Help with consolidating my fiances credit card debt? ?
aintlifegrand asked:
My fiance is in $68,000 credit card debt. For the last 5 years all we are paying on his the interest. We need help. What do we do? Who do we call. Please I am open to all advise I can get. He has perfect credit but we are not paying on the equity.
Herman
My fiance is in $68,000 credit card debt. For the last 5 years all we are paying on his the interest. We need help. What do we do? Who do we call. Please I am open to all advise I can get. He has perfect credit but we are not paying on the equity.
Herman
Tags: Consolidating Debt, Credit Card Debt, Fiance
July 29th, 2009 at 12:48 am
Amber
The first step is to get the most debt on the lowest rate cards. Does he receive any special offers of 1.9% or similar? If so transfer as much as you can to these cards. First, don’t charge anymore. Second, pay off the ones with the highest rates first… usually department store cards–pay an extra $100 a month or so if he can. Whatever you do, if you own a home DO NOT refinance and place these debts as part of a new mortgage. It might free up you cash flow but it really is a trap. If all else fails, you can contact CCC (consumer credit counseling) and see if they can set up a payment plan.
July 30th, 2009 at 9:19 am
Javier
Try not to use the Counseling agencies, they are looked upon poorly by creditors as a step away from filing BK. Call the creditors yourself and see if you can work out a payment plan, but prior to doing that, gather all your statements, pick the one with the smallest balance, and pay as much as you can on it everymonth, while you pay the minimum on the others. Once that one is paid off completely, pick the next one with the smallest balance and do the same thing, pay as much as you can, and pay the minimum on the others. Put all your credit cards in a bowl, fill it with water and place it in the freezer, by the time it thaws you will have enough time to decide if you want to use them again.
July 30th, 2009 at 12:47 pm
Cory
Hi, My name is Ross Fazio from Gildersleeve and Associates, The National Debt Arbitration Company. I am sorry to read about your unfortunate situation, but there are ways to fix this. There is filing bankruptcy, paying more per month or debt arbitration. Now bankruptcy can be costly, stressful and arduous. Paying more is the best but if you don’t have the money then there isn’t to much help with that option. Now debt arbitration can help lower his debt by 50% or more and then put the remains funds into a lower monthly overall payment for 1 to 3 years. You will be debt free and ready to make your way down the road to credit repair, which is easier when you are debt free. If this options seems like something you would be interested in pursuing please feel free to contact us. Our toll free number is 888-40-SETTLE or visit. We are here to work for you, not your credit card company and hopefully this post will help you.
Ross Fazio
Outside Sales Manager
Gildersleeve and Associates - Nation Debt Arbitrators