Are any of those debt consolidation services legit? Most seem like there's something going on where you're not really benefiting.
Talk to a bankruptcy lawyer. The most important thing now is to stop the bleeding caused by the super-high interest rate carried by the credit cards.
I have like 12 credit card and diff amount on each .... I moved alot of things into my credit card back then when I got those 0% offer like auto loans.
you're Chinese right? Chinese people have been doing this thing called a savings club for a while. Find one of these. Basically a large gorup of people (50+) put in like 1,000 a month and each person from the group gets to take that 50k once during the 50 month period (or 42 months if you double up payments two months a year). There's other things involved like outbidding other people who migth wanna get the money also, but u dont need to know it unless you join one. Its a quick way to get $40-$45k in your pocket with monthy payments of $1,000 for the next 4 years and your credit debt gets wiped off almost instantaneously. Houston has a dece4nt Chinese immigrant population from what I hear so you might have some luck with it, if not, I know New York got a bunch of these (it's how people get the down payment for houses and businesses) and so does SF. Good luck with your problem.
Options: 1) Prosper.com 2) Refi your house (or cars) 3) Consumer Credit Counseling (it will show up on your credit report for the duration, but they negotiate alright and at least turn them into fixed payments with an end date) 4) Negotiate for yourself to pay less then full (usually you have to be an ass and be 2+ months late with your payments 5) Bankruptcy lawyer 6) Don't pay Options 3 though 6 will destroy your credit in varying degrees, but your credit might suck already anyways. Being Bankrupt would suck, but at least you won't be hounded by legal loan sharks every day for the rest of your life. Seriously, while a bankruptcy will be on your records for 10 or 12 years, having 50K in charge offs will have just as bad as an effect on your credit and you'll be endlessly hassled. Bankruptcy would probably cost you $1k+ in fees nowadays. While you might not want to (or qualify for) refinancing your home or car, paying down your debt is A) the legally/morally right thing to do and B) will allow you to have a loan in the future. Options 4 through 6 mean you'll probably only be able to get a loan from your friends any time in the near (or distant) future.
I forgot to add that if you don't pay, you will eventually be sued and by that time your 50K debt will be 80K and then 10 different companies will own your debt with full time employees whose sole jobs are to contact you and get you to pay. They'll call you, your family, your friends, your neighbors. There was a good clip on 20/20 recently about debt collection tactics.
Hopefully you got a grad school education out of that debt. Koreans also do that after church. Then they go out and buy laundrymats and conveniences stores. So I've heard on the racist grapevine.
The shady side to that is, the longer you wait, the more likely they'll pass on the debt to another collector. That makes record keeping on their end spottier, though your credit rating will go down the toilet the longer you drag. This might be the time for you to read into the The Fair Debt Collection Practices Act and what your rights are. Especially google debt verification.
1. Try consolidating most of the debt onto the credit cards with the lowest interest rates. 2. Try getting a home equity loan. Loans usually have much lower interest rates and are also tax deductible.
This is what I did to get out of debt, although my debt was 1/5 of what your's currently is it still may work for you. I looked at my monthly payments and started with the highest one and started paying that off first. This was a $300 limit card with a minimum monthly payment of $30. Took me 3 months to pay it off. I moved on to the next one. I applied what I paid on the previous card to the new one and so on. I actually got out of debt within a year. Now, I cut up my cards BEFORE I started paying them off. That way when they were paid off I couldn't use up the credit on them but at the same time my credit score increased, almost by 100 points. You're on the right track, the first step in any problem is admitting you have a problem and seeking meaningful ways to fix it. I wouldn't just not pay them though. Even though they cannot garnish your wages, credit card companies can charge-off or sell your debt to others and in that aspect your credit report can be damaged for a lot more than just seven years. Credit counseling organizations usually are shams but there was one on here that posters kept recommending but I cannot remember what it was. Work out something and pay it.
Oh, does anybody have any info on settling debts? That sounds like a route he may be going. Like if he has $1000 in debt on a card but settles it for $600, how would that work out for him and his credit report/score? That may be an option also. Just try to pay it off first though.
Poll: Rose Bowl: USC vs UT (who you like with the pts spread) [More Free Money] Texans @ Ravens (-6) Poll: MNF : Colts at Patriots Poll: Do you wager on sports? Who wins tonite - NY Yankees or LA Angels? Poll: Who will cover K.C Chiefs @ Denver Broncos? Poll: Who will cover Tennessee vs LSU ? Poll: Who will cover Game 6 spread? Poll: Who will win GAME 7 Pistons vs Heats? Poll: (Spread) Superbowl: Eagles vs Patriots Poll: NFC CHAMP: Atlanta vs Phila Poll: AFC CHAMP: New England vs Pitts. Poll: Rams vs Falcons Poll: Jets vs Steelers Poll: USC vs Oklahoma Poll: Virginia Tech vs Auburn Poll: Monday Night Football: NE Patriots @ Miami Dolphins Poll: Monday Nite Football: St Louis Rams vs Green Bay Packers Poll: Monday Nite Football: Vikings vs Eagles Poll: Oscar De La Hoya vs Bernard Hopkins ...unluckyazn? The BBS has obviously steered you wrong on many occasions - I hope we do better with getting-out-of-debt advice. Seriously, I hope you work it out. There sure don't seem to be an easy solution, does there?
How much is your house worth? How much is paid off? How much is your car worth? How much is paid off? How much is all your worldly goods worth? Where did you spend your money? How much is your family member's house's worth? How much is paid off? That would be a good place to start.
I know and you are correct but It will be hella hard You are correct though. . . some hard decisions will have to be made. Rocket River recovering from bad credit is 10 times harder than never having had it .. .
mexicans do that too.. we dont do it on that high of a scale though. 50k is alot. we do it for like $2000
