(Crystal from California) My husband and I are trying to pull ourselves out of debt; we even overpay on credit cards and cut spending where and when we can, all the little tricks we can. But because of the interest rates, to make any real headway we would have to pay double the payments due. I am so desperate to get away from this cyclical debt that I am willing to accept a loan from family (which we are REALLY uncomfortable with). When all the tips and trick wear out, how can you reduce credit card debt and still have enough left in the bank for gas and food? And what are the monitary/tax pitfalls of accepting a loan from family? (more…)
Credit and Debt Blog
A Service of Debtors Unite, Inc.
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Archive for the ‘Ask a Question’ Category
I Just Signed With Debt Settlement Company–Was it a Mistake?
(Claudia from Nevada) We already sign a contract with a Debt Settlement Company they will start this Friday, July31 the first withdraw. After reading all this articles I dont know what to do? Our debt is 80,000 in credit cards and personal loans…Any advice, PLEASE????? (more…)
Current on Cards But About to Be Late
(Dal from Maryland) I am current on my credit card payments, however I am getting close to being late on some. What should I do? (more…)
Will Paying Cards in Full Raise Score More than Settling?
(Terrie from Ohio) I have 4 credit cards that I settled with this past year and I did a short sale on my house. I am trying to bring up my credit score. If I pay on the credit cards so they will say paid in full instead of settled on will this improve my score at all? I know the negative part will be on there for 7 years. (more…)
Worse Credit Score Impact: Debt Settlement or Bankruptcy?
(Dee from Colorado) I was told that a settlement I made on my credit card debt will reflect more negatively on my credit report than filing for bankrupsy. Is that true? (more…)
Does Paying Off One Card Create Balance Transfer Opportunities?
(Dave from Michigan) My credit card balances are near their limits with high rates. I’ve been making minimum payments for a long time. If I were to pay off the balance on one of the cards with a lump sum, would this put me in a position to negotiate a much lower rate and subsequently transfer another credit card balance to it? (more…)
50% Payoff: Is this a Good Deal?
(Brett from Nevada) Ford has offered me a 50% payoff on $9000.00 owed after a repo. They say they will report as fully paid yet they cannot remove the chargeoff on my report as it is illegal for them to do so. they have sent me a letter stating that the account will show as paid in full. Is thus a good deal? (more…)
