Posts Tagged ‘credit card debt’

What happens when you stop paying your credit cards?

So I’ve done some research and I know all of the consequences of walking away from credit card debt. But I am not sure what I should do. I know many people have asked this same question and were told to get credit counseling. I’ve also looked into that and most places charge a fee which i can not afford to pay. I’ve also looked into debt consolidation loans, which i am not eligible for. I’ve even called my credit card companies and asked for a lower interest rate and was denied. I can not afford to get an attorney. This is my situation. I was young and dumb got a bunch of credit cards. I think I have about $ 4.500 in credit card debt. I try to pay more then the minimum monthly payment but my interest rates have increased and I can not afford the monthly payments. I also have student loans and a bank loan that I pay on as well. Those loans are obviously more important then my credit cards. I pay on these cards and the balance never goes down. I do not even use the cards anymore, it does make a difference. Any HELPFUL suggestions or advice from personal experience is appreciated.

What would you do about this marriage in a financial mess?

Okay, so my husband always handled the bills since the beginning of the 13 yr marriage. He let it get way out of control buying himself way too much. Now, after the credit debt is paid each month, there is no money left. I have not even looked at everything yet, but I know there is just btwn 40 to 50.000 in credit card debt. He is paying minimum payments, other bills are still getting paid, but I’m tired of handing him my checks (work full-time make 36k). He makes a little more than me but I Provide medical / dental so it evens out, but at the time he made some of the purchases, he had a 2nd job, Which was just for extra money to buy HIS HIS extra things. It seems things are more important than family. I do not add debt, I’m not a compulsive shopper like him. I do not want to be making him look rich while the kids and I do without. Should I cut my losses now, or is there a way to make him pay for his Overspending, etc. without affecting me, so I can feel like I’m in a partnership, and not just being taken advantage of. I really resent him for it. Is there any free credit counseling that will help consolidate, etc? Are there any other options?

I’m 22- Should I file bankruptcy?

I am 22 years old and have $ 24,000 worth of credit card debt and $ 25,000 in student loans in that I have to start paying off 2 months. I talked with a credit counselor and asked him his opinion Whether Or Not I Should do the program or declare bankruptcy. He could not give me a specific answer, but he was leaning towards bankruptcy. I just graduated college and have a job making very little money and paying off the debt is going to take me over 10 years because my monthly payment (with the credit counselor) is very high. I even know if I continue with the credit counseling, it will shut hurt my credit. Rate my parents declared bankruptcy five years ago and had no problems getting a new car and built a brand new house with an average interest. I know some employers look at credit reports, credit counseling will affect but did anyway. I just want to start over and need some advice. I appreciate it!

Urgent advice needed!!!!?

Ok I think my ship just sank. I have approx. 30K in credit card debt, I also have a personal loan with a balance of 10K and a car loan with a balance of 6K. . So now I have medical bills of 6th 5K. I have not been late on any of my payments for the personal loan, car loan, and credit cards. I have not been able to pay the medical bills at all They have not sent me to collections yet but have threatened. So now my cards are out of control because the minimum payments just jumped up I was in a 1% interest deal for a year but now i cannot afford the payments. I have not been using the cards to pay other than a few of the smaller medical bills. I only make 37K a year before taxes, and my rent costs $ 450 a month. I no longer make enough to pay all my bills and still eat next and Im not sure what to do. Should I just let my credit get killed and hold out till I get a higher paying job (activly looking) Should I try consumer credit counseling, or should I declare bankruptcy?

Should I continue to pay my credit cards?

I am 23 and at 10.000 in credit card debt. I really can not afford to pay them anymore. The Majority of my payment goes to interest. One of my cards I pay 82 a month and only 18 goes to my actual bill. I think it’s ridiculous to keep paying them when they’re taking all of it in interest. Down I do not use the cards anymore but the debt does not seem to be going. A friend suggested seeking credit counseling but I’ve heard bad things about them. For everyone with the good advice Thank You. For everyone else you do not need to be so harsh. I understand that I made the purchases and absolutely agree that I should pay them. I have no problem paying. My issue is that they are taking very little of what I’m paying and putting that toward my bill. If they can lower the interest rate that would be fine with me. I am not asking to not pay anything at all Learn to read a question correctly before you judge me please. So these cards are all from when I was in college at 18 and living on my own. I was stupid then and did not realize how much credit cards would hurt me later. I did not use the cards on a good time and going out. Most of it was used on just living at school and paying for food and books and school related things!

Relationship woes…?

My boyfriend and I have a two year old daughter due to a birth control fail. We have a lot of issues and if it was not for her I’m not certain we would be together. He wants to go to counseling to solve our problems Which may help the personality issues but he also has 25k in credit card debt Which is a huge issue for me. I feel like such crap as he keeps telling me all I care about is money, but the truth is I’m scared of what our future holds with that sort of burden. Any advice?

my husband and I are looking to refinance we don’t know if we will qualify?

We are working with a non-profit credit counseling place to pay off $ 18,000 worth of credit card debt. I was not aware of the fact that working with a credit counseling place will hurt our once perfect credit. We made all our payments on time just wanted to consolidate all of it into one payment. Anyway now we have to refinance our house and I am concerned no mortgage place will want to give us a loan. Not to mention that we do not make the most money. Anyone have any thoughts or know if we would qualify?

Credit Card Help Please?

While a student in college, I made some bad financial decisions referring to credit card debt. I know what I did was dumb and now with a horrible credit score debt on attempting to work my way out of. I have 12 credit cards all with balances $ 1200 or less. Which comes up to about a $ 10.500 total debt. I went ahead and filed six months ago with a Credit Counseling Service (Allegro Law) and they did work to reduce my interest rates. My question is the following:-Would it be a better idea to cancel my subscription with them and attempt to settle my accounts, I have recently got a better paying job. If so, since my credit score is a mess it would be a good idea to let the cards default a few months, all the while saving a bulk up some to offer settlements?-Does paying settlements to them negatively affect my credit score more than having late balances all the time?-Or would it be better to continue paying with the credit counseling service? It just seems like its going nowhere fast. Sorry for all the questions. I just want to get on the road to being debt free again.

Help me get my credit together?

I am coming up on time for me to be re-investigated and since my paygrade increased my clearance has to increase so with that said they want to dive deeper into my financial background. So I went and got my credit report and checked it out. I am in debt in excess of over $ 48,000 dollars (My installment debt is $ 44,000 me and my wife’s car) and owe $ 1.800 dollars dor credit card debt and $ 750 for debt collection. Heres the problem I have tried to contact the credit card creditors but can not get in contact with them I had the two cards in 2001 and pretty much spent em up and never repaid it and just kept collecting the INTEREST. So I decided to call a credit counseling place and they tell me I do not have enough debt for them to help me (child of shyt is that). And the shyt I have in collection I do not care I refuse to pay because I was not calls in Iowa in 2001 and did not make those long distance. And I also owe Verizon $ 448 from 2004 but I refuse to pay that shyt but it’s looking like I may have to. My question is how do I get in contact with the credit card company so I can up a payment plan set and how do I lower my installment debt? Being damn near 50 stacks is not whats hot in debt. For my clearance I just need to show that I have a payment plan for my own personal setup but I want to get all this stuff took care of. I was just going to pay it all off after my next deployment but is not noi did go by the info on the credit report and I could not find a number or address for them to. And I did use the verizon sprint but the phone in 2001 I tried to dispute but they said it was in my name because whoever it was that moved into the Barrick never switched it over after me. I have not had these credit cards since 2001. and I call the number they provided and it is disconnected.

I am 64 and disabled and on S.S.D.?

I have been in contact with Credit Counseling doubled over a credit card payment this month. All of my finances, bills, possessions, etc. reflect proof that if I walk out on this credit card debt, I am basically judgment. Done all I can. Now I can not. What are the laws in Texas regarding what a company can do it to me I walk out on this debt. CC felt very bad that they could not help me, and told me this.