Advise on credit card debt situation

iVillage Member
Registered: 10-28-2006
Advise on credit card debt situation
5
Wed, 12-29-2010 - 10:32pm

Hello

I am seeking advice on my situation.

Community Leader
Registered: 07-26-1999
Thu, 12-30-2010 - 11:33pm
At this point, you have a few different options. One would obviously be to file bankruptcy, especially if you don't see your situation improving any time soon and if they begin suing you for the balances. Another option is to start saving up all the money you have to pay towards this debt and then when you have a decent amount saved up, contact the one you owe the smallest balance to and offer a settlement of that debt. Say you owe the smallest one $1500 and you've saved up $1000. Call that one, tell them you have this much saved up and that's all, you'd like to know if they are willing to take that amount in full to settle the debt. They can take it and you can be done with that one and start on the next one, or they can refuse, and you can tell them okay, I'll just check with my next creditor instead. You may also want to check on the Debt Support board, they may have more thoughts on how to trim your budget, increase your income etc. to help you tackle the debts one by one.
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iVillage Member
Registered: 01-06-2011
Thu, 01-06-2011 - 7:43pm

How to repair your debt!

If you in debt, I know a great credit repair company that helped me get out of debt. They charged me only $49.99. I couldnt believe it. I now own a $400,000 house and my credit score is over 800. The company name is: Nationwide Credit Consultants. You can find them at http://www.750creditrepair.com

iVillage Member
Registered: 10-01-2008
Mon, 01-17-2011 - 1:34pm
This is almost the exact situation I found myself in two years ago. I filed Chapter 13 BK and it was a decission I do not regret. You cannot put your head in the sand and magically make the cc debt go away. Believe me, I wish you could. I looked at it in this fashion. I wanted to keep my home and two vehicles to get DH & I back and forth to work. And by filing BK I accompolished just that. I'm two years into a five year payment plan. I started out with $125,000 and now our BK balance is down to $81,000 and ALL the stress is G O N E .....gone. Hope you find a solution soon.

Norma


"Patience is the best remedy for every trouble"- Plautus


Community Leader
Registered: 03-17-2003
Wed, 01-26-2011 - 8:23pm

Hi Jeannie,

Welcome to the board.

iVillage Member
Registered: 11-28-1999
Thu, 01-27-2011 - 4:09pm

You might also be able to file chapter 7 bankruptcy--it depends on how much equity you have in your house and the laws in your state.