It's not my fault I got layed off from work, Now i'm having problems making my payments. I talk to the card company and they said they cant even lower the interest. I called a few credit place to get help and they said I don't ole enough. I think they said I would have to ole at least 7,500 bucks. Any help would be greatful.
2006-12-18 13:52:28 · 14 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
bankruptcy
2006-12-18 13:54:10 · answer #1 · answered by ? 7 · 0⤊ 3⤋
I would consider opening a new credit card that allowed you to tranfer you full balance over at a rate much lower than what you are paying now, maybe as low a 0 percent. Once transfered to a different card then start paying it off aggressively. I would make a promise to myself not to use ANY other credit cards until you have this one under control. You must sacrifice now for the decisions you have made in the past. There is no easy answer for this issue. Stay focused, get on a plan you develope to pay this card off within an acceptable time frame, say 3 years and consistently remind yourself that you must sacrifice today for the decisions you have made in the past that have you in this situation. Credit can be good but it must be managed. As a reward to yourself give yourself a SMALL gift montly, dinner out with friends, a movie, etc. something that you are sacrificing until you reach you goal. Stay determind, develope a plan today and work your plan. Most importantly determine the day you will be debt free then get to work! Good luck, I hope this helps you.
2006-12-18 14:07:19 · answer #2 · answered by Randy M 1 · 1⤊ 0⤋
get payment protector plan-which is for when you become unemployed, hospitalized, emergency, etc...and can't make a payment. they would put your payments and interest rates on hold for up to a year or two. It usually cost like 80 cents for every hundred that you owe (per month) and if you sign up today..it will be effective a month from now by calling them and telling them your situation.
If not, try signing up with other credit card companies which offer 0% APR, and transfer your balance over...and then use anything that you have saved up to pay for it in the meanwhile til you get a job again.
OR try going to:
www.creditsolutions.com
www.debtfree.com
those are the only 3 options. and you better find a job quick in the meantime! try www.hotjobs.com and your local daily news paper. take any job available~ cause having SOME money is better than no money.
i myself is currently unemployed, too. (over a half year) i do have two jobs, but they don't give me enough hours. so i consider myself..pretty much unemployed. i'm still in the process of finding another job--but the longer it's taking me to land a job..the lazier i am getting! the corporate world sucks! I hope to one day own my own business...and tell everyone else to go fcuk themselves : D
2006-12-18 14:07:28 · answer #3 · answered by Anonymous · 0⤊ 1⤋
7000 in credit card dept is not that bad you could have done worst so cheer up, but what i would do if you really can not afford the payments is try to talk to some more banks for a consolidation loan. a lot of banks will lend the money to you if you have a decent credit score, or may be you have a house that is in your name try a home equity loan. or if you can afford the minimum payments just try to make the minimum payments on most and use the extra cash to pay off the one with the highest interest rate. hope this help
2006-12-18 14:55:16 · answer #4 · answered by glenn_9371 1 · 0⤊ 0⤋
The word is "owe". Do NOT file bankruptcy over $7000. Open another credit card that offers a low APR balance transfer rate. Transfer the balance to that card with the checks they send you with your new card. Your minimum payment should decrease also! Search the internet for good credit cards. Be sure to read the fine print before signing up. Good luck! Your debt is not that bad. I hope you find work soon as well. :)
2006-12-18 13:55:46 · answer #5 · answered by ♥gingeylynn 3 · 1⤊ 0⤋
You didn't state if you are now working??
I'll assume you are otherwise, you need to get off your computer and get a job now. Then get a second job. One to eat on. Another to pay this off.
Once you have the two jobs the you can try to surf the balance to another card with a better rate. Make sure they don't charge you to tranfer the balance. Then pay if off like a fiend. Live on a budget. Cut out cable tv, if you have a car payment sell the car and get a clunker with cash, trim anywhere and everywhere.
BTW, if you didn't have 3-6 months of expenses saved for emergencies like this, it really is your fault. Not pointing fingers. Learn from your mistakes. My wife and I have-the hard way.
Do NOT take out another loan. Stop trying to borrow your way out of debt. It doesn't work. Everyone you borrow from is trying to make money off you. That's how loans work. The only exception would be a loan for the balance from your credit union. They will usually work with you better than credit card companies.
2006-12-18 15:05:40 · answer #6 · answered by ontopofoldsmokie 6 · 0⤊ 1⤋
I would call the credit card company and work something out with them. Sometimes they'll lower your APR rate or even stop your APR rate is you are cooperative (meaning, make an agreement with them to make small monthly payments, etc). It doesn't hurt to try, and keep trying if it doesn't work. There are so many representatives and each one has a different method.
THe other only thing is to pay it off slowly. Good luck man.
2006-12-18 13:54:58 · answer #7 · answered by see_detachment 2 · 0⤊ 2⤋
Get on a good debt management plan through Consumer Credit Counseling. They should have a service like this in your state. They are non profit and can help people get out of debt. Good Luck
2006-12-18 14:01:50 · answer #8 · answered by ? 3 · 0⤊ 0⤋
That is a small amount to have to file bankruptcy for as you will not be able to file again for many years . . . regardless of what disaster may happen. BUT, that is a lot of $$ if you are not employed , so you may wish to file but then you would have to understand you could not carry any debt you could not pay off monthly for years.
OR see if you can move in with your parents and there are lots of jobs going, take anything and pay it all to get it paid off - NONE of that minimum payment nonsense.
2006-12-18 14:16:15 · answer #9 · answered by kate 7 · 0⤊ 1⤋
pay off little by little, although with that interest rate all you are going to keep paying off each month will be the interest and will not get anywhere with the principal. that is a hard decision other then filing for bankruptcy and that is the worse thing to do
2006-12-18 13:56:41 · answer #10 · answered by superchick 1 · 0⤊ 1⤋
charge up another 500 to get to the limit for help or refinance with another credit card company or get a HELOC.
2006-12-18 13:54:30 · answer #11 · answered by Anonymous · 0⤊ 2⤋