Ok I think my ship just sank. I have approx. 30K in credit card debt, I also have a personal loan with a balance of 10K and a car loan with a balance of 6K ..I also now have Medical bills of 6.5K. I have not been late on any of my payments for the personal loan, car loan, and credit cards. I have not been able to pay the medical bills at all. They have not sent me to collections yet but have threatened. So now my cards are out of control because the minimum payments just jumped up. I was in a 1% interest deal for a year but now i cant afford the payments. I have not been using the cards other than to pay a few of the smaller medical bills. I only make 37K a year before taxes, and my rent costs $450 a month. I no longer make enough to pay all my bills and still eat and Im not sure what to do next. Should I just let my credit get killed and hold out till I get a higher paying job (activly looking) Should I try Consumer credit counseling, or should I declare bankruptcy?
Urgent advice needed!!!!?
My first question to you is with a salary of 37K per year, why on earth did you charge up 30K in credit cards?
You can declare bankruptcy but under the new rules, with your income, you are still going to have to pay some if not all of that off.
Talk to the hospital/doctors and work out some sort of repayment plan. And for gods sake, pay more than the minimum on those credit cards. Do you realize that by only making the minimum monthly payment on those cards, it%26#039;s going to take you about 15 years and cost you over 25K in interest before they are paid off?
Urgent advice needed!!!!?
Go to the debt counseling first.. they might be able to stop the threat of collections and lower those payments. Once you file for bankruptcy you won%26#039;t have credit for 7 years.. that is a long time if you want to get another car or a home.
Urgent advice needed!!!!?
You could also try for a consolidation loan. I did this with Beneficial Finance Company last May and it was the best thing I ever did. Of course you will really have to watch yourself from then on, but it%26#039;s worth it in the long run. They will not make you cut up your credit cards, but you should do it for yourself. Maybe keep one for emergencies. No more expensive nights out, no renting movies or fancy meals/groceries for a while, but you can do it. I did.
Urgent advice needed!!!!?
Don%26#039;t declare bankruptcy yet. Try to find ways to cut your other expenses, and you definitely need an increase in income. Get a second and/or third job before trying to replace the first. Maybe a newspaper route in the morning and delivering pizzas at night and on the weekends. You won%26#039;t have to do this forever, just until you can get caught up. You also might want to talk to some of the lenders to see if you can workout a payment plan that you can handle. Good luck!!
Urgent advice needed!!!!?
First I%26#039;d call each of the company%26#039;s involved and tell them the nature of the problem. They may be willing to offer interest reduction of payment terms that help. Follow this with a letter to each of the company%26#039;s.
There are non-profit outfits that will help you consolidate and get a longer term and better rates. You will have to ask around because some of them are scamers. There should be no fee to you and they should be able to get you at least a 50% reduction in you payments (this only means that you will be paying for a longer period not paying less over all).
Good Luck. I%26#039;d say that the ship is listing badly but you may have gotten the SOS out in time.
Urgent advice needed!!!!?
I think you should look into every other option before filing for bankruptcy. Have you considered getting a debt consolidation loan? The rate will be lower than what you%26#039;re currently paying on your debt, and you%26#039;ll have only one payment to manage. And home ownership is not required. You should definitely comparison-shop, try the website below to see what you would get
Urgent advice needed!!!!?
First thing to do is to cut up those credit cards. Then get in touch with a reputable credit counseling service and see if they can set you up with payments that you can afford. If they can%26#039;t help you, which I%26#039;m sure they can, then try to make a consolidation load with your bank or with a good loan company. Make sure if you go with a loan company that you check the fine print on the interest rate and look for any hidden fees. Do yourself the biggest favor that you have ever done for yourself and do not file bankruptcy unless it is a last resort. (When all else fails) Good luck.
Urgent advice needed!!!!?
Get a roommate to share the rent. That will liberate $225 per month.
Call your credit card, see if you can get them to settle for a sum that you can pay.
If you can%26#039;t, try getting a credit card with a fixed APR for life on balance transfers, and get rid of the highest APRcard that way.
Use bankuptcy as your LAST LAST LAST resort. That is really bad for you.
Urgent advice needed!!!!?
You can do this yourself, no need for a credit counseling company. Don%26#039;t cut up your cards just don%26#039;t use them anymore. Call the companies that your doing business with and discuss your current issue. You can learn how to do this at http://www.thecreditrepairmanual.com
I started using a credit counseling company at first and paid $40.00 a month in fees... I had to call and follow up all the time and did most of their work for them. So why pay a monthly fee? You can do it yourself!!!
Urgent advice needed!!!!?
http://www.debtfreeafterall.com
Check this company. They are a debt settlement company who work with the unsecured debt. They will negotiate with your creditors on your behalf and bring down your principal debt amount by around 30% to 70% and there are options for monthly payments. You can be debt free within 3-36 months depending on how much you can pay as monthly payment. They can work with your medical bills too.
Call them immediately for quick help. They are very good. They helped me out with my unsecured debt situation.
Good Luck
Urgent advice needed!!!!?
www.debtfreetoday.com. you can put all your credit cards on it and get your interest back down. It seriously worked for me.
Urgent advice needed!!!!?
You can try to negotiate directly with the creditors for lower payments. Your car loan company and personal loan company may even let you skip one payment (Many do that as a courtesy and add that skipped month to the end of your loan) If you still have good credit, you should look to consolidate all your debt into one loan which will dramatically lower your monthly payments if you include the car and the personal loan. Good luck!
Urgent advice needed!!!!?
You need to go to www.daveramsey.com, listen to the podcasts, go to the library and check out his books %26quot;Total Money Makeover%26quot; and %26quot;Financial Peace%26quot;. His advice has been a life saver. his live show is on at 2-5 pm est, 1-4 cst, 12-3 mst, 11-2 pst, he takes live calls on the show the number is 1-888-825-5225. You need to call him for the best advice.
Secondly, GET RID OF THE CREDIT CARDS!!!!! Sell the car and get a older cheaper used car.
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