credit debt
Posted By: (OP) on 2008-08-24
In Reply to: thanks, good idea too. - sm -
Wow thanks for all the good tips.
As this got off the subject and onto other things, I just wanted to say I have heard Al-Anon is excellent for people dealing with alcoholism in a spouse or other loved one. It might be a great place for support for you and your kids. Just a thought.
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credit card debt
Not sure what will happen, but I do wish you luck. Credit card debt is an unsecured type of debt. I don't know what more they can do to you other than a judgement. Not sure you can put that under a bankruptcy either once the judgement has been placed. I know a lawyer that handles a lot of bankruptcies -- did some work for him. He always asked his clients if late payments had gone to judgements. If they had not gone that far he was pleased about it. I guess it made things easier legally. Not really sure.
credit card debt relief
Does anyone have any experience with those companies claiming to reduce debt by up to 70%, etc. ?? I'm drowning in debt. :(
Credit Card Debt Counseling
http://www.cccsatl.org/index.asp?_method=view&sc=43&cn=486&md=debtmanagement
Here's what you want to use... It is called Consumer Credit Counseling Services. They are legit. Now back when hubs and I did it about 15 years ago, there were no computers, per se, so we went on site to an office. I don't know what state you're in or if there is an office local to you, but it looks like you can do this online.
We did it, completed it, and it was great. However, they cut your credit cards up in front of you and put them in a huge jar (at least they did back then). Once you join, there are no more credit cards. What CCCS does is works with your creditors to reduce interest rates, payment size, etc. because they are networked. You then make one lump payment to CCCS and they disburse the money. They also take into consideration your income. I think that's what makes it all work. Also, this is what tells them how long it will take to pay off the debt. Just beware though that if you are "behind" on payments, sometimes certain creditors do not accept CCCS, so they may hassle you still and some just plain won't accept CCCS's offer.
Believe me, even though we are not late on payments, we had in the past 3 years so much personal stuff go on (sickness, death, etc.) that we have racked up some debt ourselves and may try CCCS again, as one card we have raised the rate to 33% interest because we have a high balance. We make regular payments.
All in all, it's a great plan and it does work, but you no longer have credit cards (they close the accounts), and you will have a "bad mark" but yet a good mark on your credit report for using CCCS. Check with them about that though, as I do not know the specifics. It is way better than bankruptcy...
Hope you find some relief soon! My thoughts are with you... I'm not judgemental because I've been there and done that. 
credit card debt lawsuit question
If there is anyone out there who has been sued and had a judgment placed for credit card debt....
What happens when you go to court?? I don't own a house and live week to week (part-time IC, not very supportive husband) so they can't get blood from a stone so to speak. But I was wondering if anyone has gone to court and what actually happens.
credit card debt lawsuit question
Anyway you can declare bankruptcy, chpt 7? I am going that route. :(
Do you have a lot of monies owed where bankruptcy is a real possibility?
I'm going through a similar time......talk about stress!!!!!!!
Have U renogiated credit card debt when minimum payment got too high? Do they take your card away,
s
Why does closing a credit card account negatively affect your credit report
Especially when I never use it anyway, and really never wanted it?
With all the bank rearranging going on in the past few months, one of my accounts was tranferred to Bank of America. I was sent new cards and a new agreement, new interest rate etc...
So I called them up and cancelled but before they did, I had to listen to a spiel about how this would negatively affect my credit report.
Huh?? Why is that?
Might do that one day, but have some debt to get rid of first - sm
So putting out $6500 for a TT will have to wait; in a year I may be able to think about it, then save up the $$$ for it. I have done some research into this and know I first have to lose the weight and be stable at my goal weight for a while before I can have that done if I want to do this right. Guess I will just have to wait and see just how bad it looks after I shed the 70+ pounds. Feeling good right now, just went outside did some yardwork that I usually never have time to do (really didn't now either but work can wait), felt good to be active for a change, though I must now sit on my big butt and work for the next 4-6 hour! My thing is that I have to get more physically active, sit way too much!
Out of debt
Congratulations!!! Isn't it a wonderful feeling?
debt
I agree with transferring to 0% when the offers come. I have been doing that for years. Now, I just got an offer for 6.99% for the life of balance up to 12,000 dollars. Going to take that offer, (we are going to remodel our main but small bathroom) and pay off 2 1/2 cc; then what is left over, oh, and going to give my hubby 1000 to get out bike out of shop, so, what ever is left over, which should be 6 to 7000, will redo bathroom, payments won't be bad, like 190 a month and don't use your cards for a good while, just steadily pay. Hope this helps, and life is too short to stress over bills. Keep them in mind but at the same time, think of what you have. 
I am totally out of debt -
house, cars, motorcyles, credit cards. Everything!
It feels great!
Paying down debt
It is getting harder to make ends meet because of all the straws in our bank account. I have 17k in CC dept alone. It is with 4 different CC companies. One CC has $200, #2 has about 4K, #3 has about 2K, #4 has 10k. The 10K one has a 15 % APR, the others I believe range from 24% to 29% APR. My biggest monthly payment is my house and I owe only $4700 on it and it has 6.3% APR. I sold some things and am getting $5K and that will be enough to pay off my house. I would love to finally, officialy own this house and get rid of that $350 monthly pmt, but I wonder if I should not pay down on the CC because of the high interest rates. Any opinions. TIA.
Paying Down Debt
I feel you, believe me. First, Bravo to you for facing this. That's the hardest part. I think if you are so close to paying off your house, you wouldn't want to take out yet another loan against it. Additionally, the interest rates aren't that great. What is the total of payments you are making on your credit cards? If you can slap that 5000.00 on your debt first on all of the higher interest ones perhaps paying some of them off. That will free up extra money to put on the rest of your credit cards. Then once the credit cards are paid off, you can then work on the mortgage (I WISH I had your mortgage..). Also we work in an industry where it is easy to pick up extra work---have you thought of that just to get extra money to pay off the debt? That's what I'm trying to do. Things are just so bad right now. Good luck, hope this helps...
Well, the only debt we have is our house...
so I would put it towards the principal on our mortgage.
Did you go into debt over the holidays?
C'mon, fess up!
Did you use credit to buy things for the holidays, or did you pay in cash?
I'm happy to report that for the 13th year, we paid in cash.
Completely out of debt today!
I have paid all of my big bills off and now only have the monthly ones. Need to pop a cork!
debt consolidation/relief
I'm seriously considering going with one of those debt relief companies to get myself out from under a mound of credit card debt. I feel like I'm drowning. Has anybody had any experience with these companies, good or bad?
Strive to become debt free...
yes, that means living on a budget, telling the kids (and yourself and your spouse) no to impulse buying and splurges. You really can live below your wage if you WANT to and it is better to do it before you HAVE to due to job loss, etc. We are debt free but our home, no car payments, all credit cards paid off, only have the utilities and food each month. It feels great not to write checks to anyone. My DH just finished his obligation of 700 a month child support (Yay!!) which means more towards the mortgage to pay it off sooner. We are content with what we have...too many Americans want it all and want it now, no matter what the price, just charge it or take out a loan for it...crazy!
Oops, should have been paying off a debt
/
Do your homework on debt collection (sm)
laws also - you just may have yourself a $1000 piece of paper in your hand.
Have you requested validation of this debt? If not, I would do that right away. Send it certified mail, return receipt requested. Depending on the age of the debt, I would be very careful about sending the canned "do not contact me letter." If the debt is not that old, that can sometimes trigger them to sue. I bet if you send the "please provide me with full validation (not verification that you have my name, address and soc. sec#) of this alleged debt. Short and sweet.
Before considering the CCCS or debt relief (sm)
places, first call the companies. If you haven't been charged off yet, most will work with you and have hardship programs. The accounts will likely be closed, but after 3-4 ontime payments they will "re-age" to show as current, will lower the interest rate so payments are lower and you will pay off over a 4-5 year period (in most cases, you can't use the cards as acct will be closed to further charges in exchange for drastic reduction in interest rate). Going with CCCS or similar, has the same effect as a BK, even worse, on your credit rating. The accounts will report as "closed, paying under debt management plan." While bankruptcy is an option I suppose, if you're a homeowner or have any assets, you'd have to file Chapt. 13 which will allow for some payback. I'd call the companies first and lay out your situation and see what they suggest. The credit industry is in a mess right now so they are willing to work with you if you're upfront and showing good faith.
Anyone ever use a debt settlement company - sm
like DebtAmerica or something like that, one that eliminates 30% or more of your balance owed, consolidates it and gets each cc to settle on an agreed amount, etc. I am thinking of going that route instead of CCCS company which is just a DMP (consolidates it but you still pay back every penny and interest). Either way you have a big black mark on your credit. I owe a substantial amount and this way I can probably be debt-free in 3-4 years instead of 8 years. I know they charge a fee, and you have to pay taxes on the settled amount but it will be a lot cheaper for me in the long run and I can afford it a lot better. So if anyone has gone this route, please give me your input and who you used and if you were happy with their service, etc. TIA!
Why would you take vacations when you're in such debt?
The money for those planned vacations could be paid towards your credit card. If you're income in increasing soon, why not apply the increase to the bills until the debt is gone and then reward yourself with a nice vacation that you save up for?
If it is an old debt, I've been told that the place that
the court with the original document that you signed before they can get a judgment to garnish wages. Usually they can't come up with it if the account was taken out a long time ago. I would look into it a little maybe even just online. Try consumer affairs website. Good luck.
I know it's popular, but don't put unsecured debt on your home.
No way, never ever do that. It's a huge mistake, you could end up losing your home. The risk is too great.
Anyone ever been sued by a debt collection agency
My husband and I have an account which we feel we don't owe. We cancelled it within the amount of time we thought we had to cancel, but were later told the contract for services was not cancellable (a vacation timeshare). The original amount was only $1,000.
Since that time, the timeshare company has sold our "debt" to a third party collection agency, Apelles. They call at all hours and even on weekends. Since I have caller ID, most of the time I don't even answer. This morning, however, they called at 8:45 and woke up my kids. I was a little annoyed, to say the least, and I'm just wondering: Does anyone have any personal experience with this company. I'm thinking about sending a Cease and Desist letter, but I'm worried that that will trigger them to take me to court. Has anyone ever been sued by Apelles? I would think our amount is too small to be worth their time and that they would just try to sell it to another agency. Any thoughts?
Love him! We are debt free but the house....
on an income of around $100,000 a year. DH may be getting laid off in the coming months but we just refinanced to a great below 5% rate, all our credit cards are paid off, we have savings built up to see us through tough times and we don't really worry about what may come. Sure, our cars are a few years old but guess what, they drive just like brand new ones. We still eat out several times a week, we take a month long vacation every year and we are happy with the things we have. We buy what we want when we want, but we aren't slaves to the newest TV, cell phone, i-phone, etc.We have no one to impress and really don't care what others have. We have the peace of mind that we can go to bed every night without much worry, the phone doesn't ring nonstop from creditors and we can go to the mailbox and not cringe when the bills come in. The country is in this financial mess because of greed, plain and simple; fat cat greed, greedy consumers in this I have to have it NOW society, and most think the free ride is never going to end. Sad....
I posted back in late August about cc debt - sm
in response to someone else giving advice on what to do. I told you about how I had a ton of debt my DH knew nothing about, how I was afraid of him, etc. and that I just did not know how to tell him. I consulted a lawyer and got some insight and advise in case things went really bad when I did tell him. Well I finally bit the bullet and told him on Monday. He was off from work, kids were in school, I wrote a 4 page letter laying it all out. I went out in the LR and I asked him if he loved me and was happy in our marriage, I got yes's to both questions. Then I handed him the note (bawling at this point) and said I was going out for a little while and we would talk when I came back. He called me 10 minutes later, upset yes, but not nuts as I expected. We ended up talking for 2 hours. He was quite good about it which really surprised me, he was in shock though. Later last night after he got drunk not horribly so but enough, though he did not turn nasty. I had asked him not to drink but he ignored that, so as a result he broke down said a few things which I probably deserved, though he does not believe I was scared of him....denied ever threatening to kill me, said if he did he was kidding and it was his sick sense of humor. I told him I take all death threats seriously. But comes down to he does not want to divorce over it, for which I am happy and grateful, and I think this will ultimately help us. We are taking a 401K loan for the debt on his cards, and I will go to a credit consolidator for the debt on my cards......any recommendations on that front? My credit is in the dump so this is not going to make it much worse. In five years we will be free and clear, paid off debt and house at that point. I have a huge breach of trust to heal and don't know how to go about it, that is what is hurting him the most and the fact I waited so long to tell him, couldn't understand why I felt I could not come to him when it all started. So he learned what a conniving wife he has and I learned that I had what I wanted all along, just didn't know it. We still have a lot to work out, and I am in for 5 or more years of snide backbiting remarks at times I am sure, but I think there is hope for us actually.
I used Debt Free Today. Pretty good
company. Never had any troubles with them. Just sent them a check once a month and they distributed among my creditors on the agreed amount. I think we paid off in 4 years. Was really nice!
Yeah, stay out of that family debt deal, if ya can. :) nm
nm
Pay off highest interest rate debt first, then the next, and onto the next. The house can wait. Do
dd
credit
My girlfriend did use the service. It worked great for them. It also put all their payments in one. The only thing is you need to watch what "items" you put under the service because it will keep you from purchasing items for so many years.
credit
I have used Consumer's Credit Counseling Services locally. They were wonderful to me. Put me on a generous budget, put all my bills under one payment (had to cut up all credit cards - which was a blessing and freedom after I got used to it), cut the credit card interests way-way-down or to none, and finally got everything paid. At first there was no charge from them, but later I paid $5 a visit, but I imagine they have surely put a low charge now. They were pretty strict with me (which I needed), but it worked. They were always accessible to talk with, which I really liked too. Also it was nice to refer callers to them, saying, "I am a client of CCCS and they are helping me" and not have to deal with the callers any more. In fact, after they were notified of intent to pay by CCCS they never called again.
Good luck. It meant freedom to me.
credit
I did hear that credit counseling is reported to the credit bureaus, but so are late payments, over-limits, missed payments, etc., etc. so ultimately I don't imagine it could ding your credit score any worse.
credit
I don't know the answer to that. We have only bought cars and a house on credit since then. Be sure to talk to the credit counselor before signing up and find out. They will know.
Credit card (SM)
There was information about credit cards and interest rates going around late last year/early this year. Basically, from what I understand with the new bankruptcy law this was attached to it. The credit card companies can and will charge you and me whatever interest rate they want to, and the only thing we can do is cancel the card and pay off the balance. There were these little inserts with your statements that many of us just throw away and never think about it. But I did read the ones that were sent with several of my statements, and I kindly told them to keep my rate where it was and I canceled the card. Sad but true. 
NO more credit cards
I had a credit card with a high balance. I got a second mortage to pay it off. I called the credit card and got the payoff balance and my bank sent a check to them. I kept watching on line to make sure they got it and when they did I noticed that there was a $95 credit. So, I called and said how do I get my money back. They sent me a check and when I got it, I called and closed the account. This was about two weeks ago. Today I get a statement from them with a balance due of $45! Huh??? I called and they keep telling me it is a finance charge. I got pretty steamed and finally ended up saying that I would pay it, but no more. Well, I wrote out the check and put in in the mailbox, but I'm still stewing about this. If I still owed them money, why did they send me a credit?? What is the finance charge on if I had a credit balance? I suppose I will just pay it because they will only keep tacking on even more charges, but it is really bugging me. Has anyone else had any experience with this??
I will say one thing - NO MORE CREDIT CARDS EVER EVER EVER. REALLY. I mean it this time.
About my credit card
I owed close to $10,000.00 about 2 months ago on my credit card and called to make sure I sent the right amount as paying it off. After I paid in full, they also sent a "finance charge" for around 35 to 40 dollars. I paid that but have discontinued using that card. I have another card, used during Christmas, interest about half of the other one and getting that paid off before long also, just sent $500.00 towards that yesterday. I on the first had asked for payoff amount but the finance not there when I asked.
Our credit was very shakey (sm)
when we bought our house 6 years ago and we have now (both husband and I) been ICs in this biz for 11 years. As an IC you are supposed to work for different companies according to the IRS so you could really jam yourself up if you got a letter like that from your current company. Personally - I would refuse and find another mortgage company. I had a very young and inexperienced mortgage person when we refinanced our house through a credit union - it was literally a nightmare - I don't have the time anymore! If you have good credit move on and find someone who appreciates your business
ruined credit????
Went to work for a company about five years ago. The pay was EXCELLENT, however, they paid me "when they got around to it." Now my credit is so terrible I can hardly qualify for a home loan!!! Has anyone else experienced this problem???? Still suffering after having quit four years ago!!!!!
Sorry to say, but you have proven yourself a bad credit
x
Not the only way, my credit just restored on its own
after years of not having as posted below, went and had a clean slate just as if no credit at all in my life, went from bankruptcy to nothing bad about me, nothing! I did learn how to be responsible after that time though, now have excellent credit rating.
Credit for your daughter
As DW stated, federal loans are given to students - have her go to financial aid office/web site of school and see what she needs to do to apply for them.
Does your daughter have a credit card? Yeah, I know, scary thought, but the sooner they can establish good credit, the better off you all are. My son has a card for college students from Citi Bank. He's had it since senior year of high school and I tell him to use it for EVERYTHING. Gas, pizza, books at school, etc. He keeps track (amazingly) and pays the card off every month so he never gets charged interest. His bill is usually for under $50.
He's been having problems with his cell phone, it's already been fixed once, yet the same problem keeps happening. The contract for the phone was up last week which means he could get a new phone for next to nothing provided he renew for another two years. I told him I'd buy him he new phone for a Christmas present. I've been paying his cell bill of $45/month for years. He wanted text messaging added to his plan. I told him I will only pay the $45, he can pay the difference if he wants to text his friends because NWIHAIPFI so he can ask his BFF what time they can meet for lunch when he could just call the dude and leave a message if he isn't there! Well, a two-year commitment with the phone company would bring us to 6 months AFTER he graduates from college and he could be in Madagascar by then for all I know with the cell bill still coming to me. I asked the cell phone company if the contract can go in my son's name. They told me no, because his credit rating as a student wouldn't qualify him. I asked them to check anyway. They did, the woman was shocked, he was approved, and now he has a new contract with text messaging for $10 more and the bill goes to him! I'll deposit $45 in his checking acct every month and he can write the check.
This is partial payback for the night I had to spend in a battleship with 400+ other Cub Scouts and their fathers when my son was little. Hot dogs and beans was the dinner. Need I say more? Bunks stacked 5 high with me on the top bunk and hot air rises. He will owe me for that for many years to come.
I think its credit cards...
The newspaper had an article the day after Christmas how people are defaulting on their credit cards all over the place. This added to the mortgage companies having problems with people unable to pay their balloon payments and the bad housing market, price of gas is sure to lead (the article said) to a recession.
When I was shopping I saw all the people with tons of things in their carts, DVD players, computers, etc. on Christmas eve. This was regular people at Walmart. I saw a lot of credit cards flashed around. Paying minimum payment will cause Christmas to cost tons more and they will be paying beyond the item's life which they purchased.
We went through this. We tried to sell our house, rented to own another and went broke in 3 months. After we had 2 house, fell back on credit cards the interest piled up and it was terrible! We moved back and are on a budget. So, I shopped without credit this year, and you know what? I had more fun. And I have 3 kids. Their things were simpler than the fancy things they got last year. The most expensive things we got were bikes because they are growing and we got those on sale. The rest were creative items. I am not saying that what we did is so great. What I am saying is that peeople are not looking at the big picture these days and if they do not use cash (as we had not in the past), they may not be able to pay their debt if hard times fall. In the meantime, grandpa sent my son 100 bucks, which I let him spend on a train set (I should not have let him do that he is 7) and he cried that his money was all gone and he did not want the train set anymore. I bet if I had him save some of it and had him buy simpler things, well I bet he would not have been crying. At least at age 7 he is learning that money is not easy to come by. And he is learning the hard way because I will not give him more money to replace what he spent. Sorry such a long message. It is just that we did not even afford an XBox, and I wanted a Wii myself, but we avoided all of that because in the end we learned that Christmas is not about credit cards, the junk it buys. I think the end of the cartoon the Grinch where the Who people did not even care about the presents was correct. Maybe we'd be happy with less things and more love. I don't know. This was not meant to be a sermon forgive me. We all have to learn what Christmas means to us and I say let people do what they want, consequences are always result of actions anyway. Just IMO. Happy New Year everyone!
Can't take credit for the idea.
When I was in my late teens I nannied for a very wealthy family who bought a truck load of stuff from a children's hospital as well as made a huge donation and I spent WEEKS handwriting "A donation has been made in your name" to this hospital and then including a sweatshirt, t-shirt, mug or whatever else they bought.
credit counseling
I did use one, but in retrosepct I don't think I would do it again. It ends up lowering your payments or your interest a little, but they also charge you a monthly fee - mine was 35.00. All they basically do is pay your bills for you with what you send them. It takes a good 2-3 months to get set up and working and by that time your bills are even more overdue. I think your best solution is to talk to all your creditors and be disclipined about paying to the exclusion of having a life until you are caught up. I finally got out of the hole, but it was hard and seemed like it would never happen. Good luck to you. You can do it.
which could damage your credit
x
they can be put on your credit report...
I know for sure b/c I have one on mine. :(
credit card
I've not had personal experience, but I know to be wary of some of those companies that advertise. I saw a financial advisor on the Today Show and she said to make sure you go with Consumer Credit Counseling; maybe there's a link on the Today Show website. Good luck!
Pay off our credit card
And with the little we'd have left just put it in the bank
Credit Check
For several years now almost all employers have been running background and credit checks on all employees before they are hired. It has nothing to do with "your son". It is now common practice. Most likely if he is behind on his child support as soon as he gets a job they will attach his wages for payment. Alot of employers do not want to deal with the paperwork involved with that kind of stuff. The stigma of not paying your bills may soon change with the state of the economy and employers may start taking a different look at it. Did your son go to court and file to get his child support adjusted given his unemployment status? That would have helped him at least not be so far behind and may keep him from wage attachment when he does get a job.
At any rate don't get so upset, it is common practice for employers to do credit and background checks on every employee now (in fact your son probably signed the paperwork authorizing them to do so) and they use the results to make their hiring decisions.
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