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Simon-T | $125,000 Credit Card Debt? |
We are a married couple, both are 32 year old, we lost jobs 2 years ago & came up with $125k unsecured debt. Now both are working & our monthly income is around $6k before tax, which is $4500 after.
Our expense for home rent, car payment, … is about: $3500. So what remains is $1k to pay minimum payment of credit cards, which is much higher than that; however we do not have any late fees so far.
We do not want to go to any program that affects our credit scores as both of us now have professional jobs with the very good income potential in 6-10 years from now.
We have been thinking of the followings:
- Enrolling in a debt consolidation program & pay $7k over 3 years instead of $125k in the cost of our credit
- Enrolling in a “hardship” program & pay $155,k ($125k + interest) over 5 years & save our credit. (monthly payment 3K)
- Finding another better way!
We would appreciate if somebody tells us which of the options is better for us & why?
With warm regards,
Simon |
 |
 
colnrth7
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If you are still able to obtain credit, try to get as many credit cards that offer 6-12 month 0% promotions as possible. Transfer as many of the balances as possible, which may cost 3-5% of the amount of the balance. Pay down the remaining higher rate credit cards so that you are reducing the principal balances.
Usually, once you transfer a balance away from a credit card company, they will offer you a promotional rate to carry a balance with them again. If you are able to start moving balances, you may find that you are getting offers from your existing card providers for relatively low rates, which will allow you to begin paying down principal instead of simply paying interest.
I would be very wary of any "fix" that will show up on your credit report (i.e. settlement, bankruptcy, etc). As a Banker, I am always very reluctant to lend money to someone that has walked away from their obligations without a VERY good reason. On the other hand, if someone has worked hard to dig out of a difficult situation, that speaks favorably to their character and I am much more willing to lend money to them. Remember that the "easy" way out is rarely easy... |
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Kazemaru
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The best thing to do is free up more capital. You'd be surprised how much you can actually live without if you try, and you'll have that debt paid down MUCH sooner. |
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samantha_2128
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Ever thought about reducing your living expenses and car payments? If you lowered rent by moving into a cheaper apartment, rode the bus or traded in for something with lower payments--it seems as though you're still living outside your means. Sit down and budget, cut wherever you can--if that means downsizing your lifestyle and selling off items...it may be worth it in the end. Best of luck. |
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dpcarras2007
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ultimately you are going to have to bite the bullet on one or the other. If you managed to spend 125k, and didn't plan on making at least the minimum your kind of in a bad way. Some options you do have are
A. If there is any equity left in your house you can consolidate
B. Refinance the loan at a lower rate or make it a loan rather than a line of credit.
C. Try to settle the debt and ask that they do not report it on your credit as settled.
D. Evaluate what you need your credit for in the immediate future. If you utilize a credit counseling service all of your other credit cards will freeze up, if you enroll in a hardship, that may still affect your credit. Is 1k enough to pay this off anytime soon? You may want to think about the long term and remember that credit only stays on for 7 years, payment history only reports the last 2-3 years. So you may have to struggle. |
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thomas
 |
I think the debt consolidation program would be best for you. But pay all the debts if possible coz only that could help you to fix your credit.
I dont know whether you have already enrolled in any debt management plan but then I know a debt consolidation company http://ezconsolidation.com which can help you to plan your debts. You can try if you want. |
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Doctor J
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Hi Simon. Consider making more money with each of you getting a part-time, second job.
Many professionals work 60 to 70 hours a week their entire lives, so you two can do it for just 5 to 7 years to pay off all of your debt. As a couple, you can easily earn an additional $1000 (after taxes) each month with part-time jobs.
Best wishes and good luck. |
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bull_rooster_aardvark
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I don't know what the interest is on your credit card debt, but from the sound of it I'll bet its at least 50% higher than the 1K you are paying each month. IE you are paying the minimum but your overall debt is still going up $500 per month (probably alot more). If you could get that debt moved down to a reasonable rate (like 6% or so - what you'd pay on a morgage) you'd probably be able to swing it but with no asset for collateral not sure how you are going to do that.
You only option may be bankruptcy, I really hate to go that route but you may be to far in. Anyhow, don't dig in any deeper. Go check on hardship programs and everything and see if there is any way to come up with a reasonable program. If you can't work anything out where you are paying down the debt then just go for bankruptcy, better now (with 125K in debt) than later (with 200K or whatever) in debt. |
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Cliff
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I would look into a debt consolidation loan or do a balance transfer to a new card with 0% to save you on some of that interest you might be paying right now. |
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John Y
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You need to trim the monthly expenses further or make more money, or both. It's that simple. Trim your expenses by getting a cheaper place to live, drive a junkie car, eat out less and live on a tight budget. Sacrifice is just that - SACRIFICE. Determine what is essential from non-essential. The fact that you managed to rack up $125,000 in credit card debt is staggering and shows that you (and your spouse) lack financial discipline, common sense, or both. Also, cut up the credit cards and pay cash for everything. Both of you should get second jobs or find a way to bring in more money as well. Good luck, but you two got yourselves into this mess and need to change your ways otherwise you are doomed to repeat this mistake. Once you make the lifestyle changes necessary, here is how you pay it all off: Make the minimum payments on every credit card and put all of your extra money (after you cut expenses and make more) on the one with the highest interest rate until it's gone. Pay off the card with the second highest interest rate next, and so on and so forth. |
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Cat
 |
I can't tell you which of the options is best.
But I'm wondering where you live that rent/mortgage is so expensive? If you own your home - could you sell it and move someplace smaller? Sell your car, and buy a used one? |
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freesince1776
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First start by destroying your credit cards. Keep one for emergencies but start to use cash and checks for your daily expenses.
From then on you need to just start paying down the balance. If there is a program which will help you pay it faster without harming your credit all the better. |
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kapn
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Simon..........I don't know how to tell you this but.......your screwed...........get to a financial guy.............the only way..... |
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Kimberly N
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Make an investment...that will hopefully triple what you have...or at least double it. |
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