2007-06-30 05:47:27 · 6 answers · asked by advanisons 1 in Business & Finance ➔ Credit
Cancel all of your credit cards, and get a second job. All the money you make on that second job goes toward paying off your debt. Before you know it, you're debt free.
After you're debt free, keep the second job. All the money you make on that second job goes into a money market account that you never touch. Before you know it, you have the money to buy a Porsche.
2007-06-30 08:26:17 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Be careful when asking credit card companies to stop accruing interest. If they agree to it I guarantee U at least one of them will break their promise. Then u could go over your limit and b charged more fees.
The best thing to do would b to consolidate them with a low-interest loan. This will b hard work to find a company that will do this for you. If you own a home however, try to refinance or take out a home equity loan.
If you have a car or some type of property already paid off you can use that as collateral and take out a secured loan.
American General, and other finance companies will do unsecured loans but probably only for a couple thousand and the amount they give you will depend on your income and credit history. Another great source for loans are credit unions. Look for local/neighborhood credit unions.
One more thing, don't buy into consolidation companies(eg. american mediation, debt solutions, provanta...etc) they charge a fee to do the same thing u can do. i would never trust my money with a stranger and some of those companies will scam u.
Good Luck!
:)
2007-06-30 15:04:52 · answer #2 · answered by Sarah 2 · 0⤊ 0⤋
There are 3 ways to take care of this. You can contact the loan and credit card companies, make a deal with them to pay the balances in one lump sum at 50% of the total principal, or half of the totals...You can contact these companies and make small monthly payments, request that they stop accruing interest on them, as long as you make the monthly payments, so you'll only be paying off the principal, and not accruing any more interest...or last, but use ONLY as a LAST RESORT, you can file for bankruptcy, which stays on your credit report for 10 YEARS, but usually you won't have to pay off your debts. Research this option further, if you have NO OTHER CHOICE. In any case, I definitely recommend that you pray and ask God for his guidance and support through these hard times!!! I completely understand!!! I have over $25,000 in credit card debt and medical bills that I need to pay off before my wife, our 6 month old daughter, and I can buy our first home...God bless you in your endeavors...I hope this helps. :o)
2007-06-30 12:57:19 · answer #3 · answered by curiouslyasking 1 · 0⤊ 0⤋
Consolidate them into one loan at a lower interest rate. Your bank can help you with this.
2007-06-30 12:52:06 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Go see a credit counselor.
http://www.americancredit.org/index.html
2007-07-01 15:54:18 · answer #5 · answered by jdkilp 7 · 0⤊ 0⤋
bankrupcy?
2007-06-30 12:49:30 · answer #6 · answered by Anonymous E. 1 · 0⤊ 1⤋