I got a bill in the mail back in 1999 for a credit card that I never had. Collectors still call how

I have sent numerous letters of dispute and asked for proof of the debt. Proof has never been provided. About once a year a new collection agency gets it and annoys me for a while. I have filed a complaint with the credit reporting agencies, and I get the account off my credit report. Then it reappears about 6 months later?? I pay my bills on time and I refuse to pay this bill that isn%26#039;t mine. Isn%26#039;t there a statute of limitations?? The people that have called are just sleazy and they treat me like a criminal. I have asked them not to call me. I have never received any mail regarding this?? I have been threatened with legal action for a $1,000 balance?? How do I stop this??

I got a bill in the mail back in 1999 for a credit card that I never had. Collectors still call how do I stop

First, I don%26#039;t know what state your in but most credit card debt falls under open accounts and their SOL (statue of limitations) is 3-5 years. You need to check the sol in your state.

Second, considering the age of the account more than likely this is a junk debt buyer. You need to send them another DV (debt validation letter)along with a limited C%26amp;D (cease %26amp; desist (letter telling them to only contact you in writing)) by CMRRR (certified mail return receipt requested) so you have proof you have asked for validation.

Third, if the collector is reinserting the debt on your credit report without notifying you within 5 days they are violating FCRA.

I would would not advise calling anyone. It would be best to stay off the phone and make all contact via snail mail using CMRRR.

It is unlikely with the age of this account that they will sue. However, if they do, you may be able to use SOL as a defense. Under the FDCPA they cannot state actions, such as a lawsuit, will be taken against you, when such action legally may not be taken, or when they do not intend to take such action. Since odds are the debt is so old it they may not be able to sue therefore in violation. Please check out the links below for further information and good luck

I got a bill in the mail back in 1999 for a credit card that I never had. Collectors still call how do I stop

Sticky situation. I%26#039;d contact the company that issued the card itself, explain the situation, which I%26#039;m sure you%26#039;ve done. Then if that fails, contact an attorney who is versed in idenity theft, and have this taken off. Make damn sure when it comes to the court costs.. and what not to make the issuing company pay any and all legal fees.

I got a bill in the mail back in 1999 for a credit card that I never had. Collectors still call how do I stop

1) Don%26#039;t pay it 2) Change your phone number 3) Refuse all mail from them (ie Return to Sender, not at this address)

Is it on your credit report? I would check that too, someone might be trying to get one over on you.

I got a bill in the mail back in 1999 for a credit card that I never had. Collectors still call how do I stop

If you know the name of the credit card company try calling them and talking to them if you haven%26#039;t doen that already. If that doesn%26#039;t seem to help I would contact a lawyer and see what they can help you do. Sounds like nothing but harrassment to me. It could also be a scam. Next time they call you try and get a phone number ehwere you can reach them or the address where they want you to send the payment and take that to the lawyer. Police probably wont%26#039; help with that at all.. I think legal action is your best bet.. Good luck

I got a bill in the mail back in 1999 for a credit card that I never had. Collectors still call how do I stop

STOP NOW SERIOUSLY!!! Last year when they changed the bankruptcy laws, one of the things that changed was ability to collect past due debt...as a result creditors sold their past due lists for pennies on the dollar after deeming them uncollectable. The hucksters who bought these lists are out for blood, (think if you paid $10.00 for your $1000.00 past due bill how aggressively you%26#039;d go after it) THE CATCH IS once you acknowledge the problem, or the debt you open the doors to start the statute of limitations again.DO NOT ASK FOR BILLS%26lt; DO NOT ACKNOWLEDGE anything...as someone else pointed out, if it%26#039;s that bad change your phone. Once you acknowledge it, they have another seven years to harass you. I see it%26#039;s not yours and that%26#039;s frightning, these people will harass, threated, cajole but they have NO power with your credit rating. They%26#039;re people like you or me who had a spare couple of grand and bought these lists to make an easy buck, Well OK not like you and me, but you get the picture!!

I haven't used my credit card for almost a year.. yet the balance doesn't look much differ

I was getting into more debt than I wanted so I consolidated my cards onto one with 0 APR and have been slowly paying at it for the past year. Yet the balance doesn%26#039;t look any different!!! I just got a new, better paying job, and am making 3X the minimum payment. I feel like it will never be paid off!!

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

I know what you mean I%26#039;ve struggled with the same thing. Usually the 0 percent is introductory then they jack it up after 6 months or a year. Maybe you could call and ask for a lower rate.

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

Welcome to the world of credit cards. Total rip off!!

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

yeah im sorry you feel into that trap consolt a lawyer get him/her to read the fine print

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

The way that credit card companies make money is off the interest.

If you%26#039;re not paying your card in full, the remaining charges are simply going to carry over and accumulate interest, just digging a deeper hole.

If you can, try to hold off on spending for a while, and make a payment in full to get you back on track.

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

that is thanks to high interest rates...

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

interest accrual unfortunately

pay more than the minimum amount due

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

credit cards r a ripe off

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

Welcome to the world of debt. Credit Cards are HORRID. They come directly from satan%26#039;s womb.

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

Avoid using credit cards ever if at all possible!

Only buy what you can afford at the time to keep yourself out of debt.

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

Make sure you are paying the finance charge along with the minimum payment , it will take a while but eventually it will go down to zero , hopefully in your lifetime :)).

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

You don%26#039;t say how much debt you but yeah that%26#039;s how it is. maybe the transferred balances were introductory APR%26#039;s. Get serious for a year, live like a monk and get off credit cards. Check out www.daveramsey.com for help.

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

You might better check your bill - make sure the 0% rate hasn%26#039;t expired, or has been canceled due to any number of reasons the credit card companies can think up.

Typically the minimum payment is only 2%, so by paying triple that, you are paying 6% each month. At this rate, and with no interest, it would take 17 months to pay it in full.

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

If they payments have been on time you should see some difference. Something that helps me feel better about my credit card debit is going back and looking at the past statements and seeing how much it was and that it is going down. Credit card debit does majorly suck and feels like a gorilla on you back more than any other kind of debt. Just be patience and deligent and keep paying as much as you can. One day you will get it paid off and that is a wonderful feeling.

.

Too bad we can all have Mr. Hilton as our dad

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

It is very difficult to pay of a credit card just stick to it and work out your interest every month Banks sometimes overcharge you

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

Probbaly cause of your interest. I would call the company you have it with and complain and ask questions.

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

Your %26quot;0 APR%26quot; may be an %26quot;Introductory rate.%26quot;

Read the %26quot;fine%26quot; print.%26quot; %26lt;}:-{(

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

If it%26#039;s a 0% rate and you are paying it then it has to be going down.

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

Are you sure the 0% is still in effect? According to the original offer, it may seem like it should be, but they can jack up your interest rate for almost any reason. Check your statements, see if they are adding any fees, etc.

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

well how do u want it to look diffrent if u havent used it duh dont ask dum questions

Non payment on credit cards consequences????

I just found out that my dad payed for mine and my brothers tuition fee by charging them to his credit card and incurred circa $250,000 worth of debt through various credit cards that he%26#039;s not going to be able to pay considering that his business is only source of income (personal business) is in jeopardy.

Credit card companies constantly send out notices via mail, since they cant reach us because everyone in our household changed their cell phone numbers.

Are there any LEGAL consequences that he can face such as jail time or repossessing his vehicles or house???

Thanks.

Non payment on credit cards consequences????

They will put a lien on the house if it goes that far. his best bet is to call a credit counseling place or file for bankruptcy if his business is already going under.

And yes, they can sue him.

Non payment on credit cards consequences????

Yup. You%26#039;re talking about 1/4 of a million $$$. He%26#039;s in deep doo doo unless he makes contact to work out payment.

Non payment on credit cards consequences????

Think positive maybe u and your brother will get a great job and pay off your own loan.

Non payment on credit cards consequences????

thats a substantial amount of money, and it probably would have been better for him to take out a loan.

i dont think that he can go to jail provided he is making some payments. he will have bad credit, and if he doesnt pay it off in his lifetime, the debt may be passed to you and your brother.

Non payment on credit cards consequences????

he needs to speak with a BANKRUPTCY attorney to straighten this out. Let the attorney negotiate a %26quot;settlement%26quot; with the creditors that he can live with or he would be forced to consider the bankruptcy alternative

Non payment on credit cards consequences????

every thing you mentioned is a possibility.. they can also garnish his wages, take any thing of value such as furniture house car stocks bonds, etc.. if hes that far into debt the only thing i could think of is declaring bankruptcy...

Non payment on credit cards consequences????

Yes. Failure to pay a credit card company can result such actions. But it will go through court first. As for how much jail time...it depends on the entire situation. A couple of years ago they have changed the bankruptcy laws. So it will be hard for your father to file a chapter 11.

Non payment on credit cards consequences????

Not at all my dear, not at all. Nothing to worry about. Credit card companies can%26#039;t touch you guys. They are p ussies, and also, if they can%26#039;t get you by phone, eventually they stop trying to find you.

Non payment on credit cards consequences????

non payment will definatley incur late fees and other fees.

but not jail time.

If he%26#039;s in trouble with his bills he should call and let them know.

they can freeze payments based on hardships.

Set up smaller more affordable payment schedule. hope this help gl~

Hey I just found this site great info should help as well:

http://articles.moneycentral.msn.com/Sav...

Non payment on credit cards consequences????

All of you need to pay your own bills. Get a job!

Non payment on credit cards consequences????

File Bankruptcy. Lots of people can%26#039;t pay their bills and do the same thing.

Non payment on credit cards consequences????

Here%26#039;s how it works.

The bank asks for it%26#039;s money nicely.

Then not-so-nicely.

Then it sends it to a creditor.

The creditor threatens, abuses, screams, sends dirty letters, threatens some more.

The creditor passes it on to many more creditiors.

They all gang up, until you%26#039;re afraid to answer the phone.

They take you to court.

You either pay up, or declare bankruptcy (saying you have NOTHING, no assets etc).

Bankruptcy costs money most people who need to apply for it don%26#039;t even have.

They repossess whatever you have on lease.

Then they take what you own.

They continue to harass you.

Court again, if you are not bankrupt by now, the lawyers will make you so.

Your credit rating is 0: meaning you can%26#039;t get a credit card, a loan, or even rent a U-haul.

Yeah, it%26#039;s pretty ugly. And he%26#039;s not very wise to get himself into that. My guess is that he figured it would be a better risk to put his own credit/money/life on the line than to have you put yours on the line by taking out a student loan to pay for tuition. It%26#039;s a %26#039;parent sacrifice%26#039; kind of thing.

The best thing you can do, is excel in school, win as many bursaries and scholarships as you can, and get to work right away so that you can afford to help dig him out of this hole.

Non payment on credit cards consequences????

I think it depend%26#039;s on what they view as his intent, if he was making payments all along and fell on hard times, they probably will work something out, but he%26#039;ll still have to pay....on the other hand, If he was running up credit cards with no intentions on paying, and the creditors can prove this in court.....I%26#039;d say it dont look promising for dad, sorry.....

creditor%26#039;s will follow you beyond the grave.

Non payment on credit cards consequences????

It was very nice of your farther to use his credit to facilitate your education. You do not go to jail for owning credit card companies. However, they can sue and get a judgement against your farther--Meaning he can be exposed to wage garnishment and so forth.

Bankruptcy or Just Dont Pay ???

I have about $5000 in credit card debt that is about 8 months old. I also have 1 other account with peach direct for around $2000.

My fiancee recently left me and all the bills (mortage, insurance, utilites, ect.ect.) are now mine alone and if i just pay the important stuff I will barely be able to make it on a tight budget.

The house is in both of our names but she is refusing to help pay and i have no intention of losing this house.

Paying these credit card debts are out of the question right now. I bring home about $2000 a month and the bills are almost $1700 (not including my credit debt). I have no car payment or any other obligation other than cost of living.

So my question is... would it be better for me to file bankruptcy(chapter 13)? or to just not pay on the credit cards and eventually they will be charged off?

A second job is not an option as I already work 60 hours a week. Any advice is appreciated.

Bankruptcy or Just Dont Pay ???

I%26#039;d try to get back with her, and resolve your differences. What ever had caused your relationship to go downhill, you now know you can%26#039;t handle your debt load without her help. If you can%26#039;t get back together, I%26#039;d talk to a debt specialist who would give you your options on whether bankruptcy is feasible or not. If you do nothing, your creditors will put a lien on your house.

Bankruptcy or Just Dont Pay ???

Call each creditor and explain what is going on... and if you can have them change your finance fee or percentage on the loan.

A consolidation loan would work well too.

Try to avoid banruptcy at all costs... Creditors WILL work with you... you just have to ask and work your way up their chain of command... it will take you an afternoon of talking to people... but it is well worth it.

ALWAYS take the name and contact phone number of the person you talk to at the company too...

Bankruptcy or Just Dont Pay ???

Bankruptcy should be the last resort. It leaves a blemish that just won%26#039;t go away (for 10 years).

Instead, go to these websites, and call these numbers.

They are non-profit groups set up to help people facing financial crisis.

Trust me, no one benefits from you filing bankruptcy. And the creditors will just write off your debt as a loss, and sell it to someone else (which makes it hard to pay off when you don%26#039;t know who owns your debt).

American Consumer Credit Counseling

http://www.consumercredit.com/

or call: 800-769-3571

Also, avoid a consolidation loan at this point. Make sure you see what all of your options are first.

Bankruptcy or Just Dont Pay ???

Speak with a bankruptcy attorney. I believe you qualify. If you don%26#039;t do anything, they could possibly later garnish your wages. Also, you already have bad credit and you might as well just go bankrupt.

Good luck.

Bankruptcy or Just Dont Pay ???

Well I would hesitate about filing for bankruptcy for only $7,000.... If it were higher balance then I may say go for it.. You can go to google.com and type in legalhelpers and find some answers to your questions. You could just stop paying those cc and eventually 6-12 months they will charge off and hurt your credit but if you already have a house than maybe thats not a worry for you. If they charge off you can settle them down the road when they go to collection agencies for probably 60% of the balance. As long as they don%26#039;t have any assets on you. Don%26#039;t tell them where you work or never give them your checking acct info. If you pay them, then money orders only. If they don%26#039;t have your acct they can%26#039;t levy your bank acct. Of course those problems would not happen until down the road after they charge off. By then your situation may be better and you could settle. If you want your life to go on as normal you could consider running an ad and getting a room-mate to help you thru this. May not be fun but at least you would have rent money to keep paying these bills if you want to.You can go to Suze Ormans website under Resources and try their CCCS program to consolidate or try and make up with her.. Good luck

Bankruptcy or Just Dont Pay ???

If you refuse to make payments, they can take you to court and file a judgment against you and your fiancee it she is also on the note. A charge off stays on file for 7 years and if they get a judgment, that could 10 years, Ask your ex if she wants to sell the house so you could both walk away debt free. Tell her it effects her credit as well as your.

Bankruptcy or Just Dont Pay ???

Pay off the cards. You%26#039;re bringing home $300 more than youre spending (not counting the debt).

You will have the cards paid off in 2-3 years, at $300/mo.

Don%26#039;t wait for a charge-off. That%26#039;ll be 7 years of hell.

Don%26#039;t file bankruptcy for $7,000, That%26#039;ll be 10 years of hell.

But you and your ex-fiancee are going to have to figure out what to do with the house. If you%26#039;re living in it, but she owns half of it, you won%26#039;t be able to sell it without her consent.

Am I being selfish with my Husband?

My husband and I are going through a financial mess right now. We owe about $5,000.00 in credit card bills. We have monthly expenses of course. We just bought a house and that閳ユ獨 why we are in this financial crisis. Our house is completely empty right now, we only have, a bed to sleep on, a table to eat and a refrigerator. We don閳ユ獩 even have a stove to cook, we cook everyday outside (we make a barbecue). Anyhow, he just went to Mexico for 1 week and he told me he wants to go back in December, because by then we will have all our credit card debts resolved and he閳ユ獨 planning on taking his father and his step mom an electric stove and a water heater for their use. He gets paid weekly and he wants to start taking out about $100 out of each paycheck in order to save and be able to buy those things by December.

Now, I am totally not a selfish person, it just makes me a little irritated that he閳ユ獨 planning on taking his family these things when we are so much in debt right now and we have bills, mortgage and the credit cards to pay. When we don閳ユ獩 even have a stove to cook on. Our house is completely empty. We just purchased our refrigerator about 2 weeks ago and you wouldn閳ユ獩 imagine the fight we had about it. He was so made because we were using the money to buy the frig. instead of giving some money towards our credit debts. But, we were wasting a lot of $$ on buying fast food every day. We couldn閳ユ獩 buy food because it would go bad in 1 day bec. no frig. Now he realizes it was a good investment to buy one.

Am I selfish for getting made at him for thinking of other閳ユ獨 first before us. If we weren閳ユ獩 in this situation I would not get made for him wanting to buy these things for his family. It just makes me made and makes me feel like he cares more about them than about how he has me living.

Am I being selfish with my Husband?

no you are not wrong, your family comes first before his parents.

Am I being selfish with my Husband?

It sounds like he is the selfish one...his family at the expense of yours. My ex wife was like that...

Are you a US Native? I surmise that he is not. Did he marry you to get citizenship? That%26#039;s not love.

He needs some counseling. If he loves Mexico so much, why doesnt he move there permanently?

Am I being selfish with my Husband?

Put your foot down. You are his top priority now. He should not be buying things for his parents until after you two are free of all debts, except the mortgage.

Compromise if he at least waits until you have a cooker, a couple of arm chairs and TV. If he does not, walkout and claim half the property.

Am I being selfish with my Husband?

I%26#039;m not a religious person, BUT:

%26quot;%26#039;FOR THIS REASON A MAN SHALL LEAVE HIS FATHER AND MOTHER AND BE JOINED TO HIS WIFE, AND THE TWO SHALL BECOME ONE FLESH%26quot; - Matthew 19:5

This I agree with. His first priority needs to be getting his life with you straighted out.

Am I being selfish with my Husband?

You are right to feel that way. You two really need to have a talk about priorities (I know it may actually turn into a fight rather than talk.) You are his first priority and he made it that way when he decided to marry you. I%26#039;m sorry his parents are in a tight spot, but they can wait.

Do you have a job? If you don%26#039;t, you can consider getting something part time to help ease the financial situation. That will also give you more leverage when discussing where the finances are allotted.

Am I being selfish with my Husband?

I%26#039;m not going to pass judgment on who is being selfish in this situation since I haven%26#039;t heard his side of the story.

I do think $400 per month is a little extreme while your house does not have a stove or microwave. Take the $400 from the first month and purchase yourself a stove. Cheap ones run around $250 and you can get a nice self-cleaning stove for about $450. By doing that and cooking your own food, you will more than make up for the price of stove in money you save from eating at home. This will only help you get out of debt sooner, purchase some home furnishings sooner, and purchase a stove for his parents sooner.

Let me say this though. Once married, a man%26#039;s first responsibility is to his wife (errr, man in some liberal states). He has to provide the basic necessities for his family first and then worry about his extended family later. The extended family should be able to provide for themselves anyway. Call me old fashioned, but that%26#039;s the world through my eyes.

A healthy financial plan includes planning for basic necessities, a written budget, savings, retirement planning, and college planning for kids. If you don%26#039;t have these, you are setting yourself up for financial hardships. With these in place, life becomes much simpler and you will stop having money fights. Wouldn%26#039;t it be nice to be able to say to your husband, %26quot;Only $100 per paycheck? How about we do $200 since it is your family?%26quot; I never though it would be possible for me to say that, but once I got my finances straightened out, it is now possible.

Start with a written budget and follow these steps from http://www.daveramsey.com:

1. $1000 savings for emergencies

2. Pay off all debt except house

3. 3 - 6 months expenses in the bank

4. 15% of your income in retirement

5. College savings (if you have kids)

6. Pay off house

7. Build wealth

Dave Ramsey calls those the 7 baby steps. All of it is up to you. Unless you have a whole lot more debt than the $5000, you could be to step #3 within a year. At that point, I would tell your husband that while saving 3 - 6 months expenses, you could start saving for his parents at that point.

The whole idea is that you have to provide for yourself right now so that you can provide for others later. Imagine how much you could spend on others if your home was paid for and you had no debt! That is the whole idea of building wealth. Not for you to purchase a nice Mercedes or a mansion, but to bless others with your good fortune. If everyone did that and thought of others first, we could change the world.

Am I being selfish with my Husband?

Sincerly i don%26#039;t think you are being selfish when you%26#039;re looking to grow up financially, i think you must talk to him and let him see that now both of you are making a new Family (i don%26#039;t know if you have already kids or not, but i consider you 2 family, because on my opinion that the objetive of marriage or making a partner living)

Now as my husband always says, i can help others when i don%26#039;t have any worry to live, %26quot;how i gonna give you a diamond if even i don%26#039;t have food on my table%26quot;

Now I don%26#039;t Know if the family of your husband live on extremely poorness, cause on that case i think the stove that he%26#039;s thinking to give is the same needfull you have, but if he is thinking give%26#039;em a heater too and they are poor how they gonna pay the hydro?

I think is a good idea give something to our family but not before we have the basics.

Any way i don%26#039;t think you are selfish and i think you must speak.

Am I being selfish with my Husband?

one thing to be soft hearted but another to be soft headed -- he needs a quick lesson in the difference between %26quot;want and need -- or you will be in chapter 13 in a new york second!!!

What do you think of promotional credit cards?

I have little debt on a credit card which is almost paid off (under $500). I am at the age of controlling my finances better, I am considering of switching my spending style to purchase items on my credit card then pay off my balance monthly.

The goal is to use the promotional earned credit to help purchase a car.

Is this realistic? I think I may credit at best $200 to $500 towards the car because $2500 of usage equals $25 towards the purchase of the car. I don%26#039;t think I will end up running a balance on it at this point of my life.

It%26#039;s the VW card for Volkswagen if that matters.

What do you think of promotional credit cards?

As long as you pay the credit card off every month, it would be worth it. (Of course, they are banking on you *not* paying it off every month).

Shop around for the best %26quot;reward%26quot; and make sure to read the fine print (does it have to be used in a certain time period, is there a annual fee on the card, etc.).

If you are paying your card off every month, it is almost stupid to *not* have a card with rewards-- stick them for all their worth--while staying within your means:)

What do you think of promotional credit cards?

promotioan lcard usally suffer from high interest rates

and what makes them really a bad call is that the amount of money you need to charge to apply towards ( in your case ) a car would be better off saved in an account, accruing interest and then making a downpayment plus a loan ( which will be cheaper than the CC ) or cash. If you accept such a card you in effect are saying I am poor with my finances since I cannot save, and indeed you are, so you are not really ready to step up t othe big world of an car and all it%26#039;

s expenses, as it%26#039;s going to be a lot more than 2500 dollars

How would you use this money?

I have $16,000. I am going to use this money on debt but I don%26#039;t know which avenue I%26#039;m going to take.

Option 1- Pay 16,000 on a 28,000 car loan w/ a montly payment of $513.00

or

Option 2-Pay off some credit card debt. If I do this, it%26#039;ll leave me w/ a montly payment of 1100. I%26#039;m in the hole big time over here.

Either way, I am having trouble paying both..and I%26#039;m looking for the best way I can to try to have more money in my pocket each month. I have a good feeling in a month or so I won%26#039;t be able to pay the credit debt at all.

Which is worse, a default on credit cards on your credit report or a repossession of a vehicle?

How would you use this money?

You need to look at interest rates, not balances on your debt.

Reducing the debt with the highest interest rates will save you the most money in the long run.

For instance if your car note is 8%, and your credit cards vary from 5-25%, I would pay off the highest interest credit card first, then down the line.

As you appear to be heavily in debt, you really have to eliminate the debts that cost you the most.

How would you use this money?

You don%26#039;t have to use it ALL!! Just use what you need to get caught up on your car note, and your credit cards and just keep the rest of the money for emergency purposes only!

How would you use this money?

you should chose option 1

How would you use this money?

I would...

sell or trade in the car for a much, much cheaper one.

If you make money from the car, than you can use that with the 16,000 you have to put toward your credit card. Also, if you are looking to increase how much you have in your pocket, look for ways to cut back your expenses. Do you have cable or internet? Cancel them. Do you smoke? Quit. Do you have animals? Get rid of them. Shop at cheaper stores. Don%26#039;t buy the most expensive clothes. If you have a lot of expensive clothes, sell them. Same if you have a lot of fancy electronics. Chances are, if you are willing to do it and make sacrifices, you can get out of debt. Oh yeah, cut your credit cards up. That way, if you do pay them off, you want run them back up again.

How would you use this money?

Paying down the credit card would be the best bet as i%26#039;m guessing the interest is a lot higher than your car loan.

I would say default on credit card as the car is still worth something and you will end up having to pay the difference later on.

How would you use this money?

starting with which is worse... they are all bad.. but it is worse to have multiple defaults on credit cards versus 1 repossession. It is just mathematics.

For the money, my advice is, pay off the highest interest rate cards first, then switch any remaining balances to the lowest rate card you have if you can.. this will lower overall interest payments out on credit cards.

You should not close out the cards yet, but cut them up.. do not use them. If you close them, it will drop your credit score since your utilization of available credit will be so high. Call the credit card companies and ask them if they will lower your interest. They will often say no, but just insist, and go to supervisors if you have to (this is provided you have paid well).. if you have paid poorly, then talk to them and tell them you are in danger of defaulting on your payments, and could they suspend interest for 12 months so that you can get things back under control.

You need to find an additional source of income, deliver pizzas with that 513 dollar a month car, or do whatever you have to... take ALL of the extra money, and instead of buying a plasma TV, pay down your credit cards as rapidly as possible.. once the cards are paid off, DO NOT USE THEM.

Then apply everything you can to your car note to pay it off, and do not trade in on a new car because you are bored with the old one.... drive it till it falls apart, in the meantime, keep banking your paychecks in savings

How would you use this money?

I%26#039;d vote for 2 and suggest you consider selling that car and getting something that costs substantially less if you really need a vehicle. Definitely try to decrease your spending and while the $16K has to be a good start, see if you can earn more. At holiday time, lots of places are looking for extra help, so could be a great opportunity to give yourself the gift of getting out of debt.

How would you use this money?

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How would you use this money?

Here are my thoughts. You should pay down the credit card. The reasons are simple. First, it is probably at a much higher interest rate than your car loan so it is costing you more. But secondly, if things get really tight down the road, you can always sell the car and payoff your auto loan. You cannot do the same with credit card debt. It is unsecured and has no asset attached to it.

Personally, I think you should sell the car anyway. With that much credit card debt and other payments, I find it very hard to justify a 28,000 car loan costing you over 500 per month. Vehicles are the easiest way to exhaust your finances.

How would you use this money?

You should sell the car. Even if you have to take a loss use some of that money to pay the difference on what you get for the car and what you owe. That will save you $500 a month right there. Then pay some towards credit credit but keep about $4000 - $6000 of that money for a rainy day. You should cut everything out of your budget possible and really watch the money you spend. If you want to get the debt paid off you must focus and really want to. You should get a book by Dave Ramsey called %26quot; The complete money makeover%26quot;. Happy Holidays

How would you use this money?

Sorry to hear that u r having hard time to pay off ur debt. Like other suggestion i would also say sell ur car and buy an economy size car until u can stand up ur feet again. Also pay the higher interest c.c first.

U have already heard all these suggestion but i would contribute only to the extent that if u have a feeling that u wont be able to pay ur card in coming month. Dont use all $16,000 to pay off any loan. Talk to the creditors and tell them u wont be able to pay for few months. In case they do not agreed that use ur 16,000 toward cards. In this way u wont miss any payment even in ur struggling time.

Note: if u miss/late any payment; these credit cards companies increase ur APR and it can go up to 32% too.

Trust me they r all ******.

Make rational decision.

Good Luck

How would you use this money?

lets go to paris together honey :P

should I get my passport?