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meow0724 | Credit Card Default Advice Needed? |
My husband and I have 75k in credit card debt. We have been managing to pay everything on time, and I got a second job last year to help pay down our debt. We set up a budget and had been following it each month.
My husband has recently become disabled and we now are unable to pay the credit card debt. We have to pay our mortgage and household bills first. I have contacted the credit card companies and since we are not currently behind, no one will work to make payment options.
Should I make smaller payments to each card, or stop paying all together and try and save money to negotiate a settlement?
Thank you!! |
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Ken S
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You have to make financial statement of your assets, liabilities and income. Then consider whether you can sell assets including your home to pay off your credit card debt. If you do not have assets then I think declaring bankruptcy would be an option. Consult with credit counciller and a lawyer. |
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Making smaller payments will at least keep your credit in good standing. Suggest you focus on paying off the smaller of the credit card debts first, while making minimal payments to the larger debts. When one debt is paid off, that will be one less bill to pay, and you can then pay more to the next smallest, etc. It may take awhile to get everything paid off, but it is worth it if you are able.
If you find that you simply won't be able to keep up, I suggest talking with Consumer Credit Counseling Service. CCCS is reputable, non-profit, and nationwide. They would be able to help you request a repayment plan, including lower interest, or suspension of payments until you have things better under control. Link below is for the Atlanta office, but there is one close to you.
On top of everything, be careful that you don't keep charging more debt. The interest adds up quickly and your payments will eventually become unaffordable.
Good job trying to keep on top of things during a difficult time! I hope you are able to work things out. |
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EmaLee
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wow, sorry first of all.
I wouldn't recommend stopping payments, that will open a whole second set of problems. I would pay as much as you can and try and negotiate some sort of plan with them regarding your balance, if you consistantly pay your bill they will be more willing to work with you on other things, if you stop paying they might not trust you to pay even after you make a deal. good luck. |
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Beer Boy
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I assume that you will not be able to make the min payments - if you can and still carry your mortgage - great! Your first priority is the mortgage as you want to avoid foreclosure at all cost.
If you cannot make the min payments, go seek credit advice from a professional. The moment you start missing min pmts - your interest rates will shoot up on all your credit cards.
Go to clarkhoward.com and do a search on credit counsel or call the toll free number to get more ino. |
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whiskeyman510
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if you make ANY payment, even if it's not the supposed required minimum, they can't show you as late or in default.
Pay $15/month per card if that's all you can do right now, as that will keep your credit scores where they are, and keep them (reasonably) off your back.
If your husband's injury is permanent, you will probably have to file bankruptcy as $75k is HUGE amount of debt unless you earn 6 figures.
You have another issue beyond this, and that is how to live moving forward, as clearly you've been living well beyond your means, and if you now only have 1 income, that means has gotten a lot smaller.
That means:
selling expensive cars and buying later model used ones
no eating out
no shopping sprees
no vacations
You need to spend less than you earn. As far as the cards go, target the ones with the lowest balance first and pay them off as fast as you can. Then take that money that you would normally pay to those cards, and apply it to the others.
The one thing you should buy is a book by Dave Ramsey. |
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onandonandonanon
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I would go to a place like Consumer Credit Counceling, we've used them before and they were good. They will negiogate with your credit card compaines and get you a lower interest rate and a lower balance or both. You will have to give up your credit cards til you have everything paid off, but when you do you will still have good credit, and can get your cards back. You will just make one payment to CCC each month and they pay your payments out of that. |
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moomoo
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Firstly you're husband should get a benefit if he is disabled which should help pay, secondly you need to book an appointment with your bank manager asap. He will be trained in this area and give you the best advice, not yahoo answers. Issues like this if not dealt with correctly can cause huge financial difficulties in the future. |
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Kristina
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most of the credit companies should be willing to knock the interest rate down a bit...especially if you have been paying on time.... 75k in debt? that sucks! sorry to hear about your situation... I will say I think its awesome you made a budget and all... most people dont even do that much....
also, if you have any late fees, most compaines will take them off if you explain your situation... I mean, its not as though you are just not paying... you just cant do it all....
another idea... consolidate your debt... or file bankruptcy.... I know that sucks because you'll have bad credit for like 7 years... but you'll have bed credit if you just let them go anyways.... at least you have different options?? |
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debtcounselingcorp
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If you stop making payments, they will raise your interest rates and charge you fees. You are in a tough situation and it sounds crazy to me that your creditors will not take that into consideration. Most of the time, the creditors wont work with you when you fall behind. Have you considered looking into a debt management program to lower your payments? It is not a settlement. A settlement is not a good thing. They usually raise your payments once your accounts fall into collection and charge you a lot of fees that are not fully understood.
Check out our website--we can help you with your budget and see if we can help lower your interest rates and monthly payment
http://www.DebtCounselingCorp.org |
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