i need help plz.i am about 40,000 dollars in debt with no house and an older used car...any suggestions?

Answer 1

Go though your things and decide what you do not really need in you life, and start selling them so you can pay your debt back. Live like a college student. Don't go out to eat (except on the very rarest occasion, i.e. friends b-day). Prepare a lunch every day for when you are at work. Maybe take an extra job for a while. Cut out junk food, like soda and processed foods. Walk or ride your bike instead of drive (to save gas $$), Cut up your credit cards so you aren't tempted to use them, shread the ones that you get in your mail before opening the envelopes. Look at what servies you have (i.e. cable, cell phone, internet) and cut back or elimate them. On hot days, find cooler alternatives, spend the day at the library or public place so you don't need to run your air condition as often to save energy. Don't shop for clothes, or shoes, use what you have until they are worn out. Don't go on vacations until you have the $$ saved up to go.

Answer 2

If it is credit card debtm and you cannot make the payments, you can just quit paying them. Credit card debt is unsecured and therefore, all they can do is hound you with collection letters and phone calls. It will wreck your credit for a long time, though. But, you can always build it back.

If it is secured - i.e. you owe on the car, they will come get it, so I'd keep paying that for sure.

Search online for a debt management company. They can give you some options like consolidation or sometimes they can even call your creditors and work out a deal to pay a reduced amount. This will look good on your credit rating IF, and only if, you are at least 30 days behind on payments. If your payments are current, this type of assistance will hurt your credit.

I doubt bankruptcy is an option. I know the laws changed and it is very difficult to file bankruptcy.

Ultimately, you're probably going to have to just pay it off. And once you do, be more responsible.

Answer 3

You want to schedule an appointment with a Debt Consolidation Service in your area.

Assuming you have unsecured debt?

You can make an appointment for a FREE Consultation about these services available where they contact the creditors on your behalf to NEGOTIATE a settlement for the oustanding balance you owe.

Of course they may also require that you CLOSE the open accounts? Ask them?

I recommend that you imemdiately establish a household BUDGET for your INCOME and EXPENSES monthly.

Here is a great website with tools:

www.simpleplanning.net

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You've got to get your finances under control and STOP using those CREDIT CARDS... NOW It's for your own good to preserve your credit rating and standing so you dont have to file for Bankruptcy in the future.

Make an appointment with your local Banker to get some more FREE Advice in a consultation.

You may also consider getting a second job part-time to help you PAY OFF your $40,000 dolalrs in DEBT ASAP.

GOOD LUCK! You can do it! :-)

Answer 4

Yikes! Unless you have a good source of income, it will be near impossible for you to pay back the monies owed. If you are prepared to wreck your credit, you can stop making payments (not recommended). And creditors can and will get court orders to put a levy on your financial accounts, like your bank accounts. Best option is to consult a non-profit debt consolidation companies to help you settle the debt with the creditors. Good luck.

Answer 5

Ok, this won't be easy, but you can do it. First, cut your expenses as much as you possible can. Get rid of your high speed internet connection, and get cheap dial-up (Allvantage.com). Get rid of your cell phone. Use you car as little as possible. No more eating out. In other words, cut until it hurts. Work as much overtime as you possibly can ... get a 2nd job.

At the same time, focus only on the smallest debt. Pay the minimum on everything else, and pay off the smallest as soon as possible. Then, move to the next smallest, paying the min. on everything else.

In the meantime, no more using credit cards, and no more luxuries.

Answer 6

Chapter 7 Bankruptcy

Answer 7

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Answer 8

email Oprah Winfrey.
http://www2.oprah.com/index.jhtml

Answer 9

Believe me friend. You can try this(this comes with 56 days money backa guarantee).

Answer 10

A credit or debt counselor can help you possibly.

http://fdnsolutions.com/blog/how-to-choose-a-debt-counselor/