I have $20,000 in debt?
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I have 20,000 in debt and I was wanting to do debt negotiation. I was wondering if that is all they say it is. I also wanted to know the best way to pay off this debt. I have switched all my cards to 0% and I put all my tax return $ down every year. Ive only had this debt for two years due to legal fees that Ive gotten into. I want to have it payed ASAP but Im on a budget.
You are trying to do the right thing. However, if you are a credit card junkie, then this is the wrong way. If you can keep your head above water, I would do the following. First, shred your cards. If you have a car, then keep one for gas.
Two, pay off the one with the highest interest rate. When that one is paid off, go for number two.
Three, pay cash, because if you can't pay cash, you can't afford it.
For more advice, go to Dave Ramsey's site.
January 7th, 2009 at 7:34 pm
wow
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January 7th, 2009 at 8:14 pm
get a financial advisor, 0% wont last 4 eva
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January 7th, 2009 at 8:48 pm
Go bankrupt! Sorry sweetie ! or work overtime to pay it off!
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January 7th, 2009 at 9:38 pm
Ask this guy for the money!
http://answers.yahoo.com/question/index;_ylt=AkRC7sARD64yEkOPkslmqsUjzKIX;_ylv=3?qid=20071021104659AAQ78g7
Obviously, this isn't meant to be a serious answer. I really have no idea about debt, but I hope you get out of it.
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January 7th, 2009 at 10:21 pm
Consolidate your bills for one payment. It makes it easier and quicker to pay off than having a ton of bills to pay a little on each one. Shop around for a low interest rate. After you pay them off which will take a while, please don't let yourself get into this type of mess again. I think you are being responsible and I hope you can make some headway.
Do not go bankrupt, it is the worst thing you can do. Paying a lawyer when you can use your own common sense.
Those debt pay off places are a scam also, I have a friend who did that. I helped her with bill consolidation. She got nowhere paying for over 3 years with one of the "Debt Professionals."
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January 7th, 2009 at 10:52 pm
There are plenty of non-profit organizations that help people reestablish their credit and pay off their bills. The one thing you have to think about is, they will require you to stay on a budget that they set up for you. And, it may mean cutting back substantially on the way you usually spend your money. Yes, they can negotiate reduced payments and finance charges, but, it will probably take you about 3 or 4 years to pay off a debt that large. You will have to be really committed to it.
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January 7th, 2009 at 11:39 pm
First thing of all, don't go to high intrest low credit money loaners. Always keep a really old credit card, good for your credit. If you are on a tight budget, i guess that you will have to borrow this money from you parent then try to pay them back after because if you don't, your 20 points credit will affect your future of using a mortgage to buy a new home.
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January 8th, 2009 at 12:09 am
Look for local free credit counseling services in the area. While some bankruptcies are bad, they are several different types. Chapter 13 would wipe out all the debt and walk away from the responsibility. Chapter 11 would set a a payment option that agreeable to both parties and will look better on the credit report. Check with a lawyer that specializes with bankruptcies.
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January 8th, 2009 at 12:14 am
Go to the website below and read ALL of it. Especially the section called "credit and debt counseling". This is a great site and it really helped me out a lot! You also need a credit monitoring service!
There are companies in this section of credit and debt counseling that offer debt consolidation and I would look into them! 0% will not last forever and your credit will wind up badly damaged if your default!
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http://www.easy-credit-repair.org
January 8th, 2009 at 12:36 am
Get a part time job and put all the money to the cards.
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January 8th, 2009 at 12:43 am
You are trying to do the right thing. However, if you are a credit card junkie, then this is the wrong way. If you can keep your head above water, I would do the following. First, shred your cards. If you have a car, then keep one for gas.
Two, pay off the one with the highest interest rate. When that one is paid off, go for number two.
Three, pay cash, because if you can't pay cash, you can't afford it.
For more advice, go to Dave Ramsey's site.
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http://www.daveramsey.com/
January 8th, 2009 at 12:52 am
I agree with SteveO. Dave Ramsey is the answer.
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January 8th, 2009 at 1:14 am
read thru creditinfocenter com
and you can also check the Federal Trade Commission
Website about Debt Consolidation Companies
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January 8th, 2009 at 11:23 am
Don’t forget us. We are the only 100% online Debt Settlement site.