 Do credit card companies ever give up on collecting money you owe them? |
| My son kept getting offers from different companies and he signed up and was given a liberal credit limit. He had a good job at the time, but has been laid off now and can't pay even the minimum.... |
|
 I have over $ 10,000 in credit card debt. Should I consolidate,bankruptcy or cash in my Ira and pay it off? |
| I do not own a home so would have to use a debit consolidation company. I have just enough in my IRA to pay it all off. I can only afford to payy about $250 a month toward the debt. . What are the ... |
|
 Im trying to find a credit card I can get approved for? |
| I have NO credit, and want to get approved for a non secured credit card. Is there anyone that has been in a simular situation and found a card that they can get approved for?... |
|
 How can you tell if something is a con? |
| I got an email saying that they were looking for people to play parts in movies. When I got to the website, they wanted my credit card information for an activation fee.... |
|
 HOW do i Endorse my check? |
| I got a 4k check. I deposited it, and they said I have to endorse it? Do I just sign in that box, do I have to leave my account number? Why didn't they care before when i deposited 1k in my ... |
|
 Why cant my debit card be processed on paypal to make purchases on ebay? |
| last week i bought a few items using my visa debit card on ebay. it worked fine..i even got the items today..i know there is money left on the card so i tried to make a purchase today but it said my ... |
|
 Should we save for down payment or pay off debt? |
| My husband just married me and my two kids last year and we are trying to make some decisions. Because of student loans and cars, and some credit cards, we have nearly 40,000 in debt! Some of it (... |
|
 Credit card complaints authority? |
| Can anybody tell me who i would need to register a complaint with about my capital 1 credit card (apart from capital1 customer services) as they are harrassing me with 3-8 phone calls a day and have ... |
|
 Why was my visa not covered when i was made unemployed i paid for extra cover? |
| i had a visa card paid extra for cover in case of redundency ect..unfortunately i was paid off and the insurance refused to pay my visa...why take money off me all that time then let me down when i ... |
|
 What options do I have? |
| I am currently financing a 2005 yamaha raptor quad. The monthly payments started at $69 and recently jumped up too $169. Do I have any options that will not effect my credit score? I am only 19 will ... |
|
 I want to buy a new home in January do I have enough time to apply for a new credit card? |
| I want to boost my credit score up to 750+ I keep hovering around 744, 745, and I can't pay off much of my debt. I thought by expanding my debt to credit ratio I could boost my score. I have two ... |
|
 I need to increase my credit score by 25 points in order to refinance.? |
| I have no late payments, no public records, I paid 2 of the 3 derogatory issues off and paid all of my credit cards down to 1/2 of the limit. My broker has submitted for rapid rescore. I am afraid ... |
|
 Someone stole my credit identity however my credit rating is getting better, should I let them keep it? |
| I think my credit cards want the thief to continue having my cards than me since they are spending less.... |
|
 Do i have to get a credit card to get a car or house? |
| i really really don't want a cc because i know all the cons of getting one but i want a car really bad. is there any way to get credit w/o getting a cc and if i got one and didn't use it ... |
|
 If i dont pay for a credit card bill in 3 months is that fraud? |
| I havent paid for my credit card in 6 months and its because i am a full time student and i have a part time job. I do want to pay for them but i also have other bills. I dont wnt them to think im ... |
|
|  |
Shorty | I'm thinking about filing for bankruptcy I maybe have about a little over $6000 in personal credit card debt |
plus an auto loan I did for someone in 2002, my debt is more than my income. Does anyone know if it would make sense for me to file for such a small amount. I have already talk to a lawyer's office about it I just need a second educated opinion from someone who would know.
Additional Details
I don't own anything I still live at home I live in Michigan so jobs are very hard to come by I just want to make a fresh start. |
 |
 
Lesley
 |
First of all, contrary to what some people on here are telling you, credit card debt is still dischargeable. Please people, if you know nothing about bankruptcy, stop making such remarks that are clearly not true.
How much is the auto loan? Did that person default on it and that's why you're mentioning it? If your wages are at risk of being garnished it might be a good idea to file, but it is true you can negotiate your debt. |
|
SlimMick
 |
One word: No.....Even if you qualify for filing under the "means" test you still shouldn't file....This simply isn't a high enough debt level for anyone to file Chapter 7....regardless of how low the income is. If you're close to default on your debt....offer settlements in the 50% range. You're creditors should take that in lieu of loosing everything if you file for BK......Be sure to get all terms in writing from your creditors if you do this. |
|
DaMan
|
$60,000 in credit card debt --> file bankruptcy, yes.
$6,000 --> not worth 10 years of bad reputation with creditors and credit bureaus.
If you live at home, then you need to take whatever job your current education, talents, and abilities can provide and start paying off those debts.
Second, you did an auto loan for someone in 2002. Did you at least get your name added to the title of the car? Where is the car? Can you sell the car to pay off some of your debts? Hell, can you use the car to drive to a better paying job to help you pay down these debts?
Before you commit to a 10 year punishment period, you might want to make sure you have examined all of your alternatives. |
|
Gem
 |
For $6000? No way.
Take another job and put every dime towards the debt.
Get an education and earn more money. |
|
*Mrs. Barberich since 11/02/08*
|
I don't have an answer to your question but I just wanted to make a statement to a previous answerer... How is she supposed to buy a house when no one would finance one bc of her credit. How dumb. Answer the question!! duh! LOL |
|
Bink
 |
Don't file for bankruptcy. Here's the thing...you can settle your debts for FAR less than you owe. It's kind of an unspoken truth. Also, you can dispute charges on your credit through the credit union websites. The kicker is that it's free for you to dispute it, but it costs the company $75 every time to keep it live. Chances are after the third time they will be in the hole for too much and it will come off your record. This works for most older debts and items that have gone into collections.
Also, you can contact the collection agencies or creditors and ask to settle for a lesser amount to close your balance. If you do this, there is an IMPORTANT step to follow...write directly on the check: "THIS CHECK PAYS THE BALANCE IN FULL." When they cash your check they are legally accepting your payment to wipe out your debt for the account.
These are things you can do on your own with a little patience and determination. Essentially this is what credit fixing companies do. $6000 in credit card debt is average actually. Most credit fixing companies don't usually take anyone with less than $10,000 in debt. Bankruptcy is NOT a good option. In fact it only guarantees that you won't be able to finance or open new decent credit accounts for 7 years.
As for credit card debt. Call the card companies and explain your situation and see if you can get a reduced interest rate. Whatever you do, just make sure you pay AT LEAST the minimum payment. If you miss payments you'll get charged for the late fees and they will increase your interest to the maximum.
Hope this helps. Good luck! |
|
northnode3g
 |
Don't go toward bankruptcy - it will last with you much longer with you than paying down the debt. |
|
donfletcheryh
 |
In your jurisdiction does bankruptcy get forgiveness of all your debt so you start over fresh?
Debt as large as your income for a year is less than many get out of without bankruptcy.
The info you give does not tell us how much you would be able to reduce your debt each year if you decide to pay it off without bankruptcy. Many would be paying on that debt for 5 to 10 years just to get out of the hole, without considering any problems you might have along the way.
Bankruptcy is not to be taken lightly, but neither is 10 years of abject poverty. |
|
Tom C
|
Don't file bankruptcy. After passage of the Bankruptcy Act last year you can no longer have your credit card debt wiped clean in a Chap. 7 liquidation. Instead you will have to continue to make payments. And the car loan will not be forgiven...and if you stop making the payments the lender will simply repossess the car. If you really hunker down...work a full time job and a part time job, live frugally and put every penny into paying off your debts you can probably work your way out of this debt within a year. Good luck. |
|
conundrum
|
Shorty, the Banks want their Money in any form.Ever since Congress passed the Bankruptcy laws its been harder to file. Either way you need to contact them and let them know what you able to pay. The days of filing and leaving the institution holding the bag are over. Make a deal and if you have to get another job to pay it off, then do it.The banks have also doubled the Minimum payments as you no doubt have found out, and that supposed to let you pay it off sooner. |
|
ssweeps
|
YOU ARE A SUCKER! NEVER CO-SIGN FOR ANY LOAN!
6000 in CC debt?
Buy a house and re-finance your loan so you can add it to your loan balance...cut up the cards... |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
11 | 19 minutes(s) ago
| | | |
11 | 47 minutes(s) ago
| | | |
11 | 3 hour(s) ago
| | | |
11 | 4 hour(s) ago
| | | |
10 | 6 hour(s) ago
| | | |
11 | 11 hour(s) ago
| | | |
11 | 1 day(s) ago
| | | |
11 | 2 day(s) ago
| | | |
11 | 4 day(s) ago
| | | |
11 | 2 week(s) ago
| |
|
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
