What could be suggested to someone who's in over $100,000 credit card debt?
2006-11-05 16:20:30 · 11 answers · asked by 9728 1 in Business & Finance ➔ Credit
Please remember that people answer on Yahoo Answers in many different ways. Sometimes, we answer seriously. Sometimes we answer flippantly. It depends upon the mood that we are in. The first answer here on this page is an example of flippancy. At another time, her answer may have been very profound. We all make this seeming mistake here on Yahoo from time to time, that is, answer from a mood that is dangerously out of sync with the needs of the asker. That being said, obviously there are more practical solutions. First of all, all credit card companies will negotiate that debt down to almost nothing. Your credit will be shot, but, duh, it already is. Forget about the credit rating. Sacrifice that to get clean and to have a chance to rebuild. You will never have a chance to rebuild if you accept that entire debt. Discuss this with an attorney. Your first consultation visit will be free. I guarantee that your attorney will tell you the same thing I am: don't pay it off. don't answer the phone. don't answer their mail. don't negotiate. let it ferment nicely for one year. starve it out some more. then, they will contact you and offer a 10% payout. Be ready to pay that by then. In the meantime, start to work on rebuilding your credit in other ways. Get rid of the credit cards. Never again live so flippantly. Live BELOW your means and save. Good luck.
2006-11-05 16:58:34 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Not enough information to give any sort of decent advice.
So lets go from this angle. After carefull examination of your budget, how much money can you spend each month toward your debt?
Can you pay off this debt within 7 years? Can you afford $2000 a month?
When you file for bankruptcy, they will examine your income and property equity. If you make too much (I bet you do), then you will be placed into a Chapter 13, where all of your disposable income is put toward your debt. Chances are it will be a lot less then $2000.
But the differance is you will only be paying into this plan from 3-5 years. After that time, you will be out of debt (but will have bad credit for 10 years).
Without a bankruptcy, you will be struggeling for 10 (or more) years, and still have bad credit.
You decide.
2006-11-06 02:18:06 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If a small but useful part time income would be helpful, I've done really well using this site http://www.mylot.com/?ref=nancygibson Its much like here except you actually get paid for asking and answering questions and posting pictures. I'm spending just 15 minutes a day on there and made an extra $30 last month just as an indictaion, and its free and in odd moments, so imagine what you could do with a bit of effort. Dunno if that would be of any interest or help at all?
2006-11-06 03:16:48 · answer #3 · answered by welsh_witch_sally 5 · 0⤊ 0⤋
cut up all credit cards and start paying it all off. try and return some items if possible to lower the debt level. to do bankruptcy will only put you into payments and be even worse on your credit report. no more being able to just wipe the debt away...that law changed.
too many don't realize that credit effects everything in life, buying a car, home, clothes, furniture, you name it.
you think its rough now.....you haven't seen rough yet. good luck doing anything for the next 30 yrs.
2006-11-05 16:24:03 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Just get it behind you . If its bankruptcy than so be it . Unless you make a phenomenal salary your going to be paying for a long time .
Get credit counseling from a legitimate service . Also check for your states SOL statute of limitations on open accounts . You need to lift this burden and worry from your life , Deal with it NOW , you'll feel better for it .
2006-11-05 16:31:15 · answer #5 · answered by getaway 2 · 0⤊ 0⤋
well, nothing more to add really. You got some replies but here's some free articles if you need:
http://credit-cards.ebookorama.com
http://finance.ebookorama.com
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
2006-11-06 23:12:22 · answer #6 · answered by ken_voss12345 4 · 0⤊ 0⤋
sell your house and move into an apartment.and use proceeds to pay down debt.
2006-11-05 18:16:27 · answer #7 · answered by Anonymous · 0⤊ 0⤋
WELL I AM LOOKING INTO FILING BANKRUPTCY MYSELF AND I AM JUST COMMENTING ON THE FIRST ONE WHO ANSWERED YOUR QUESTION THE LAWS ARE CHANGING HOWEVER THEY HAVE NOT PASSED YET SO IF YOU ARE DOING IT BETTER HURRY OR YOU WILL HAVE ALOT MORE TO DEAL WITH IN ORDER TO HAVE FILE IT AND GET IT GRANTED
2006-11-05 16:28:48 · answer #8 · answered by sarge6152003 2 · 1⤊ 0⤋
consolidate your debt and pay one bill at a time:
Ways to Consolidate Debt
http://www.debt-explained.com/category/Ways-to-Consolidate-Debt.html
2006-11-06 23:22:27 · answer #9 · answered by marie a 2 · 0⤊ 0⤋
you definitely need a consolidation loan...like 90 thousand dollars ago...
2006-11-05 16:21:53 · answer #10 · answered by Anonymous · 1⤊ 0⤋