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rachellynn200 | Is it better to 1)pay off debt on my own which will take a lot of time 2)debt consolidation or 3)? |
file for bankruptcy? |
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BrainiAcademiac
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NOT consolidation. What is commonly referred to in that category is a form of loan which PROTRACTS PAYMENTS over a LONGER PERIOD, but for which, in the end, if you do the MATH, you will END UP paying up to FOUR TIMES what you WOULD have paid with a reasonable time period.
WHATEVER you consider or choose, be SURE you do the math for what the FULL COST your your decision will BE...financial AND OTHERWISE!
CUT your EXPENSES, PAY it OFF, and put yourself in a money management program that keeps you OUT of that in future!
Best wishes. |
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jlayton134
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Easiest way to Pay off debt is to pay all the extra that you can on your smallest debt while paying the minimums on all the others
when the smallest is payed off apply what you were paying on the smallest plus the minimum payment to the next smallest. Before you know it you will be down to 2 or 3 debt items. |
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noseygirl
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If you file bankruptcy you are taking the easy way out. It's not fair to those that you owe money to. You owe it and should pay it back. Debt consolidation makes your credit look bad. Pay it off on your own starting with the smallest amount. Pay more than the minimum amount due. I did it and so can you. I was a shopaholic. Good luck. |
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goldmedaldiver
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You may need to analyse your spending habits and determine what is necessary for living and for work; then destroy all credit cards and live on only debit cards or cash. It's very difficult, but you have satisfaction in knowing that your extra money is not being paid out in interest unless absolutely necessary. Buy Used cars, not new. If your have a large amount of debt; 5 digits; and a low income based on the number in your family; if the credit card companies have jumped your rates into the bank robbery area of 20% plus; then file Chapter 7 if you are renting; otherwise, if you have a home that you want to save, file Chapter 13. Yes, it's your fault for getting into this situation; however, the credit card companies are raping the american consumer with very little government oversight. Yes, bankruptcy will follow you for awhile; but not the rumour of forever or 10 years. 2 years after bankruptcy is completed; credit card companies will be running to your door because you will have all that discretionary income that is not being spent; you will be able to get a VA or FHA mortgage, you will be able to get a car loan with a down payment and a slightly higher interest rate. Don't believe the naysayers, a million people a year have been declaring bankruptcy, primarily due to lost jobs, downsizing and 50% of people for medical reasons/bills. Your at fault for spending foolishly; the system is at fault for enabling credit card companies to charge piracy rates of interests. A Visa Debit Card from your financial institution will enable you to use online payments, reservations, be able to use at restrurants, groceries, gas stations, ect. Same usage as a credit card, but you only use the money that you actually have. |
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loshea65
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Pay it off on your own. Creditors consider debt consolidation one step above bankruptcy. |
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merdarie
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Pay off on your own or check with your bank and see if they offer Consolidation Loans. Through my bank the Consolidation loans interest was 10%, alot lower then any of the credit cards I was consolidating. One thing to watch with this is you are paying off said bills/credit cards. Meaning you can use them again. Be careful of maxing the cards and such again. |
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KB
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PAY OFF PAY OFF! Debt consolidation can make things worse, there are some shady companies out there promising to help you, but they want to take your money too.
Filing for bankruptcy will follow you the rest of your life and possibly make it difficult of impossible to buy a car, get a mortgage to buy a house, etc. in the future. PLEASE just tighten your belt, stick with a budget and pay off those loans. Always pay MORE than the minimum on your credit card , or you will never get out of the debt. |
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migity696
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if you own a home, you can do a home equity loan. |
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collgirl21
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Pay off on your own. Debt Consolidation will ruin your credit. Start with the highest interest credit card and pay that off first, and move on down. |
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curious
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There are good debt and bad debt, you have to pay off the bad ones first.
Also pay off the lowest balance with the highest interest rate first. That way you can knock them down faster and have a sense of accomplishment doing so.
These are described in detail in David Bach's book "The Automatic Millionaire : A Powerful One-Step Plan to Live and Finish Rich"
http://www.amazon.com/gp/product/0767914104/002-3619280-6081636?v=glance&n=283155
It gives you the answer on how to pay off your debt. |
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Nurse stat
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It is better to pay off and have then good Credit Stan darts again, then filling for bankruptcy.If you need help and advice go to a Debt Counseling they will help you to set up a payment-plan. |
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snvffy
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Hi Rachel Lynn,
Please read Dave Ramsey's book. It was written just for you.
www.daveramsey.com
It gives you the steps to pay off debt, and how to change your habits so as not to get into debt again. He has a GREAT debt snowball formula.
GOOD LUCK |
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mrthomas2232
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pay off |
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holykrikey
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Pay it off yourself. If you file for bankruptcy the laws make it much more difficult. You also have to qualify with the earnings/debt ratio. I would settle you may even be able to get them to agree to payments. But be diligent or you will never pay it off |
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rogue_queen69
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I'm going through the same thing...take your time and pay it all off yourself. Most of the time if you get in touch with the collector they might even help you lower your payments by some percentage. |
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Truly Madly Deeply
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IT'S better you pay off as fast as you can. Don't file for bankruptcy in that case sometimes your personal assets can be sold if it's too serious. |
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