$90.000 debt?

Question

my friend is about $90.000 i want to help her figured out her life, but i was wondering what if she can't pay it?

Answer 1

If she can pay at least $100/month, she will have to pay it back(according to the new bankruptcy laws in the US). Depending on what kind of debt it is (housing, credit card, etc) and what the terms are, it might make sense to look call every creditor, explain the situation, and what they will do for changing the terms (intrest rates, lower minimum payments, have a consolidation program, etc).

Answer 2

My friend is about 160k in debt, but about 130k of that is in school loans. Then there is her car payment, and a small amount of credit cards. My friend is going to apply to have the loan stretched out over as long as possible to make the payments manageable.

If that 90k is all in credit cards and what not. . .her best bet at this point is to declare bankrupcy. It will stay on her record for only 7 years, and then she can get on with her life and start building up her credit again.

If she doesn't want to do that, then she can probably attempt to consolidate all of her debt, take out a loan to pay it all off. Usually, especially credit cards with high balances, will settle on an amount somewhere in between. ie, if I pay this off in full now, I only pay $7k of a $9k balance.

Whatever she decides, make sure she doesn't make the same mistake again once her slate is clean! She will have credit problems for a long time most certainly!

Answer 3

Stop it!

Your friend needs to seek a credit counseling service if she has $90,000 of debt.

You are a concerned friend, NOT a professional. That kind of debt reduction is strictly for the heavyweights to help resolve.

You are a rookie! Let the professionals do what they do best to help your friend's dire situation. It took some effort to get $90,000 in debt and it will take some serious hard work and patience to get from under such a debt.

Believe it or not, sometimes you are not equipped to save your friends from their own devices.

Your role as a friend is to be there for moral support and encouragement. Your role is not to fix this HOT MESS!

Answer 4

A great book that offers advice about paying off debt and achieving financial freedom is called "Smart Women Finish Rich" By, David Bach. He offers great formulas and strategies for even the toughest financial situations. Good Luck!

Answer 5

Consolidate debts and pay one bill every month, instead of many;

Consolidating debt is an ideal way to reduce your amount and tenure of debt. You make a single payment to one lender on a certain date and this will help you clear off the debts faster. But the fact remains that debt

Answer 6

I was 185,000 in debt and it was all business expenses. After 12 months of buying absolutely nothing extra except the bare necessities i paid off the entire 185k. If the 90k is not business related and its just consumer goods, vacations, cars, etc. I wouldn't know what to do. I only charge my cards for business expenses.

Answer 7

I think you mean $90,000. She should see a bankruptcy lawyer so she can figure out what type she could file. Usually there is no charge for the first consult.

Answer 8

Her credit will be ruined as it should be. If she can't repay the debt? She should consider bankruptcy. At least that would stop her creditors from getting judgments on her and garnishing her wages.

Answer 9

If she can't pay it she should consider filing bankruptcy but that does cost alot of money as well....she should contact a bankruptcy attorney and they can give her all the details based on her situation

Answer 10

that is her problem not yours . she has to find her own way be goood and kind ..........




Listen and dont rescue her from consequences