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Old 01-05-2004, 10:08 PM
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Unhappy Debt?

This is a personal question so I understand if I don't get many answers.Has anyone had to file bankruptcy or use a credit counseling service?
I owe a good chunk of $ on credit cards and really don't see how I will ever pay them off or even get the big one to a reasonable monthly payment minumum.I closed all of them except one about 3 years ago but am not even making a dent in them.I am scraping to make ends meet w/o having to borrow $ and borrowing when I do have to is getting me no where fast as I have to repay it the next month so I'm always a step behind. I know either thing I do will hurt my credit for awhile correct? I have a perfect credit rating and hate to mess it up as alot of landlords etc look at that.How bad does credit counseling look on your record?

Advice? Suggestions?
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Old 01-05-2004, 10:21 PM
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hi .. i know how you feel .. well i went into debt also for a nice sum of money . its stessful ..i couldnt do bankruptcy cuz thats hard to do .. i had to do an offer in compromise. where i only pay so much on what i owe.. pm me and ill let you know what agency i used to help me ...
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Old 01-06-2004, 12:11 AM
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God I know what your going thru. I'm in debt big time. I had to move back in with my parent's because of it. It seems like no matter how hard I try, I can't seem to get my credit card payed off. I tryed a credit counseling service but I must have picked the worst one. It took months before they contacted my credit card companies. Now I know that you should always try for a non-profit counseling service. You want to shop around for a good company. Don't just say ok to the first one you talk to. (That was my mistake) Call your credit card companies and explain that you are having a rough time right now and see if they can lower your interest rates and waive the late/overlimit fees. Most companies are willing to work with you. I've thought about filing for bankruptcy myself, but I'm not quite sure if that's the best way to go. I've heard it's a real pain in the neck.
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Old 01-06-2004, 12:21 AM
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My girlfriend works for a credit counseling service. Much of what they do, you can accomplish by contacting your creditors and making arrangements. Be honest with them and they will most likely be willing to help. Once arrangements have been made make sure to keep them. Also if you belong to a credit union most have classes on such matters for no fee or a very small one.
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Old 01-06-2004, 03:40 AM
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I am in the same trouble with money, what I have done is consolidated 2 credit cards into 1 loan so your only paying 1 set of interest instead of 2 and you can have the loan for a certain amount of years so the payments each month are managable.

Good luck and know your not the only one going through this (Chin up)
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Old 01-06-2004, 03:46 AM
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I am in a lot of debt too, but I would never file bankruptcy unless I was loosing my house and maybe not even then. There is a guy on the radio here who gives financial advice. His name is Dave Ramsey and he also has a website. Check it out. Maybe it will help. My parents filed bankruptcy and believe me it is not anything nice. Good luck to you.
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Old 01-06-2004, 06:37 AM
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From what I understand, be very, very careful choosing a credit counseling service. Massachusetts has been doing recent inquiries and has found that there are dozens of credit counseling services operating illegally here. Many people who used these services went further into debt, because the "businesses" charged up to $1,000 and did nothing for their clients.

Do your homework if you decide to go this route. In Massachusetts, the legit places have to be registered with the state banking commission. Maybe your state requires the same. Mass. actually named a couple of legit places in their report.

I'm pretty sure it will show up on your credit report, but not sure if it has the same implications as filing bankruptcy, which by the way, is harder and harder to do. Too many people were using this as a way out, so the courts have tightened up on it.
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Old 01-06-2004, 02:15 PM
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When I was younger I got into some credit cards that I couldn't handle. I was 18 and being accepted for large amounts of credit... and I had absolutley no sense of anything right then. So, I got myself into some MAJOR debt. By the time I was 20, I owed over 20,000 in credit card debt. It was a mess. There was no way that I would be able to afford to pay these all off... So I went and spent the money on claiming bankruptcy when I was 20.

I was approved for bankruptcy... and had my credit ruined. But I knew that I would of ended up ruining it without filing broke. Persoanlly, filing for bankruptcy was one of the best things that I could of done. Last year, I was accepted for a 12K car loan that I have been paying off, and have since gotten credit cards.... So I guess you can say that 4 years after filing... my credit is starting to be rebuilt.

If its that bad, consider all your options...
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Old 01-06-2004, 07:28 PM
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Thanks everyone.Through work I am contected with a credit union so I decided to try to get a loan to pay them off first that way I will have one payment at a much lower interest rate if that does not work then I will contact my creditors and explain my situation and see if they are willing to help.I don't want to mess up my credit if I don't have to.My payments are still all on time it's just it is getting harder and harder to keep my head above water!
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