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What is the best plan for dealing with a large credit card debt?
My wife has somewhere in the neigborhood of $100,000 in credit card debt. She is a realtor and business is good where we live, but her debt has reached a point where she is now having trouble keeping up.
She has about $2000 monthly in just finance charges. Some of her cards are charging right at 30% interest. Bankruptcy is a dreaded option. She has fair income. I am trying to help her. I am skeptical of these Debt Resolution Companies. I will need some solid evidence before I would recommend one of those to her. Any experience out there by anyone going through or has gone through the same situation?
I am aware of the Dave Ramsay plan, but not sure that would work for her.
3 Answers
- 1 decade ago
Hi Don.
With credit card balances that high, I would recommend debt settlement as opposed to bankruptcy. Bankruptcy laws have changed and erasing credit card debt is no longer an option. Typically you would be required to go into a repayment bankruptcy which would require repayment of the debt. (100% in many cases.) Not to mention out of pocket fees.
With debt settlement your debts are settled with your creditors. Typically debts are settled for between 50-75% of what you owe and the monthly payment is usually ½ of what your normal monthly minimum payments are. There should not be any out of pocket costs to enroll in a good debt settlement program.
I offer free consulting services for people in this situation. I educate them about their options and analyze their specific circumstances and I can refer you to a reputable company.
If you would like to discuss your situation please feel free to contact me through my website.
Source(s): www.PacificCreditSolutions.com - 1 decade ago
I don't know if you can make that much that quick but you could use ADCash. They give you money for looking at ads for 30 seconds. It goes to your paypal account.
Sign up here:
Source(s): I use it everyday - MomaLv 61 decade ago
stop using the card. pay on it and pay it off. that's the way people are responisble for what they have done
