Reply to How to get out of debt!

Forum Index » Money and Finances

Reply to "How to get out of debt!"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous]Op here. Yes, I am talking to a few debt management companies and non-profit ones are still looking into my finances and see how they could help. The expensive ones are not promising anything and telling me it could take 8-10 years to pay all of this down.

Didn't contact bankruptcy attorney yet since their hourly fees starts from $350 so I am holding off to that one for now. [/quote]

You know the info you provided on your situation just doesn’t quite add up for me.  You said your credit cards interest rate is between 10 and 20 percent.  You are making $2000 payments per month on your credit cards.  If you don’t add any new charges to them you should be able to pay them off in 3 years even at 20 percent rate. You must be adding a lot of new charges if they tell you it will take you 8-10 years to pay it off?[/quote]

PP, it is clear to me that she can't really afford to be putting $2000 a month towards her debt for three years. Her true expenses are likely not accounted for in her budget. The credit companies she's contacted surely have picked a more reasonable number for her to be putting down, which is why it would take more years.

OP - overwhelming numbers of people on the reddit bankruptcy forum are saying that their only regret in filing Chapter 7 bankruptcy was not doing it sooner. If you are a smart person, do spend some time reading it. Maybe post about your own situation and ask for their take on it. Before hiring anyone, do what you can to learn about it.

I think you are a great candidate for it. The credit card companies made a lot of money off of you and people like you. Your debt is insurmountable, to YOU, but it isn't very much money at all, to them. And read the forums - two years after chapter 7 bankruptcy, people's credit score returns to the 700s and is way better than it was all those years they were dealing with the debt. Don't let people scare you into thinking it is something horrible.

Read up on it, and try to find someone reputable to advise you. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics