horribly in debt, any one knows good program to pay back, I function from pay check to pay check?

Question

I recently bought a house; I can't maintain the mortgage plus credit cards. Please help or advice : Need free money that everybody is talking about; My credit debt is over $20,000.00

Answer 1

There is a program called a debt management program that will reduce interest, monthly payments and consolidate your debts. I was not sure what to do in my situation and called several company's--I found this one called Debt Counseling Corporation who was great! They really care about what is going on--they are registered with banking departments, attorney general and bbb. You should give them a call or check out their website--it is really informative

www.debtcounselingcorp.org
my counselor was Colin--he is at 888-354-6332 x 344

Answer 2

There is gonna be NO EASY way out.
I would never do a home equity loan. You put all that extra money on your house and something happens and you cant make the payment You are gonna lose your house. If you have to. Sell the house. Take the equity and pay the debt. But do this as a last resort.
I would never use one of these so called debt consolidation companies either. They dont do anything you cant do yourself. What they will do is not pay your creditors for months and then try and settle for less. They will charge you a fee to do this. A fee that you could use to pay off the debt.
Also, if you go with one of these companies and they dont pay the debt. You, and you alone are still responsible for the debt. Your creditors will sue you not the company you hired.

Answer 3

Check this site: http://www.nfcc.org/ . This is Consumer Credit Counseling Service (CCCS), a non-profit company offering free counseling. They have a debt management program available, if you qualify, for no fee. They can look at your finanaces and advise you how to proceed.

There is no such thing as free money. You are living beyond your means. You need to make a strict budget. Eliminate all the extras -- new clothes, eating out, cell phone, etc. Put every penny you can squeeze out of that budget on the highest interest rate credit card, while making minimum payments on the rest. When the highest card is paid off, move to the next till they are all paid off.

You should also look for other sources to increase your cash. Have a garage sale, get a second job ..

Answer 4

You don't need free money and you don't need to go bankrupt. What you should do is find a consolidation company. What they do is take everything you owe and to whom you owe they consolidate it all into one payment and you are able to set what you can afford every month and the APR is set and low. So then all you do instead of paying hundreds upon hundreds maybe even thousands for all your debt you make one payment a month and not only can you then afford it but then you are also paying off your debt.

Another thing for you to do is write out a budget sheet. Put down your monthly bills...electricity, water, etc. and put down how much it costs...figure out how much you actually pay in eating out, movies, entertainment stuff. This is stuff that you have the control over to either downsize allot or eliminate for a time. So figure out what your outgo is...exactly where it is going and then how much you bring in and the differance there and where you are overspending and where you are accumulating the debt.

This is a life style change but being debt free is awesome!

Answer 5

I m in debt over $30,000.00 :( On you spot I would rent out the house to someone and live somewhere with your friend or parents or somewhere cheap. Unless you have a whole family. I moved in with my wifes parents for now, till i become debt free. There is some companies in cities that help with debt, stop by banks and ask them. No bank could have gave me a cosolidation loan because my credit was screwed up and too much debt. Ask around, somebody should be able to help for FREE. What I m doing is cut down on starbucks and lunches/dinners at restaurents and just get lunch with me. I hope I will be getting out soon out of debt. I also buy stuff online and resell to make some money.

Answer 6

Depending on your equity, you may be able to do a home equity loan but those are becoming more difficult in today's market, plus you face the problem of self discipline in not using the cards.

There are a number of credit-counseling services that will work with you on a fee basis - for example, Christian Credit One is one that I know of. Investigate them for reputable business practices first before deciding.

They can help work with your creditors on often reducing interest payments, or smaller monthly payments, will set up a total monthly payment that they draft automatically and then pay all your creditors. While this can lower your credit score in the short run, over time it can improve.

Instead of free money, you need to examine the reasons why you are in debt, what behaviors got you there and how to avoid getting in over your head again in the future. Your creditors gave you money in good faith; it is a measure of your character as to how you work with them now. Many people around the country are having similar programs; banks and other companies are truly trying to work with individuals instead of writing off debt. It can be scary to make the call but try it.

Answer 7

file bankruptcy that program will just consolidate all your bills to one so that you can make one monthly payment for all you bills.

Answer 8

see what you can fix or get removed off your reports

www.creditinfocenter.com