would u file for bankrupcy if u have 9500 dollars in credit card depth.if not what would u do?

Answer 1

nope, save up some money, let the accounts go to collections, if someone decides to sue you, you'll have some money saved up and can pay them then.

Answer 2

$9500 isn't that much. Can you afford the payments? Can you get the companies to lower the interest rates? Can you consolidate them all into one low interest card or loan? I know this sounds like a whopper and could put a hurt on your pocketbook, but if you pay above the minimum payment, you will see that you are paying a little less each month because you will have lowered your balance. Most of your payment goes to interest, not principal, so pay as much as you can to pay towards principal. Bankrupcy will follow you around for 7-10 years. Good credit goes alot further than that. If you need help dealing with your creditors visit FTC.gov

Answer 3

I'm sure that $9500 seems like a lot of money to you at this point, but in the long run, it's not that much. Don't declare bankruptcy yet....try to get on a payment plan with your credit card. Call the 800-# on the card and tell them you can't pay your current amount due and they need to work with you if they want any $ at all. They will most likely reduce your APR and also put you on a payment plan that you can handle. Don't go to one of those consumer debt places that says they will take care of your debt for you - they suck and end up getting you more screwed up than you are to start with [I'm speaking from experience here].

Pay them $25.00 a month if that's all you can afford. It will be much safer for you credit wise than to have a Chapter 11 on your credit history.

Answer 4

God NO!!

Bankrupcy will follow you forever!
Cut up the cards---call the card companies and ask to get on a payment schedule that you can afford.
If all else fails--have your debts consolidated-it might take longer to pay-but that rates are usually pretty good!

$9500 is not worth ruining our credit for!

Answer 5

Depends on your income and other expenses. $9500 is the AVERAGE credit card debt for an American. I have about $11,000 (that's not bragging, it's something I live with). Some have over $100,000 in credit card debt.

See a local non-profit credit counselor. (Your United Way can refer you.) They'll help you decide what's best for you, and ask you some tough questions about how you got $9500 in credit card debt.

Answer 6

No, don't file for bankruptcy. Pay as much of the credit card bill as you can each month. If possible get an additional job, so you can put all of that money towards your credit card bill. I suggest that you keep 1 credit card, and cut up all of the other ones that you don't use or that have a high interest rate, but don't cancel these cards. Just cut them up. Hide that 1 credit card in your wallet or home somewhere where you won't be tempted to use it. Also, you should make a budget and do everything you can to stick with it. Instead of buying things you really don't need or doing things you really don't need to do, live as inexpensively as possible. That's what we plan on doing once we're all finished moving. Instead of going out to eat, we're going to cook everything at home. Instead of going to retail stores and buying things on impulse, we'll plan for a goal to reach. That's where we lost a lot of money to credit (eating out & going to stores). It's so ridiculous. Instead of going to the movies so often, we'll use Netflix. It's fine to do something small every once in a while to reward yourself, but don't fall into the trap again. It's hard to stay out of credit card debt, because necessary expenses can be just as much as income, if not more in some instances. Then, you end up putting the necessary things and wants on credit.

Answer 7

Don't file for bankruptcy because that stays with you for 7 years plus can affect whether you're approved for a home loan or car loan later in life.
Right now call the credit card companies and let them know your going to pay them. Also see a credit consolidator. Find one that won't charge you an obscene amount of money because you already have money problems.
Work to pay them off and don't buy extras that you can't afford right now. Save that for your creditors.
When you do finally pay off that debt don't get yourself back in it. BE RESPONSIBLE WITH YOUR MONEY...YOU WORKED FOR IT!

Answer 8

No, I wouldn't file bankruptcy. First figure out what you can afford to pay to your creditors. Call all of them and tell them you'd like to pay them off, but you've fallen on hard times. Could you give them..... whatever you can afford. Some creditors will work with you. Some will offer a lower interest rate on transfer balances... start by finding out exactly what you owe and to whom.

Answer 9

because credit businesses positioned you on a mailing record when they get your advice. they're going to deliver you pre licensed charge playing cards then you extremely've gotten to pay to get those playing cards so your credit status will bypass up.

Answer 10

Check with the NFCC organization for a local credit counseling center near you. These are non-profit agencies that will honestly tell you your options... Click on the "take the first step" link.