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I have a lot of debt

I need some financial advice. I have a lot of credit card debt, to be approximate I have 30,000.00 in credit card debt. I can't afford to pay them anymore. My minimums are around $220.00 a month on three of my cards. Do you know of any good financial agencies who can help me get lower payments a month? Also, I have a consolidation loan that is 380.00 a month, will debt settlement companies help me with that too? I would appreciate some helpful advice and no critical advice. Merry Christmas!

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Anonymous

Asked by Anonymous at 11:05 AM on Dec. 23, 2008 in Money & Work

Answers (9)
  • There was a financial advisor that was on Dr. Phil. She wrote a book as well, my advise to you..go to chapter's or a book store near you, go to the self help section and find this book! OR the one that Dr. Phil has out, I believe he made one too for people with debt that are in over they're heads. Even if you can't find one by either author there are many that can help! A financial advisor isn't free, which will just add to your debt problem right! SO get the a book, cut cost's even if it means getting rid of TV, extras on your phone...try saving in area's that you have control over so you have more money to pay your cc debt's. Even go to your bank, ask if you can have some free advice on what you can do to consoladate your cc's and what you can do to bring your debt down faster! That's my advise to you!

    Anonymous

    Answer by Anonymous at 11:10 AM on Dec. 23, 2008

  • You need more income. You only consoladate so many times, they will only lower the payments so low. PM me
    customcat2000

    Answer by customcat2000 at 11:32 AM on Dec. 23, 2008

  • My daughter uses Alliance. Also is bankruptcy an option for you? It might be the only solution.
    pupmom

    Answer by pupmom at 12:06 PM on Dec. 23, 2008

  • Go out and get The Total Money Makeover by Dave Ramsey and start attacking your debt. As far as lower payments, call the creditors yourself. They usually will work with you and lower your rate and payment amount.
    feesharose

    Answer by feesharose at 12:08 PM on Dec. 23, 2008

  • contact your local consumer credit counsiling service...they dont go on your credit report and are a free service. They will lead you in the right direction. Just type iin CCCS in your search and the state you live in and something should show up. I just learned about them in a book i was reading
    ReneeLRS

    Answer by ReneeLRS at 1:47 PM on Dec. 23, 2008

  • I would start by contacting your creditors individually first. Ask for a lower rate/payment, you might be surprised how willing they are to work with you. If you have exhausted all avenues, contact a Bankruptcy Attorney for legal advice. They have changed the laws for a BK however, a Chapter 13 which will reorganize your debts to an affordable payment. Don't give up whatever you do as "bad" debt will stick around forever. Best of luck to you!
    Hokanani

    Answer by Hokanani at 3:36 PM on Dec. 23, 2008

  • Merry Christmas to you too! There are companies out there that will help you for free. You just have to look them up. What they do is they help you pay off your debt...every month you send money to them and they pay all your bills. Plus they even can help lower the price on credit cards. There are other companies that you do have to pay for that have lawyers work with them that take care of your debt and you have to pay them so much every month. If you don't have enough money to do this you need to think about trying to come up with a way to get more income. It's important to get those bills paid for before they try to take your money through your check and there's nothing you can do about it. A friend of my husband's went through that. Anyway, good luck and Happy Christmas!
    businesswife1

    Answer by businesswife1 at 5:37 PM on Dec. 23, 2008

  • Also I wouldn't do a bankruptcy unless you have no other choice and I have heard that it is now harder to get one. Don't know if that is true but that is what I have heard. Plus they make your credit look bad!
    businesswife1

    Answer by businesswife1 at 5:40 PM on Dec. 23, 2008

  • Try going to FreedomDebt.com I see their advertisements all the time and they virtually cut the debt in half.
    dawnmitchell

    Answer by dawnmitchell at 12:59 AM on Dec. 28, 2008

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