Looking at Debt Settlement, but not sure
Date: Mon, 07/30/2012 - 13:15
Hello,
I am just starting the search for relief and I am not sure of what is best. I looked at Creditor Payment reduction programs, debt settlement programs and am also thinking about trying to negotiate directly with the creditors I owe. Bankruptcy is not an option for me. I have $58,000 all in credit card debt and just do not know what is the best action to take. After reading through many experiences it is hard to know the best course to take. Any suggestions?
I am just starting the search for relief and I am not sure of what is best. I looked at Creditor Payment reduction programs, debt settlement programs and am also thinking about trying to negotiate directly with the creditors I owe. Bankruptcy is not an option for me. I have $58,000 all in credit card debt and just do not know what is the best action to take. After reading through many experiences it is hard to know the best course to take. Any suggestions?
You haven't really given us enough information to make any recom
You haven't really given us enough information to make any recommendations.
Who are your creditors?
What's the balance and credit limit on each card?
What's the interest rate on each?
Are you current? If not, how behind are you?
What are your other monthly expenses?
How much do you have set aside to use for settlement?
How much can you further set aside each month (for settlement) if you stop paying on the cards?
You can try and call your creditors and negotiate settlements wi
You can try and call your creditors and negotiate settlements with them, that is, if you can make lump sum payments against the settlement amounts.