Is debt settlement an acceptable stratergy, eventhough doing so will ruin my credit? I have more debt than I will ever live to pay off, making minimum payments, although I am current with all of my accounts (credit cards)? I have a 65% debt to income ratio, with a cash flow problem which will eventually destroy me financially.
What is the best stratergy for getting out of debt without declaring banruptcy?
send them a financial statement of affairs saying what you can realistacilly afford, make token payments to them for a year then offer them a settlement amount to write off a proportion.
Reply:pay them off
Reply:Yeah well you SHOULD declare bankruptcy. And watch the Suze Orman show, the woman knows what she%26#039;s talking about!
And you%26#039;re credit is already down the tubes with being so far in debt already. Declaring bankruptcy is not desireable, but sometimes the best thing. How far into debt are you and how much do you make? Try NOT to make minimum payments...pay off as much as you can. I%26#039;d need more info to help you more. Such as...do you have a home? how many mortgages? a spouse working? Good luck.
Oh, here%26#039;s her website...you can write to her, and she usually has shows COMPLETELY on getting out of debt. http://www.suzeorman.com/
Reply:You can contact a consumer credit counseling service. They can help you cut the interest rates down on what is already owed. Also you may want to think about getting a part time job if you have time for this. Try making more the minimum payment if your budget allows. These are a just a few things that may help you. Also you may try transferring balances to the card with the lowest interest rate.
Reply:take another loan to pay existing loan.
Reply:Debt settlement is still going to cause you to repay the amounts you settle on full payment of... what%26#039;s the point? Debt settlement stays on record for 7 years and bankruptcy for 10. You will still have problems with insurance rates, job offers, etc. regardless. Sometimes bankruptcy is the best bet for a fresh start. A qualified bankruptcy attorney can help with that but get a second opinion from an authorized consumer credit counseling service. Click onto the %26quot;Take the First Step%26quot; link at the address link below. It%26#039;s free!!! If they cannot help you, they%26#039;ll tell you what options you have.
Reply:How to Avoid Bankruptcy Explained
http://www.debt-explained.com/category/H...
Reply:go to www.LearnAboutCredit.com
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