I have a huge amount of unsecured debt, about $50k to be exact. It is all credit cards and personal loans. I am NOT late on any payments, however I have been unable to pay my credit card payments and household utilities each month without having to charge for gas or groceries throughout the month, which defeats the purpose. I have researched a few debt relief programs, but I am unsure of how to proceed. The sites estimate a payment of $1200/month for 37 months. I am at wits end; and I have always made at least the minimum payment each month; so I am not behind on any payments. Please provide any advice; should I go the debt relief way or seek a bankruptcy lawyer. I don't know just grasping at any straw I can find at this point.
There is no such thing as a legitimate "debt relief program", contrary to what the TV ads say. Your debts will continue to exist--and grow--until you pay them, settle with each creditor, or discharge the debts in bankruptcy. The companies claiming to be able to reduce your debts are a scam, and there is NO government program which could reduce or pay off your debts. Only wealthy corporations receive such bail-outs; you or I do not. My advice is that if your total debt load exceeds 50% of your annual take-home pay, then it's time to think about bankruptcy. Quit throwing good money after bad, if your debt load is too high to realistically pay off.
Hi Gemini, Also make sure you take a look at our Debt Relief resources here: Debt Management - Creditnet.com Thanks Logan
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