I have $40000.00 in unsecured credit card debt ? What can I do?

Question

I have canceled all of the credit cards. The ones that are , one for $20,000.00 and one for $11,000.00. The others are under $5000.00. The calls are now coming to my house. I am getting more depressed and have anxiety over this and cannot handle it anymore. Please help with suggestions.

Answer 1

I too recommend talking with a credit counselor to try to negotiate lower rates, etc. Here's a calculator that applies the same basic principles that debt counseling services use once the negotiating is done...
http://debt.bizcalcs.com/Calculator.asp?Calc=Debt-Elimination

Look at the monthly schedule it creates. Many people look at their monthly payment schedule and realize they can get out from under their debt by following this schedule and learning financial discipline. Best of luck to you!

Answer 2

If it relatively is a contemporary, energetic mastercard account, they are very no longer likely to settle for under the entire stability, except you have some everlasting economic replace, like scientific incapacity. in case you do get a freelance contract, the account would be stated on your credit checklist as charged off/settled -- a adverse. you will additionally get a 1099 for the forgiven potion which might could be blanketed on your earnings tax return. If the debt has already been bought to a team company, you have a greater useful possibility of negotiating a freelance for much less. Rule of thumb, if the debt is over 3 years previous, furnish 25%; 2 or 3 years previous, furnish 50%; under 2, furnish 75%. Lump sum getst the appropriate bargains. fee plans could be short term. Get any contract contract in writing and save it consistently, alongside at the same time with your fee evidence. do no longer provide creditors direct get entry to on your economic enterprise account.

Answer 3

Oh man. You're in deep. The best thing to do is to go to a credit counsellor and have them contact the card companies on your behalf and arrange for a repayment schedule. It's going to be tough. You just have to bite the bullet and live with it.

That happened to me and my husband back when we first got married. We had several finance company accounts and several credit cards. We worked six days a week and could just barely pay the interest; never mind the principal.

We just decided to cut up the cards and do without anything. It took us several years but we managed to pay it all off and for the last 10 years have lived credit card free. Now we pay cash for everything and when we run out; we do without. But at least everything we own (except the house) are ours. We even paid cash for our two cars.

Good luck. Don't give up hope. It can be done and things will get easier eventually. But it's hard work.

Answer 4

It sounds like you need to contact a qualified and honest debt consolidation agency (there are some free ones run by various government agencies) so that they can work with the card companies to arrange a manageable debt retirement program for you.

If you were irresponsible to run up this level of card debt, you might also consider taking a budgeting or money management course to guide you in future financial arrangements. If you still can't control your spending, find someone to handle your money for you, and pay your bills for you.

Answer 5

Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.

Answer 6

it all depends on what assets you have, if any. whatever you do you'll need to consolidate (refinance mortgage, used auto loan, non-profit credit counselors) and/or settle your debt if you have the cash (bonds, 401K, espp, lawsuit settlements, house/auto refinance).

if you don't have anything & your in 3rd party collections, then reaccess your financial situation, concentrate your payments to your living expenses (rent, food, insurance, utilities, etc), eliminate unnecessary expenses (dates, movies, resturants, etc) & pay the amount you can afford to 1 credit card, ignore the other credit cards (you'll continue to pay interest as they'll continue to be sold to other 3rd party collectors but by the time you get to them, they're willing to accept anything you can offer). use whatever refunds, gifts, etc your get & settle with the credit cards. i was $80000 in credit card debt just like you & i settled all of them at $50000.

create a budget & live by it. learn to live on what you make. its hard but you can do it because i did. dont make any excuses for yourself.

Answer 7

If you have equity, refinance and pay them off for 50 cents on the dollar through debt arbitration. Otherwise, file bankruptcy.

Answer 8

Pay the bills and get it over with or get a loan and just pay off that one company instead of multiple debts.

Answer 9

Control your spending habit, and contact a credit consular.
But also check into the Federal Trade Commission site to see about your rights. http://www.ftc.gov/
Creditors can call you after 9 pm I believe, and they can't call you at work.

Answer 10

Perhaps here you'll find something http://credit-cards.ebookorama.com/debt_help_links.html
getting depressed won't help so try and keep it up, good luck