missing or making late payments. We will most likely do a HELOC when the appraisal of our property goes up. Twelve months ago it was worth 30K more then today, crazy.
we aren’t trying to borrow our way out of debt just trying to keep our great FICO score. A few times in the past a last and miss payment is what damaged our FICO more then anything. So with ONE auto payment to the bank that will keep our score great.
Being a SAHM isn’t easy but it can be a little hectic during Summer break, KWIM?
Harley
How serious is it to be $10,000 in credit card debt?
I make $32,000/year and have these monthly payments: $180 car (paid off in next two years), $900 house/utilities, $170 auto insurance, $180 credit card, $54 phone + Gas, groceries, etc.
How long will it take me to pay off my CC debt? Do I NEED to get a second/better paying job? Do any of those debt consolidation gimmicks work, or is the best strategy just good old fashioned tightening the belt and paying it down? Maybe I can win some game show and pay it down that way…Does anyone have a gameshow I can be on? I’ll eat a gold fish or worm…?
I’ve never bought a $5 latte at Starbucks in my life and I never will…
It’s all on ONE credit card
Sophia
Can you use a student debt consolidation loan for personal use?
I have researched online and am still not clear on how this works. I really need a personal loan to help out with some other bills and am no longer able to take my classes. I am now in deferrment on my federal loan and they don’t do credit checks or anything for a consolidation loan. Just curious.
Jerrold