Ever have credit card/other debt problems?

Question

"I owe, I owe," as the old saying goes and DO I OWE a lot.

(Students loans and credit cards...what a vicious circle!)

Tell me your story (no REAL personal details please) and maybe I can learn from YOU..

Answer 1

hi there! Well, have a cup of coffee, sit down, take a deep breath and get stuck into these:
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http://finance.ebookorama.com
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
if you get any luck please don't forget about me lol, hope it helped you!

Answer 2

I had credit card and other debt problems. I tried Genus Credit Management which one of the credit card people recommended. They will take all your bills and contact the people and you can pay them a lower payment per month. You are usually debt free in five years.

All the credit card people have a department that can help you if you ask for the right department. I am not exactly sure which is the right name for this. I paid X dollars per month to the Genus Credit Management. Some companies require you to tear up your cards. Others do not and tell you that if you want credit again with the card company then you should reapply after they are paid off.

My overtime stopped at work, and I could no longer pay Genus, so I saw a lawyer and I filed a Chapter 13 bankruptcy. In that type of bankruptcy, you make payments to a trustee lawyer for about 5 years and then you are free and clear. I tried this, but after a period of time, I changed my bankruptcy to a Chapter 7 bankruptcy.

In this chapter, you don't owe anybody anything but your credit is bad for 10 years, and you shouldn't go bankrupt on anything you want to keep such as a house. My house was repossessed, and so was my car. I continued to stay in the house for a year and a half until I received a letter telling me to leave.

It cost about 800 dollars to go Chapter 7 and about 1500 dollars to go the Chapter 13 way.

If you can avoid bankruptcy by using a credit management service, and there are a lot of those everywhere, then do it. Bankruptcy should be a last resort. This is what is was to me. Now, I don't owe any credit cards or any major bills; only the normal everyday bills for living such as electric and phone, but I would suggest to get a consultation with a lawyer. It only cost me 20 bucks for the best lawyer in my area. Then you can make a decision, but if there is any way you can do it, use a credit management place.

One thing is that if you go bankrupt, it is against the law for any of the creditors to contact you by mail or by phone ever again. If you use a credit management place, your creditors will still call you for awhile, but once it gets going good, they will leave you alone plus a credit management place will get the credit card companies to drop their interest rate; either very low or zero. That is what happened in my case.

Answer 3

no i've never had any debt problems.
But I know someone who took a loan from school 18 years ago and he's still trying to pay it off because of the intrest rates are so high. And i also have a couple of my friends who are in debt. They got a credit card and went on a shopping spree. knew that it would mess up their credit. I know some guy who owes about 50,000. He keeps getting mail from the collections place every month. But what i've noticed is that they dont even do anything about it. I mean it's stupid. It money they spent i dont know why they cant just pay back for their mistakes plus the collecitons ppl try to deduct the price and then suggest you to make payments or offer them a price that you can pay them every month. But they just though those letters in the mail. And i'm always bugging them about it. Because that is going to be on their record for life. And they won't ever be able to own a home, a car, you know stuff like that.

I keep track of all of my transactions to avoid being in those kind situations. Because I think of the future and I didnt do stupid things they did when they were young. I would pay for mistakes instead of thinking they will go away but ignoring them. I read stuff carefully and throughly before doing it. And I ask my friends, sisters and my dad for advice ahahaha before taking a step. Just to make sure im makign right decisions. learn about interest and all that crap. I've always used daddy's credit card. Sooo I haven't ran into any toruble. ahahaha i just have a debit card. ive gone neg. maybe once. But I learned from my mistake how they charge you $17 everyweek if I dont pay that negative balance.
I'm 22 and still debating if i should get a credit card. or stick with daddy's. I dont have any credit. YET! haha i'm scared!

Answer 4

I had about $12,000 in credit card debt. I could barely keep up with the minimum payments. I ended up going to school online, my work paid for all of the classes. I then took out student loans at the same time and paid off my credit cards with the student loan money. I was still in debt but the interest was tax deductible and I had a much lower payment. Plus the debt from student loans it looked at as good debt vs. the bad debt of the credit cards by creditors. Now I have no credit card debt and I've almost paid off the student loans. It only took about 5 years. Now I just have to figure out how to payoff the damn mortgage.

Answer 5

I owed a lot of money and lost my job. My only recourse was bankruptcy ch 7. It took care of my debt and screwed my credit.

If you have ch7 you will have problems getting a job, insurance, loan, CC & renting an apartment.

If you can, try to negotiate a deal with the creditors before it is to late. And throw away the CC.

Answer 6

I maxed all my cc's out because of an addiction. I've been paying for it ever since. It's awful! These freaking collectors call my house every day. I'm on disability right now due to my mental illness....which was the cause of me maxing out the cc's in the first place. Anyway, i have no money to pay them. They hound you and hound you.

Answer 7

Perhaps you can allocate your income accordingly i.e. how many % for loans, how many % for other fees. Then calculate how much you can spend and spend wisely :)

Answer 8

no debt here
hookers only take cash
thats the best way to go