Tried to help family members and its backfired. Already looked into debt consolidation. Want some other options.
2006-10-10 08:52:10 · 9 answers · asked by Nya 1 in Business & Finance ➔ Personal Finance
It depends on how bad you are now.
Consolidating means creating a whole new loan for a longer period of time. This would hopefully lower your payments enough so you can get back on track, in this case it might SAVE your credit score.
A credit counselor will give you some tools and suggestions for reducing your payments, just keep an eye on what the % are, you want it to be lower than what you pay now.
However, debt consolidation can be nothing more than a way of putting off the evitable. It really does little to correct the problem. That's why many people come back to debt negotiation as a way of getting out of their financial problems and starting fresh start.
here are some links which seem to help people in debt:
http://credit-cards.ebookorama.com
and here http://finance.ebookorama.com
also plenty more to read here
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
good luck!
2006-10-10 12:47:12 · answer #1 · answered by ken_voss12345 4 · 0⤊ 2⤋
If you stop paying on your credit cards, they will go into collection and perhaps even a jugement. The only other thing besides debt consolidation is bankruptcy. You could alway contact an attorney and sue your family members for the money you gave them...
2006-10-10 09:04:23 · answer #2 · answered by KL 5 · 0⤊ 0⤋
It depends on a few things. What state do you live in? How much in debt are you? Do you own property (home, car, etc...), do you have other income or investments?
Social Security and pensions can not be garnished. Depending on the state you live in, some property is exempt from liens. So if you don't have much property or income, you are considered "judgement proof". They can sue you, but they will not be able to collect anything.
With this knowledge, contact the creditor and explain your situation. Offer to pay a reduced portion of the debt, with a monthly payment you can afford. If they refuse then there isn't much you can do but wait for the lawsuits.
2006-10-10 13:11:06 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Failure to pay credit cards will result in them being turned over to Collections. This will damage your credit. Eventually, a lawsuit will be filed and you could have judgments entered against you. Keep in mind that interest will keep accruing, as well as attorneys fees, late fees, etc.. and the debt will grow.
Have you looked into filing bankruptcy?
2006-10-10 08:55:12 · answer #4 · answered by Harvie Ruth 5 · 0⤊ 0⤋
Is there anyone else in your family who can help you out? You must have some income coming in. Pay off the card with the lowest balance first, then work your way up.
2006-10-10 09:01:34 · answer #5 · answered by nada 3 · 0⤊ 0⤋
Tell the dead beats to pay you back, don't loan money you can't afford to loose, and if all else fails, I guess it's time to come out of retirement.
2006-10-10 10:07:55 · answer #6 · answered by Stu 3 · 0⤊ 0⤋
I normally wouldn't say this but.......hey, your a retired senior citizen, what are they going to do, squeeze blood from a turnip??
2006-10-10 09:01:00 · answer #7 · answered by Scotty 6 · 0⤊ 0⤋
Please believe, you can't save your family members from themselves, as it will compromise your retirement.
And remember, you can't LEND MONEY YOU DON'T have.
You need to get in the faces of the alleged "family" who are abusing and using you as a bank for their financial transgressions.
You need to get out there and COLLECT your money as ruthlessly as they played you to get their bills paid.
2006-10-10 11:23:32 · answer #8 · answered by DaMan 5 · 0⤊ 0⤋
contact debt solutions and they can assist you in your options......
2006-10-10 09:25:54 · answer #9 · answered by churchonthewayseniors 6 · 0⤊ 0⤋