How To Get Out Of Debt Fast? Help Needed
Posted on June 17, 2009 at 12:06 am
hello everyone, i need help on debt reduction. i am a single parent and owe $14500 in credit cards. i work two jobs and still my income is not enogh to keep up with all the bills that have to be paid. could you suggest ways on how to get out of debt faster? thank yuo
Posted on June 17, 2009 at 12:43 am
Bankruptcy can do the trick, at least you won't be liable for a lot of things. i've been there myself and i know how hard it is. it gave me a fresh start and a new outlook on life. i was able to start all over again
Posted on June 17, 2009 at 1:16 am
Debt settlement is the way to go. At least you'd be able to cut out a fraction from your total debt balance. Usually you can pay between 30-60% of the actual amount that you owe. Settling the debt takes 12-36 months, and your monthly payments are drastically lowered to amounts that actually fit your budget.
Posted on June 17, 2009 at 1:59 am
moving unit I do not really recommend bankruptcy for you. Yes it can easily remove your debts, but the process actually has a lot of repurcussions. You would have a more difficult time reapplying for credit in the future, as creditors can be pretty choosy in selecting those who have had a history of high credit risk. Also the bankruptcy notation stays on your credit report ten years after you first filed for it.
If anything, bankruptcy really should be the last resort in dealing with debts, because they are still manageable. Making that choice is necessary.
Posted on June 17, 2009 at 2:17 am
12-36 months is a long time for me. is there any way to make it FASTER?
Posted on June 17, 2009 at 2:51 am
Moving Unit, that actually is the shortest time available for you to be debt-free. In fact, even if you file for bankruptcy, it will take a few months before your debts will be completely discharged. You will be granted immunity from creditor and collector contact through the automatic slay in bankruptcy, though, but it doesn't really wipe out your debts in a snap.
Posted on June 17, 2009 at 3:34 am
is there even any way that the debt elimination services are free? how can i pay a debt elimination service if i can't pay for my debt????
Posted on June 17, 2009 at 4:14 am
Pirate, you actually have an interesting point there, but sadly, it's not typically possible to have your debts eliminated for free. Well, there are debt consolidation companies that say they're "non-profit," but for the most part, they still charge a small fee. Even filing for bankruptcy will require you to pay for something.
You still can be able to acquire funds needed, you know. Try borrowing from friends or family. Or against your 401(k). Or sell some assets like your car, or use your tax refund. Or hold a garage sale. The possibilities are endless, and if you really are dead-set on doing something about your situation, you can always find ways to acquire the funds that you need.
Posted on June 17, 2009 at 4:26 am
YEah i've heard debt settlement is the good, too, can anyone fill us in more on that?
Posted on June 17, 2009 at 2:43 pm
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