Now i called my bank to maybe try a re-fi my car to get the payment lower than it is. yep denied! Why? Cause of backed up credit card payments. Which is leading to BAD credit. So what do you guys recommend? In Credit cards i'd say im close to $8k in the hole. Loans about $3k. So, now my job. Well i work in sales so its up and down. So money is low as of the past few months. Barely making it. Payments are late. Creditors calling allll day. So, Im currently looking for a part/full-time job. Should I leave bankrupt as my last resort???
2007-03-12 11:42:09 · 6 answers · asked by HockeyPlaya 1 in Business & Finance ➔ Credit
I have placed this in the source box. There is a wealth of information there and a great free debt management software program. I bookmarked the site as I return to it often for the advice it offers. I hope this helps you.
2007-03-12 11:58:41 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Filing Bankrupt needs to be the last thing on your mind! There are better ways. You're under $10K in debt with credit cards and loans. You should consolidate your debt and make one low payment per month. Sure it's a litte extra, but it's worth it when the companies are able to get you fixed APR rates. I used the freedom point and was very pleased. The website is thefreedompoint.com. I was around $4k in debt and my payments were around $120/mth. That's not bad when you add up all the minimum payments from all your other credit cards. Good luck to ya!
Jess
2007-03-12 18:55:09 · answer #2 · answered by Jessica W 1 · 0⤊ 0⤋
The reason you can't refinance the car probably has NOTHING to do with your credit. 90% of people who owe money on a car owe more than the value of the car.
Your REAL problem is most likely NOT your income. It's your spending money on things you can't afford. Don't tell me you 'need' them. I won't believe you. You need a good budget before ANY other advice will help. After you write a detailed budget of everything you spend ANY money on, number the entire list from most important (food) to least important (credit cards). Every time any money comes in, pay from the top of the list and work your way down. Bankruptcy won't do any good if your spending is not under control. You'll just go right back into debt.
2007-03-12 18:52:02 · answer #3 · answered by STEVEN F 7 · 1⤊ 0⤋
Firstly call the credit card companies and work out a payment plan with them. They won't be calling you all the time and they will probably lower your monthly payments. You cant avoid paying them anyway so dont put it off any longer. And do not use the credit cards again. Keep ONE that has a low balance and use it for EMERGENCIES only. Same for the loans....call them and work out a plan. If necessary sell your car and pay that off your credit card bills. Do what is necessary and grow up and take charge of your finances in future.
2007-03-12 18:53:42 · answer #4 · answered by dragonrider707 6 · 1⤊ 1⤋
Use your brain. Do your sums and logically find your way out. Stop making excuses. Everyone else has to live within their means.
To bad if you end up in Jail, or you can stop and figure it out.
2007-03-12 18:51:25 · answer #5 · answered by instantdegrees_scam 2 · 0⤊ 2⤋
It's this crazy thing called, 'Don't buy things you cannot afford.' Crazy concept...I know. You should try it.
2007-03-12 19:40:45 · answer #6 · answered by Anonymous · 0⤊ 0⤋