Comments on: Credit Card Debt – 10 Ways to Take Control & Pay it Off Fast http://www.creditrepairscores.info/credit-card-interest-rates/credit-card-debt-10-ways-to-take-control-pay-it-off-fast Blog About Credit Repair Scores Tue, 07 Sep 2010 18:36:47 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Matt G http://www.creditrepairscores.info/credit-card-interest-rates/credit-card-debt-10-ways-to-take-control-pay-it-off-fast/comment-page-1#comment-3299 Matt G Sun, 07 Feb 2010 10:19:59 +0000 http://www.creditrepairscores.info/credit-card-interest-rates/credit-card-debt-10-ways-to-take-control-pay-it-off-fast#comment-3299 Honestly man, even if you settle and pay off the balances, your credit is shot. Once you've let your accounts go passed 30 days past due, theirs not much you can do to recover. It will be much cheaper to file bk, especially is you have eshausted all of your resorces (retirement accounts, savings, etc). Besides, if you not able to pay the credit card companies, how are you going to be able to pay your family friend. don't drag them in to your troubles. I filed bk a few years ago and i was amazed at how easy it was and how i really did start debt free. Even more amazing was how i got several credit offers right after filing (you can only file every 7 years so creditors know that once you file you can't file again, so you're somewhat of a lower risk)<br><b>References : </b><br> Honestly man, even if you settle and pay off the balances, your credit is shot. Once you’ve let your accounts go passed 30 days past due, theirs not much you can do to recover. It will be much cheaper to file bk, especially is you have eshausted all of your resorces (retirement accounts, savings, etc). Besides, if you not able to pay the credit card companies, how are you going to be able to pay your family friend. don’t drag them in to your troubles. I filed bk a few years ago and i was amazed at how easy it was and how i really did start debt free. Even more amazing was how i got several credit offers right after filing (you can only file every 7 years so creditors know that once you file you can’t file again, so you’re somewhat of a lower risk)
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]]> By: Bill C http://www.creditrepairscores.info/credit-card-interest-rates/credit-card-debt-10-ways-to-take-control-pay-it-off-fast/comment-page-1#comment-3298 Bill C Sun, 07 Feb 2010 10:17:59 +0000 http://www.creditrepairscores.info/credit-card-interest-rates/credit-card-debt-10-ways-to-take-control-pay-it-off-fast#comment-3298 I don't know where "TJ" got their information. As soon as you file for bankruptcy, an automatic stay is in effect which prevents any creditor from taking any action concerning any account or debt. A creditor can't just "get a judgment". They have to file a law suit and go through the court process. As for garnishing wages, not every state allows it. You really should talk to a bankruptcy attorney.<br><b>References : </b><br> I don’t know where "TJ" got their information.

As soon as you file for bankruptcy, an automatic stay is in effect which prevents any creditor from taking any action concerning any account or debt.

A creditor can’t just "get a judgment". They have to file a law suit and go through the court process. As for garnishing wages, not every state allows it.

You really should talk to a bankruptcy attorney.
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]]> By: Bonnie W http://www.creditrepairscores.info/credit-card-interest-rates/credit-card-debt-10-ways-to-take-control-pay-it-off-fast/comment-page-1#comment-3297 Bonnie W Sun, 07 Feb 2010 10:15:59 +0000 http://www.creditrepairscores.info/credit-card-interest-rates/credit-card-debt-10-ways-to-take-control-pay-it-off-fast#comment-3297 If you "settle" you will most likely get a notice from the IRS that you owe taxes on the amount that was forgiven. Consider bankruptcy... it's not the end of the world. Many people , some very famous, have filed , recovered , and led successful lives. Sometimes a fresh start is needed! Most BK lawyers will give you a free consultation. Make an appointment .<br><b>References : </b><br> If you "settle" you will most likely get a notice from the IRS
that you owe taxes on the amount that was forgiven.
Consider bankruptcy… it’s not the end of the world.
Many people , some very famous, have filed , recovered ,
and led successful lives.
Sometimes a fresh start is needed!
Most BK lawyers will give you a free consultation.
Make an appointment .
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]]> By: tj http://www.creditrepairscores.info/credit-card-interest-rates/credit-card-debt-10-ways-to-take-control-pay-it-off-fast/comment-page-1#comment-3296 tj Sun, 07 Feb 2010 10:13:59 +0000 http://www.creditrepairscores.info/credit-card-interest-rates/credit-card-debt-10-ways-to-take-control-pay-it-off-fast#comment-3296 Yes. I have quite a bit of experience in this area. My spouse and I had to let our credit cards go because once we went into default the interest skyrocketed up to 31.49% which meant there was no way we could make payments with that interest rate. Most credit card companies will be more than happy to offer a settlement rather than going to the pains of filing a lawsuit, going to court, and garnishing your wages which they can do and if you file bankruptcy they get nothing. So they are usually very agreeable to terms. I would call the credit card companies and explain you cant continue to pay these credit cards and inquire about a settlement amount. Credit card companies report to the credit bureau and if you pay nothing it will have a negative impact on your credit. Better to settle than to not pay. Bankruptcy will allow you to erase these debts but it is best to consult a bankruptcy attorney who will determine if you file Chapter 7 or Chapter 11 bankruptcy. Most have a free consultation and will explain the process to you. Depending on which chapter of bankruptcy you file and whether you are married will determine the cost of the bankruptcy. It can generally cost as little as $500 and as much as $1000 for simple bankruptcies. There is quite a bit of paperwork that you have to fill out regarding your income and your assets. At the consultation they should tell you what it will cost you, what paperwork you have to do, and they will let you know how many visits you will have to make, and what kind of timeframe you are looking at before the petition is filed. We were given a form with the price of the bankruptcy outlined on it, along with a folder with paperwork where you list your income, assets and their value, debts and the creditors you owe. We were told to fill that out and then come back in and go over the paperwork. At the second visit they will give us a little more homework to do and the third visit should be when we sign the petition and then it gets filed, but again the attorney can tell you the process. Once the petition is filed the attorney sends a letter to all of your creditors telling them to cease and desist from calling you or contacting you. DO NOT tell your creditors that you are considering bankruptcy. If they know you are considering hiring a bankruptcy attorney but havent yet they can get a jump start on filing a lawsuit against and start court proceedings to garnish your wages before you've even contacted an attorney or retained one. Your attorney can tell you the best time to inform the creditors of bankruptcy. If you file bankruptcy you must include all of your credit cards, you cant hold one out that you are able to pay on and get rid of others. If one goes, they all go. You generally by law have to take a one time credit counseling session either in person or over the phone when you file for bankruptcy. The bankruptcy can stay on your credit for 10 years. You usually take a hit on your credit score when filing bankruptcy but can you can usually improve your credit score within a couple years. Beware though, when you file bankruptcy you cannot file for approx. another 7-8 years so know that you will receive credit card offers after your bankruptcy. Credit card companies know you cant file for another 7-8 years again. Be careful with obtaining credit cards again. You have to rebuild credit and having a credit card helps. Only get a credit card under the condition that you only put it on it what you can pay off at the end of every month. If you dont think you can show restraint in charging on your credit card or pay it off every month in full, do not get one. You have to learn to use your credit wisely and learn from your mistakes. To me personally, settling with the credit card companies is better because it shows you are paying and the credit card companies generally cut out the interest rate altogther. Good luck. I know it can be a daunting task going through problems with credit card companies and considering filing bankruptcy.<br><b>References : </b><br> Yes. I have quite a bit of experience in this area. My spouse and I had to let our credit cards go because once we went into default the interest skyrocketed up to 31.49% which meant there was no way we could make payments with that interest rate. Most credit card companies will be more than happy to offer a settlement rather than going to the pains of filing a lawsuit, going to court, and garnishing your wages which they can do and if you file bankruptcy they get nothing. So they are usually very agreeable to terms. I would call the credit card companies and explain you cant continue to pay these credit cards and inquire about a settlement amount. Credit card companies report to the credit bureau and if you pay nothing it will have a negative impact on your credit. Better to settle than to not pay. Bankruptcy will allow you to erase these debts but it is best to consult a bankruptcy attorney who will determine if you file Chapter 7 or Chapter 11 bankruptcy. Most have a free consultation and will explain the process to you. Depending on which chapter of bankruptcy you file and whether you are married will determine the cost of the bankruptcy. It can generally cost as little as $500 and as much as $1000 for simple bankruptcies. There is quite a bit of paperwork that you have to fill out regarding your income and your assets. At the consultation they should tell you what it will cost you, what paperwork you have to do, and they will let you know how many visits you will have to make, and what kind of timeframe you are looking at before the petition is filed. We were given a form with the price of the bankruptcy outlined on it, along with a folder with paperwork where you list your income, assets and their value, debts and the creditors you owe. We were told to fill that out and then come back in and go over the paperwork. At the second visit they will give us a little more homework to do and the third visit should be when we sign the petition and then it gets filed, but again the attorney can tell you the process. Once the petition is filed the attorney sends a letter to all of your creditors telling them to cease and desist from calling you or contacting you. DO NOT tell your creditors that you are considering bankruptcy. If they know you are considering hiring a bankruptcy attorney but havent yet they can get a jump start on filing a lawsuit against and start court proceedings to garnish your wages before you’ve even contacted an attorney or retained one. Your attorney can tell you the best time to inform the creditors of bankruptcy. If you file bankruptcy you must include all of your credit cards, you cant hold one out that you are able to pay on and get rid of others. If one goes, they all go. You generally by law have to take a one time credit counseling session either in person or over the phone when you file for bankruptcy. The bankruptcy can stay on your credit for 10 years. You usually take a hit on your credit score when filing bankruptcy but can you can usually improve your credit score within a couple years. Beware though, when you file bankruptcy you cannot file for approx. another 7-8 years so know that you will receive credit card offers after your bankruptcy. Credit card companies know you cant file for another 7-8 years again. Be careful with obtaining credit cards again. You have to rebuild credit and having a credit card helps. Only get a credit card under the condition that you only put it on it what you can pay off at the end of every month. If you dont think you can show restraint in charging on your credit card or pay it off every month in full, do not get one. You have to learn to use your credit wisely and learn from your mistakes. To me personally, settling with the credit card companies is better because it shows you are paying and the credit card companies generally cut out the interest rate altogther. Good luck. I know it can be a daunting task going through problems with credit card companies and considering filing bankruptcy.
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]]> By: L*star* http://www.creditrepairscores.info/credit-card-interest-rates/credit-card-debt-10-ways-to-take-control-pay-it-off-fast/comment-page-1#comment-3295 L*star* Sun, 07 Feb 2010 10:11:59 +0000 http://www.creditrepairscores.info/credit-card-interest-rates/credit-card-debt-10-ways-to-take-control-pay-it-off-fast#comment-3295 I have the same issue right now. I was going to do the settlement thing but the payment every month was more than I was already paying for payments. And if you try to settle yourself- just remember- most times they will not negotiate lower than 50%. If you go through a settlement company, I would suggest Franklin Debt Relief- www.franklindebtrelief.com. They are really kind people. I just went through my pre-bankruptcy cccs course. I'm scared but, I know that I'm doing what I have to. I need to file, and that's all there is to it. Good luck to you. And remember- if you need to file- you're not the only one struggling in the world right now.<br><b>References : </b><br> I have the same issue right now. I was going to do the settlement thing but the payment every month was more than I was already paying for payments. And if you try to settle yourself- just remember- most times they will not negotiate lower than 50%. If you go through a settlement company, I would suggest Franklin Debt Relief- http://www.franklindebtrelief.com. They are really kind people. I just went through my pre-bankruptcy cccs course. I’m scared but, I know that I’m doing what I have to. I need to file, and that’s all there is to it. Good luck to you. And remember- if you need to file- you’re not the only one struggling in the world right now.
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]]> By: Garr R http://www.creditrepairscores.info/credit-card-interest-rates/credit-card-debt-10-ways-to-take-control-pay-it-off-fast/comment-page-1#comment-3294 Garr R Sun, 07 Feb 2010 10:09:59 +0000 http://www.creditrepairscores.info/credit-card-interest-rates/credit-card-debt-10-ways-to-take-control-pay-it-off-fast#comment-3294 credit cards companies would rather settle than get nothing from a bankruptcy. you have several options and need to enlist the help of a credit restoration company who knows your rights, the frca laws and has relationships with the credit bureau company and is used to negotiating with them.<br><b>References : </b><br> credit cards companies would rather settle than get nothing from a bankruptcy. you have several options and need to enlist the help of a credit restoration company who knows your rights, the frca laws and has relationships with the credit bureau company and is used to negotiating with them.
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]]> By: answermaster http://www.creditrepairscores.info/credit-card-interest-rates/credit-card-debt-10-ways-to-take-control-pay-it-off-fast/comment-page-1#comment-3293 answermaster Sun, 07 Feb 2010 10:07:59 +0000 http://www.creditrepairscores.info/credit-card-interest-rates/credit-card-debt-10-ways-to-take-control-pay-it-off-fast#comment-3293 I would get a loan from that family friend and pay off what you can on the credit cards (pay the biggest the ones with the highest minimum payments first) Even if you could get 5-10k paid down..that would lower your minimum payments a lot! Second, I would call the credit card companies and tell them you are having problems paying them off. Can they lower your percentage? Ask them to lower your minimum payment. Then have them close the accounts and set up a payment schedule with you. They don't want you to not pay...they will work with you. IF you go through CCCS they will do the same thing...don't use them, just do it yourself, so you don't pay them any money on top of the credit cards.<br><b>References : </b><br> I would get a loan from that family friend and pay off what you can on the credit cards (pay the biggest the ones with the highest minimum payments first) Even if you could get 5-10k paid down..that would lower your minimum payments a lot! Second, I would call the credit card companies and tell them you are having problems paying them off. Can they lower your percentage? Ask them to lower your minimum payment. Then have them close the accounts and set up a payment schedule with you. They don’t want you to not pay…they will work with you. IF you go through CCCS they will do the same thing…don’t use them, just do it yourself, so you don’t pay them any money on top of the credit cards.
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]]> By: Steve http://www.creditrepairscores.info/credit-card-interest-rates/credit-card-debt-10-ways-to-take-control-pay-it-off-fast/comment-page-1#comment-3292 Steve Sun, 07 Feb 2010 05:05:12 +0000 http://www.creditrepairscores.info/credit-card-interest-rates/credit-card-debt-10-ways-to-take-control-pay-it-off-fast#comment-3292 <b>Bankruptcy? Try to Settle with credit cards?</b><br>I have 60k in credit card debt due to reasons mostly beyond my control. I have exhausted all means possible, I mean all, with the exception of BK. Up to this point I have been current on everything now will not be able to continue paying even the minimum payments. CCCS advised me they could only help consolidate the payments so that I can pay it off faster, but I cannot make the payments (1500 /mo). My last idea is to stop paying the credit cards and try to settle on them. I may be able to come up with $$$ for a settelment offer from a family friend. The cards included are mastercard (chase,FIA,capitol one), Discover, and AMEX. Anyone have a similar experience one way or another? Bankruptcy? Try to Settle with credit cards?
I have 60k in credit card debt due to reasons mostly beyond my control. I have exhausted all means possible, I mean all, with the exception of BK. Up to this point I have been current on everything now will not be able to continue paying even the minimum payments. CCCS advised me they could only help consolidate the payments so that I can pay it off faster, but I cannot make the payments (1500 /mo). My last idea is to stop paying the credit cards and try to settle on them. I may be able to come up with $$$ for a settelment offer from a family friend. The cards included are mastercard (chase,FIA,capitol one), Discover, and AMEX. Anyone have a similar experience one way or another?

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