Hi folks. I am in a bad situation, don't know what is the best way out. I have about $27,000 in 4 credit cards which I can pay min. payments only, Wicks, Harlem furn. and Best Buy card with another $9,000+, 2 cars of about $1046 total, school loan for $47,000. Plus a mortgage for about $980 a month. I am always short and afraid that I will have to declare bankruptcy. I was consulting and making a ton but now have a perm. job that pays sh-t. My wife just keeps on telling me to go thru debt consolidation, like Ameridebt or someone else. I heard bad things about them. What to do? Anyone.. much apprec.
Eliminate your student loans legally and ethically. Use the law to your advantage. Go to: http://debtonator.newleafassociates.com
Definitely stay away from Ameridebt. They are a front for a for-profit company. If you want to try debt consolidation, look for Consumer Credit Counseling Service, which is truly a nonprofit. Can you get a second job and put all of that money toward the bills? What about getting rid of the cars and getting less expensive cars? My personal opinion is to avoid bankruptcy, but that's and individual decision. How much longer do you have on the car loans?
A BK won't do away with your student loans...... I personally, would buckle down and spend every penny getting your finances back in order....for starts, call and ask for interest rate reductions, may not get it but you can ask........that's a start, you need to give some more info about you if you want more precise answers, like how old are you, any kids......you're asking a very broad question, bk is a great option for some, and for others it's pure hell...
As easy as it can be to use these remedies, they have far reaching long term consequences. BK should be used as a last resort only...when you are between a rock and a hard place... with nowhere else to turn DC will take your money and may or may not help you in the long run. You may find that you still need to declare BK even after dealing with DC for a few years. Take other's advise here, and get a second job, wife maybe could get a job, and struggle for 2 or 3 years, you will wipe out your debt and have a clean CR without the shadow of BK darkening it for 10 years
stup, There have been many consumer complaints about debt consolidation and/or consumer counseling services. The Consumer Federation of America has written a very complete report on the problems associated with them. You can read it here (you must have adobe acrobat reader): http://www.consumerfed.org/credit_counseling_report.pdf There is nothing wrong with considering bk as a viable option as it is perfectly legal. It is wise to consider all options available in your situation. clc
Is your wife disabled? How come she is not working to help pay the debts? Her getting a job, and you getting a second job should help take care of the shortfall pretty quick.
