I am in a huge mess with credit card debt. I seemed to have made a huge mistake by helping others in their time of need by using my credit card for their benefit. I was promised to be paid back the money used but I got stuck with the bills and got nothing. I am in desperate need to pay off my debt really fast, but I don't make enough money to pay it off so soon. If there is another way to pay it off without all the hassle, I will do anything possible to get this fix.
2006-08-17 08:20:21 · 10 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Did you get the repayment agreement in writing?
Take the people who owe you to small claims court and don't be such a sucker next time.
2006-08-17 08:33:15 · answer #1 · answered by BoomChikkaBoom 6 · 0⤊ 0⤋
You will want to contact Consumer Credit Counseling Services. This is a company that will help you payoff your debt and restructure your finances. They will be your best option to get yourself out of debt and to move on with your life, they are also a BBB approved company.
Second I am going to offer a piece of advice that has saved me many friendships. DO NOT lend money! Only gift money PERIOD. If someone pays you back then consider that an extra bonus but many a friendship has been ruined because someone can't pay something back and so they avoid you or you get mad at someone for not paying you back. Either way, just give money as a gift and no one ever gets upset.
2006-08-17 12:00:21 · answer #2 · answered by Anonymous · 0⤊ 0⤋
There is no way to quickly pay off a large debt, without a large sum of money. It's as simple as that.
Best thing I can suggest is pay off your credit cards first, as well as any other high-interest debt you accumulated. Also, make a payment on your credit card out of each paycheck, as much as you can afford (aka don't pay minimum). Finance charges can add up quick.
One last thing - in the future, don't loan out more money than you can afford to lose.
2006-08-17 10:43:00 · answer #3 · answered by I Know Nuttin 5 · 1⤊ 0⤋
Bankruptcy should be your LAST option when all others have failed. Contact your friends and ask for the money you loaned them in "good graces" and give them a time period to give it back to you. If they fail to do so, let them know you will be looking into legal options to get your money from them. Since you don't have any signed documents and it will be your word vs. theirs it may be hard for you to pull off.
An option you have is to go to your bank to take out a loan to cover this debt. If you can't do that, then contact your credit card company and explain the situation to them and ask what they can do as far as a payment plan to help you knock your debt down.
What my husband and I would do is set money aside every week and pay as much as we could on our credit cards, paying the most money to the one we owed the most to.
Good luck and hope it all works out for you!
2006-08-17 09:51:35 · answer #4 · answered by TxCatLuvr 3 · 1⤊ 0⤋
Get the second jobs. Clean the mess, the lesson learned is never let anyone using your credit card again. after paying off, control your spending, spend less than what you make, control the urge buying new cars,cloth or fansy stuffs. build up emegency cash, set aside 10-15% of your pay to 401k at work. and the lesson learned is NEVER TRY TO BE A BIG BROTHER TO ANYONE. Take care of yoursef first before you take care of someone else.
2006-08-17 12:08:15 · answer #5 · answered by Hoa N 6 · 0⤊ 0⤋
Three Suggestions 1) Consolidate your debts 2) File bankruptcy (bankruptcy is not advised for all cases) 3) Contact a credit counselor:
Ways to Consolidate Debt
http://www.debt-explained.com/category/Ways-to-Consolidate-Debt.html
Credit Counseling Programs
http://www.complete-debt-info.com/category/Credit-Counseling-Programs.html
How to Avoid Bankruptcy Explained
http://www.debt-explained.com/category/How-to-Avoid-Bankruptcy-Explained.html
2006-08-18 02:19:56 · answer #6 · answered by huh h 2 · 0⤊ 0⤋
you may want to seek a personal loan, installment.. did you get a written contract with your friend then you can see them in small claims court. don't ignore it etc.. you may want to try a debt councling service but i would call your credit card companies and tell them you situation. they would Rather work with you instead of it heading to a debt councling service.
2006-08-17 15:19:16 · answer #7 · answered by sarah a 2 · 0⤊ 0⤋
File for bankruptcy.
Seek credit counseling.
Sue your "so called friends."
2006-08-17 08:25:26 · answer #8 · answered by Anonymous · 0⤊ 0⤋
call judge judy.
2006-08-17 08:25:44 · answer #9 · answered by rhino_man420 6 · 0⤊ 0⤋
use prosper.com
2006-08-17 08:37:43 · answer #10 · answered by pattycake 3 · 0⤊ 0⤋