Help for divorced single mom that was stuck with ALL the credit card debt?

Answer 1

Well, if you are divorced then you hopefully are getting support for your children from your husband.

You need to figure out what your situation is, to determine what course of action you should choose. If you have alot of debt and no way to pay it off with your earnings, then, probably your best choice is to file bankruptcy.

If you can pay it off in time, you need to analyze the different credit card interest rates that you are being charged and pay off the most expensive (higher rate) cards first. Also, you might try calling the credit card companies and telling them your situation and asking them to lower the interest rates (if they don't lower the rate, try to talk to a manager, and so on until someone at the credit card company helps you, do not take 'no' for an answer)

There are many other options but you would need to explain if you have any assets to your name, or savings you have built and the amounts per credit card that you are in debt with.

Suzy Orman has many books explaining the best ways of getting out of debt, you could probably go to your local library and check out these books, or go to her web-site for further information.....
She also has a TV show on MSNBC on the weekends.

Answer 2

Yes you are in a dilemma. I am not going to fault,the point is you are there.
Look at the total debt and figure out how many years it will take you to pay them off.
Look into Bankruptcy. It will take bout 10yrs to recover/clear your credit from it.
You can also look into a "FREE" Consumer Credit Service. They can come up with a plan to help make it easier for your to get out of the situation.
With the Bankruptcy you will close all credit card debts and not be able to use them. Consumer Credit will also require you to destroy all open account cards
Bottom line, you gonna have to tighten your belt either way. It depends on which option you choose.
Good luck

Answer 3

Your stuck with all the credit card debts and if you can prove that it was shared by you and yours and then this would be a civil matter where a Judge can make the other pay a portion of the debt. If this is a divorce issue that is completed and not stated in the Divorce Decree, than your doomed.

Answer 4

If the credit cards are solely in your name then im sorry but your responsible for them. If there in a joint names then you can make him pay half of the debt. Phone the credit company up and they will cancel your cards and allow you to make smaller payments. They sometimes freeze the interest too, but you must sort them out before things get out of hand. If you have a CAB nearby make an appointment with a debt adviser there and they will sort the payments out for you by consoladating all your debts and then you make arrangements to pay just one affordable amount. Good luck hun its not nice ive been through this xx

Answer 5

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.
More here: http://finance.ebookorama.com
also plenty more to read here
http://credit.ebookorama.com
http://credit-cards.ebookorama.com
http://credit-repair.ebookorama.com
good luck!

Answer 6

That should have been addressed in your divorce settlement. If it was, and you agreed to it, you will either need to pay it, let them write it off (which will hurt your credit), or file bankruptcy (worst option...this will REALLY hurt your credit). If you want to try to pay it, but the payments are too high, call them, tell them your situation, and ask them if you can make some arrangements. One thing they might do, if you set up a repayment plan is to cancel the accounts and stop charging interest. Best wishes to you!!!

Answer 7

Call a credit counselor to help you get things under control.
Cut out ALL unnecessary spending-no eating out, no entertainment, no travel, no shopping. All has to wait until you can actually honor the payment agreement you made with the credit companies.
Get a 2nd job to help make ends meet. Maybe something you can do on line or from home so you still get time with your kids.

Good luck!

Answer 8

ME TOO!!! I'm working through a company called Finanicail Independence and Resource Education-- FIRE. I heard a commercial for them on XM Radio and called. So far, they have managed to settle one credit card for less than 60% of what I owed and I'm making payments to the credit card company now. What I like most about FIRE is that I make the payments to the credit companies and not to FIRE. I did have to pay them something like 2% of my total debt for them to handle my credit case for me, but it has already paid off.

Answer 9

See what you can legally do about this first then file bankruptcy on all the debit. I feel for you because I am a single divorce mom. My prayers go out to you.

Answer 10

is this account now with a collection employer? (likely) Are you going to be getting some tax money again this 12 months? if so, grant the sequence employer about 25% of the soundness. Get each thing in writing in the previous you deliver them a money order to get this account paid off.