I havent had a job for the last two years, and I have a $20,000 credit card debt to need to pay off, what shall I do until I find a job? my credit card company stricktly forced me to pay off eventhough I don't have a job? could you tell me the best way to do at this time since I don't have eaither a job or money?
2007-07-05 15:46:19 · 8 answers · asked by dessalegne a 1 in Business & Finance ➔ Personal Finance
An emergency situation caused a huge credit card debt in your name and now the collection agencies nag you all day for recovering the money. What to do in such a situation? Situation is no doubt bad but all is not lost, it can be stopped from getting worse if you follow these steps.
Don't shy away from collection agents. Answer their calls politely, tell them that you intend to pay all the debt and are willing to negotiate.
Inform the credit card company about your emergency situation and the debt it caused. Explain to them your financial condition, and any foreseeable improvement that you are able to visualize. Credit card companies thrive on their clients and they don't want to loose them. A client who is willing to repay all the debt is a very good asset for them, which they would like to keep forever.
If you are unable to handle debt personally, seek credit counseling and get pertinent advice, so as to get rid of the debt as soon as possible.
If you have more than one credit cards and the confusion on handling their repayment schedule caused you this debt, try debt consolidation. It can be both secured and unsecured. Debt consolidation will help you turn multiple credit card debts into a single one with easier repayment option.
Debt settlement can also be tried to get rid of a huge credit card debt. Debt settlement companies provide expert services to reduce the credit card debt up to 50% or even more. These companies charge a percentage fees on the credit card debt, but can dramatically reduce your debt burden. If you use this option to get rid of the credit card debt, it will reflect on your credit report badly.
The options to get out of credit card debt are numerous, but why get into credit card debt? A habit of saving something every month for emergencies will help tremendously. And not to mention staying within your income limits can keep off the credit card debt. Read more from: http://www.credit-card-gallery.com/credit_card_debt_consolodation.html
2007-07-06 00:59:31 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I'm surprised one of the debt relief agencies hasn't found you yet. What is preventing you from working? Are you disabled? I know what it's like to go months without a serious job and I have often taken lesser paying work just to get some cash flow. How have you paid on the credit card for the last two years without a job? Are you still using the credit card(s)? Try cutting them up. Go to your local library and borrow or have them transfer in for you to read the book "How to Find Work in the 21st Century". Then, contact a debt relief agency (just put those words in Yahoo Search and you'll get a ton of em'. Best wishes.
2007-07-05 22:59:18 · answer #2 · answered by Shazzam 1 · 0⤊ 0⤋
Why haven't you had a job for two years? You need to find one, even if it's a lesser job than you feel that you should have, so you can pay back some of what you owe. How have you been living?
2007-07-05 23:00:15 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
if you can afford one soda a day you can give them 20.00 a month maximum...you for real dont have to send them but one dollar a month in the form of a postal money order and as long as the depoit that they can talk till there blue in the face but you've proved you are attempting to maintain your obligation.....you can just keep using your cards or that makes you look like a deadbeat and scam artist
2007-07-05 23:03:38 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Call a lawyer.. file bankruptcy.. without a job or other source of income it is probably you will NEVER be able to pay it off.
2007-07-05 23:03:33 · answer #5 · answered by Attorney 5 · 0⤊ 0⤋
No job for 2 yrs ?
Where have you been sleeping ?
Who pays your rent ? buys your food ?
Were you hospitalized ?
How did you rack up $20K ?
Time to get 2 jobs ! ( or 3 )
2007-07-05 22:52:58 · answer #6 · answered by kate 7 · 0⤊ 0⤋
You have to start your own business at hoem. which generates money to fulfil ur needs. you may even be amongst those we realistically anticipate will earn a $10,000 or more commission cheque within the first month. http://www.evolutioniscoming.com/EVO221109DK its free to join, starting 15 july hurry
2007-07-05 23:09:03 · answer #7 · answered by Anonymous · 0⤊ 1⤋
I'll pay it for you
Just kidding. Sorry.
I wish I could swap places with you.
2007-07-05 23:09:40 · answer #8 · answered by Anonymous · 0⤊ 0⤋