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wow, i'm suprised to hear some of these responses!
when i was in college i ran up some pretty high CC debt. got out of hand once the interest started snowballing. i don't recall how much but definitely in the $20K range.
you need to go to your gredit union and get a loan for your entire CC debt. i'm assuming you've got multiple cards; tell the credit union you want to consolidate them. there is no way to pay off that much CC debt without making significantly larger-than-minimum payments and i'm guessing you can't do that.
this is your only smart option. when you get it paid off, trust me you will celebrate. i havent used a credit card a single time in nearly a decade.
don't forget to cancel the cards so you can't do it again.
Hi there. I live in Illinois, and have 20,000 in cc debt. I ran the cards up, and when I lost my job and wasn't able to pay them, I stopped. I'd like to pay the money back now so that I can clean up my credit, but I only make 20,000 a year. Should I just file for bankruptcy, or should I try to re-pay the debt?
File for bankruptcy and don`t start using credit cards anymore.Operate on cash and money orders only.
I wish I could be irresponsible and let 20k rack up on my credit cards. IMO places should look at what you make and adjust your credit limit to that. How can you make 20k per year and rack up over 20k? That is so bad. I think you should pay all that money back even if it takes you your entire life.
Here is the deal, CONSOLIDATE....go to the local union or somewhere with a lower % and pay it off!!!!
Hi there. I live in Illinois, and have 20,000 in cc debt. I ran the cards up, and when I lost my job and wasn't able to pay them, I stopped. I'd like to pay the money back now so that I can clean up my credit, but I only make 20,000 a year. Should I just file for bankruptcy, or should I try to re-pay the debt?
Unless you have contracted some disease that won't allow you to work you should pay the debt. You should not go through life thinking that you can spend money that you don't have and then not pay it back. You will feel much better about yourself in the longrun if you do the right thing.
There are many counselors out there but beware. Find one that is legit. A friend of mine used a Credit Counseling service years ago. They negotiated with his credit card companies and got the interest way down and then he would send a check to them each month and they would disperse it among his debtors. It took him several years but he paid back all of his debts and he has a 775 credit score now. So, they are not all bad.
Try to consolodate the bills into one debt. You may pay a steep interest but one payment of say 400.00 is better than 6 min. payments of 100.00. It may take 5 or 6 years but you will dig yourself out. Get a second job and devote all those earnings towards your debt. Options are out there but like any medicine may not taste so great. Cut up your credit cards except for 1 in case of emergency. Never charge more than you can afford to pay off at the end of the month. Never count money before it is in your pocket.
Your situation is not unique. You lost your job and survived off your credit cards. Learn and move on. Unemployment is low and there are plenty of $7.00 an hour jobs available.
4 days per month = 32 hours X 7.00 =224.00 before taxes. after taxes maybe $175.00 . Not much but it moves you closer to resolution.
Actually a BK will stay on your credit report for 10 years.
Karla is correct, a BK will stay on your credit report up to 10 years but it can follow you for the rest of your life. If and when you apply for a mortgage, you will be asked if you ever filed for bankruptcy. Your answer will affect your ability to get a loan and your interest rate. It does not matter if the bankruptcy is no longer on your credit report, you still must disclose your bankruptcy. Don't make the decision to file bankruptcy lightly.
Some jobs ask for this info in their applications. If you file for bankruptcy, you may never be able to get out of that $20K job into something better paying.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,800,577 times
Reputation: 3587
Quote:
Originally Posted by gregandvicky
Bad advice. Pay what you owe even if a little bit per month. You charged it, you pay it. A good lesson in life.
Morally I agree with that. You should pay it. But pragmatically if you are in debt that much and already behind on your payments, your credit is FUBAR anyway. Paying towards the debt will not raise your score 10 points. Erase the debt, start over and within 24 months, you can restore at least a respectable score.
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