She has 97,000 in credit card bills , our condo is 300,000 to pay off, she has an additional house worth 150,000 that she is paying on. We have tried to pull the credit card payments into the 150,000 house but the bank said the debt to income ratio is too high. we tried to do a quitclaim of our primary residence to put in my name because my credit is in the mid-700's hoping that it would lower our house payment to put more money toward the credit cards but the bank said it would not make a difference because she is still responsible for the debt, so the payments would not change. I'm basically asking is there anyway we could get a loan to put all those cards in for one payment because the interest rates she has our high on the cards. Also the option of selling the 150,000 is out because of family reasons.Also selling our condo is very difficult. Please help me solve this because I don't know what I'm missing. Please I need answers not comments. We both are trying hard to fix this
2007-11-27 08:24:24 · 7 answers · asked by rialdo 1 in Business & Finance ➔ Credit
She needs to contact Consumer Credit Counseling Services at 1-800-388-2227 they are the largest non-profit credit counseling service in the Country.
I used them several years ago and they lowered my interest rate and monthly payment, I was debt free in 36-months.
2007-11-27 08:56:45 · answer #1 · answered by ? 7 · 2⤊ 1⤋
Do not go to a company that specializes in consolidating all of your credit card bills into one bill. When you do that, that will stay on your credit history FOREVER. I have been told that doing that is as bad or worse than declaring bankruptcy. You just have to really cut back on expenses (a LOT), and pay as much as you possibly can on the bills. I have always heard that the best way to pay off your credit cards and loans is to pay off the largest one first, then move down the line from largest to least amount. I also like that idea because once you pay off the first and largest debt, you will be encouraged and you'll know that the other debts should get easier one by one.
2007-11-27 08:37:06 · answer #2 · answered by erica0129 4 · 1⤊ 1⤋
First of all you can not borrow your way out of debt. You need a second job! Delivering pizza can net you another $1000.00 a month. Pay the min. on all of the cards except the smallest debt. Put as much money towards that card as you can. When you have it paid off roll that money into the next largest debt. Don't worry about the interest rates! Just pay them off one by one. It will take a lot of work and you will not be eating out much but you can climb out of this.
2007-11-27 08:57:52 · answer #3 · answered by pooltamer 2 · 1⤊ 0⤋
How does one rack up 97,000 in credit card bills?
I would try to speak to those companies that negotiate with credit card companies, see if they will take a settelment.
The first thing that I would do tho is go into your wifes purse/wallet and cut up all her existing charge cards, and give her a daily cash amount.
I really think that getting in trouble with credit is kind of like a sickness. However this sickness is treatable.
good luck
2007-11-27 08:37:10 · answer #4 · answered by peter b 3 · 0⤊ 1⤋
Unfortunately there probably isn't much you're missing other than maybe second jobs to get more money to pay down the cc debt.
2007-11-27 08:37:55 · answer #5 · answered by Judy 7 · 0⤊ 0⤋
Could you not at least rent out one of the properties and perhaps take in lodgers to get the payments down?
2007-11-27 08:32:06 · answer #6 · answered by bri 7 · 0⤊ 0⤋
Eash! I'm afraid I would have fixed this BEFORE I married her. Good luck man!
2007-11-27 08:28:35 · answer #7 · answered by Itsa Secret 4 · 1⤊ 5⤋