LuisTX
Main Eventer
Joined on: May 19, 2009 14:02:30 GMT -5
Posts: 1,805
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Post by LuisTX on Nov 12, 2018 17:39:31 GMT -5
I'm sure I'm not the only one here who has run into a situation of running up quite a bit of debt and finding the interest rates on all bills combined are causing your payment to not make much of a different if you're only able to pay the minimum monthly. So I wanted to know if anyone here has gone through a debt relief company, what the pros and cons were, are you still paying off your debt with said company, and who you guys would recommend if I should consider to go forward with one.
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Post by TheLastDude on Nov 12, 2018 18:05:46 GMT -5
I'm sure I'm not the only one here who has run into a situation of running up quite a bit of debt and finding the interest rates on all bills combined are causing your payment to not make much of a different if you're only able to pay the minimum monthly. So I wanted to know if anyone here has gone through a debt relief company, what the pros and cons were, are you still paying off your debt with said company, and who you guys would recommend if I should consider to go forward with one. Your first step should be working with whomever you owe the debt to directly and see if there is anything they can do to help you along. |
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Post by ~*Young $ Money*~ on Nov 12, 2018 19:17:04 GMT -5
I feel the same way. I try and pay my credit cards off but man I swear they don’t go down even though I don’t use them. It’s like a never ending battle. I did look into a personal loan but was denied. I would look into one of those. They don’t hit your credit score and they are a fixed rate,usually lower than your credit card.
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marklud
Main Eventer
Joined on: Jun 5, 2009 21:10:30 GMT -5
Posts: 1,739
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Post by marklud on Nov 12, 2018 20:52:29 GMT -5
Can't say I know anything about debt relief companies but I did recently do a really wise move in signing up for a Chase Slate credit card and then transferring a lot of my credit card debt over to that card. It's zero percent interest for 18 months, which is awesome (the interest was killing me on my main card). So I plan on digging deep and trying to pay that all off within 18 months. Not a perfect solution but certainly can help if interest has got you down.
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Post by rowdy1971 on Nov 13, 2018 16:36:25 GMT -5
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LuisTX
Main Eventer
Joined on: May 19, 2009 14:02:30 GMT -5
Posts: 1,805
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Post by LuisTX on Nov 13, 2018 19:26:32 GMT -5
  Seriously. If it's too overwhelming and it looks like you'll spend the next 30 years paying off that Number 8 from the McDonalds menu, this is the way to go. I know people who've done it more than once! Everything was wiped out and they are debt free and doing pretty damn good right now. Sure you'll need to work on your credit again and if you want to get a car you'll need a good down payment. But it's not difficult. My aunt, in fact, has done it and now she owns a house on the lake. It's not a mansion, but it's on a about 5 acres and has four bedrooms in Lake Geneva Wisconsin. Well in my case, it's not quite that serious. It's manageable, but with the interest rates, it will take longer as I am not able to give larger payments as I'd like to. I'm very close to payment off my car, so once that's taken care of, that will help out greatly. But what would help out even better is if I had a slightly higher paying job, which I've been unable to get after spending most of 2018 looking for one. |
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Post by hulkhogancollector on Nov 13, 2018 22:40:22 GMT -5
I'm sure I'm not the only one here who has run into a situation of running up quite a bit of debt and finding the interest rates on all bills combined are causing your payment to not make much of a different if you're only able to pay the minimum monthly. So I wanted to know if anyone here has gone through a debt relief company, what the pros and cons were, are you still paying off your debt with said company, and who you guys would recommend if I should consider to go forward with one. This blog might be some help to you knowcandology.blogspot.com/2017/04/credit-repair-fcra-section-609.html |
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Post by rowdy1971 on Nov 14, 2018 8:42:59 GMT -5
Seriously. If it's too overwhelming and it looks like you'll spend the next 30 years paying off that Number 8 from the McDonalds menu, this is the way to go. I know people who've done it more than once! Everything was wiped out and they are debt free and doing pretty damn good right now. Sure you'll need to work on your credit again and if you want to get a car you'll need a good down payment. But it's not difficult. My aunt, in fact, has done it and now she owns a house on the lake. It's not a mansion, but it's on a about 5 acres and has four bedrooms in Lake Geneva Wisconsin. Well in my case, it's not quite that serious. It's manageable, but with the interest rates, it will take longer as I am not able to give larger payments as I'd like to. I'm very close to payment off my car, so once that's taken care of, that will help out greatly. But what would help out even better is if I had a slightly higher paying job, which I've been unable to get after spending most of 2018 looking for one. Wishing you all the good luck. Keep your head up. Another friend of mine was really struggling for about 9 months before she was hired at a well paying job in her field. Now she's paying for dinner for all those who paid for her over that time. lol |
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Post by bad guy™ on Nov 17, 2018 18:42:26 GMT -5
I'm in a weird spot. With the exception of one credit card I had to max out to fix my car, my only debt is my student debt. I'm nearing the end of my PhD, and I'm gonna walk away with $65,000 in debt (that includes interest that has been growing for years). I've been getting a ton of mail from debt consolidation companies like Discover and Sallie, asking to buy my debt at a lower monthly payment. But I'm going to be a professor at a public college, so I get to take advantage of the Public Servant Forgiveness clause in my Promisary Note. I pay full price monthly for ten years, then they wipe the rest of my debt away.
The other side of the coin is selling my loans to Discover, paying a hell of a lot lower per month, but the debt with interest will last forever.
$650 a month every month for ten years.
$250 a month every month till I die, probably.
Neither are pleasant, but both have positives and negatives. Lower payments means I can actually be a millennial that can afford a house. Higher payments make that hard for a decade, but I wind up having more debt forgiven than I'll ever be able to pay out to a consolidation company.
I have time to think about it. Gonna way my options, see what my job situation looks like and make sure it's secure.
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