Posted on
February 22, 2010
at
12:43 am
Hi what options can you recommend for me to get rid of my credit card debt - $12k approximately, too high an amount if you ask me - can I file bankruptcy for it?
Posted on
February 22, 2010
at
2:32 am
High credit card debt - what are the options? -- It's a good thing that you mentioned $12k because that amount qualifies for a debt settlement program. Are your accountspast due?
Posted on
February 22, 2010
at
2:36 am
High credit card debt - what are the options? - I agree and no, don't file bankruptcy just yet.Its implication on your credit is much too significant (it'll take you years to rebuild after) -notunless, aside from your credit card debt, you are also facing a lawsuit, repo, or foreclosure..because then you'd be needing banrkuptcy's automatic stay provision. --- do try debt settlement.Although that stays on your credit report for 7 years. Bankruptcy stays for10 yrs(chapter 7) or 7 years (chapter 13) -- and 20 years on public records.
Posted on
February 22, 2010
at
4:43 am
High credit card debt relief options - if you owe less than $10,000& ur accounts are still current - if your main goal is just to be able to managethe monthly payments ..then you can sign up for a debt management planrun by credit counseling agencies. It'll cost you $25/mo for 3-5 years. The planis all about reducing your interest rates (negotiate its terms etc) so that your paymentsmay be applied to your principle amount of debt -
Posted on
February 22, 2010
at
4:47 am
High credit card debt options - it's not that you're being discouraged to file bankruptcyto once and for all get rid of that debt of yours - it's just that for unsecured debts (not attachedto a property of yours-unlike with secured loans) it's advisable to go the professional debt relief route.You won't property with debt settlement and you get to be debt free in 12-36 months, and if you finishthe program, perhaps save some money.
Posted on
February 22, 2010
at
6:06 am
High credit card debt - what are the options? - You can also do a d.i.y. debt relief.You can contact your creditors and ask for their hardship program. Prepare proofof your hardship, I'm sure they'd ask for that -- they may not agree to settle with you-butthey might bend their terms a bit to accommodate your situation. Try
it.
Posted on
February 22, 2010
at
6:09 am
I agree and you can also do a balance transfer. And before you sign up for a newaccount
don't forget to ask the ff: Questions:1. Until when is the introductory rate or how long does it last?2. What is the card's annual percentage rate after that introductory rate expires?3. Does that introductory rate apply to transferred balances or just to new ones, or both?4. Does that card have an annual fee?5. Do they charge late fees and over-the-limit fees?6. Are there balance-transfer fees?
Posted on
February 22, 2010
at
6:11 am
If you are interested in taking out loans - (although like bankruptcy it's really not recommended as you stand to lose a lot) if it's an option for you-browse through the government loans site
http://www.govloans.gov/govloans_en.portal
