Debt Consolidation....Please advice
Date: Mon, 06/27/2005 - 06:51
Debt Consolidation....Please advice
I am new to this forum and I am looking for some direction.
My wife and I have roughly 55,000 - 60,000 dollars of debit. To make a long story short, I had a good paying job but was let go. After I was let go, I found a job paying less money and my wife and I had our first child. In order to make up the difference in income, we were borrowing from one card to pay the other.
We hit a point a few months ago where the payments are just to much.
Right now, we don't have much to put into a program. We can afford roughly $200.00 per month. We are working on bring in extra income and should have more money in 3 - 6 months to put into a program. We don't want to declare bankruptcy! But we are a also getting tired of the phone ringing!
I was wondering with the amount of debit, are we being unrealisitc to start out with $200.00 per month? or should we wait until we have more money to put into a program?
Any advice would be appreciated.
Thanks in advance for your reponses.
HI kevinsp Welcome to the forums. According to the amount of
HI kevinsp
Welcome to the forums. According to the amount of your total debt, I think that you may be required to contribute a bit more to erase this debt in a shorter time otherwise you may building interests and losing some money on a larger proportion of time.
You can know the exact statistics after discussing with your consultant who will be able to lead you towards the right path.
You can take the other way of talking with your consultant and suggesting him to include only that number of accounts which presently incur a monthly expense of $200 in the program. Always keep in mind to include those accounts first which incur the highest rate of interest. Slowly, when your financial position will improve, you will include other debts also later in another program.
Regards
Roxette
HI roxette Thanks for your relpy. How do I get in touch wi
HI roxette
Thanks for your relpy. How do I get in touch with a consultant to speak with?
I called the 1-877-NO-DEBT-8 last Friday. The person told me I had to wait 24-48 business hours before speaking with someone.
Thanks.
Hi kevinspWelcome back. After you have entered your personal
Hi kevinsp
Welcome back. After you have entered your personal contact information at the sign up page, the debt consolidation company operating in your state will be chosen by the computer system to fulfill your needs. As soon as your information is received by the consultant in your locality, you will be contacted shortly.
As you have completed the registration process so far, you will be in touch with the consultant very shortly. Please let us know the update after you have interacted with the consultant.
Regards
Roxette