Posted on
January 7, 2010
at
3:16 am
"I'm getting my debt under control" has always been my New Year's resolution for the past 40 years. What am I doing here? Yes.Help me.
Posted on
January 7, 2010
at
5:31 am
Hi there, have you heard of debt settlement? It's an industry that is trying to help the consumer not only eliminate debt but also somehow save.The program requires for your debt to be $10,000 and above plus your accounts past due. Why? Original creditors don't usually to a settlement as they would lose profit but once they pass your account on to a third party collection agency - your debt (balance) has a chance of being negotiated down to more or less half.
Posted on
January 7, 2010
at
5:33 am
I agree with Jill - and debt settlement is not your only option for getting your debt under control. If it so happens that you owe less than $10,000 and your accounts are still current, and you fear that you're going to default at some point because of high interest rates -- then you might want to look into Debt Management Plan, run by credit counseling agencies.Just watch out for the scam agencies.What DMP can do for you is negotiate your interest rates so you can get at your principle much quicker.Hope that helped.
Posted on
January 7, 2010
at
5:35 am
Oh I see -- thank you for those. I would seriously consider them. How about bankruptcy?Also, how much do you think that would cost me? And how long would those programs take?
Posted on
January 7, 2010
at
5:37 am
A BIG NO to bankruptcy (its implication on your credit is much too big) if your debts are mostly secured and you're really not in need of what they call the Automatic Stay provision (that bankruptcy offers) - if you're not being sued -- might as well consider what they've said, either credit counseling or debt settlement.If you'd like for your debt to be assessed for free - do fill out a form here at destroydebt.com - you won't be charged for it.
Posted on
January 7, 2010
at
5:48 am
Debt settlement companies will charge 15% of the total debt amount spread over 18 months or take a percentage of the settlement amount (20-25%)So if you have a debt of $10,000 - your monthly fee is $150/mo.
Posted on
January 12, 2010
at
1:12 am
Getting debt under control involves a lot of lifestyle changes. One has to refer to his/her previous bad habits as the "past life"For example: One likes shopping 2x a week or go out to dinner/with movies once a week -- each time one has an urge to do those things (after being debt free) one has to mentally say "past life" -- that belongs in the past.
