I have bad debts for my credit card.?

Question

I was in prison for 2 yrs.My credit card was about 25k, after my release it jump up to more then 50k. Altogether 5 banks. Can I still get a bank to settle all my previous debts. Because to pay one bank is better to pay 5 banks.Save alot of interest. I now earn about 3.5k per mth. I really wants to clear it before they make me bankrupt.

Answer 1

You may be able to get a consolidation loan if you own a home. If you start paying them off, they may be willing to lower your interest rates. You might want to talk to a debt specialist, sometimes they have relationships with banks and may be able to get you a consolidation loan. This site has very good info

Answer 2

Best Ways to Consolidate Credit Card Debt



To pay for articles, which cannot be easily robbed or misappropriated, you should use credit cards. Always make the payment before the mentioned date; else your debt will pile up, leading to an unfavorable situation. The credit card debt consolidation loan protects you against spiraling credit card debt. This can be procured by visiting an appropriate website or by approaching creditors close to you. Unsecured debt consolidation is better because you will not forego the initial deposit, even if you happen to miss a payment.

For this purpose always deals with a single creditor, it is safer and more rational. A good creditor will give you low interest rates and you also have to pay a lower installment every month.

Answer 3

Hi, usually if you explain what has happened, they are suppose to work with you. If your acct is still active, you could request for a credit decrease and just pay 2 the minimum pymt until the acct is 0 balance. But credit cards will work with people that have a higher credit limit b/c they trust you better than those that have a lower credit limit. I hope this helps

Answer 4

donning a stability and paying on time will enhance your credit rankings. it quite is precisely what the credit card companies % you to do. Paying it off, then applying some credit returned, is likewise stable. the main appropriate subject is paying the minimums on time. do under no circumstances be late. although you may desire to be careful to no longer use too lots of your debt to income ratio, that's, there's a optimal quantity of credit you have to your income. in case you get too close to to that shrink it is going to shrink your credit status. Request a loose credit rfile. you're entitled to one loose rfile each and each 12 months. and additionally you will do all of it online.

Answer 5

Try to find a debt counsellor who can help you figure out what to do. You'd save a ton on interest if you could consolidate the loan. Good luck and stay positive, you can do it! See the link below.
Oh, a friend of mine used the "Oprah debt diet" it's on her website, oprah.com, it helped her alot.

Answer 6

You need the help of someone who can professionally budget for you to clear the debt. I would be living on tinned beans until that debt is cleared. What have you got to show for it?
At least you want to pay it off! Bankruptcy would be the easy option for some.
Good luck.

Answer 7

Dunnno. You can talk to the bank managers. I wish tou the best of luck.

Answer 8

You can declare bankrupt or try debt consolidation.

More info on:

http://www.freewebs.com/infosource100/consolidation.html

Answer 9

take a loan from another card company and settle it as soon as possible

Answer 10

DebtXs.com

They talk to your creditors for you