Card Credit Debt Eliminate Own

I own my home. My first mortgage is $380,000 my second mortgage is $90,000. I have approx $60,000 in unsecured credit card debt (approx 12 accounts). My home has dropped in value by about $40,000. What are my options? I would like to eliminate all my credit card debt and have at maximum 3 accounts to lower my monthly payment. (1st mortgage, 2nd mortgage and other debt).

Does anyone have advice on how I can do this? My credit score is 670.

Thanks

you have only one good option

have a family conference and tell everyone we are

DOWNSIZING a LOT

get rid of anything you really truly do not need that has a monthly charge.

cell phones
internet service
cable tv
2nd car unless it is really needed for the wife to get to work
both look into public transportaton.
lawn service if you have it

if your house is not worth what you owe i would not advise dumping it right now.

if you did this and throw all of the money toward credit cards starting with the highest interest and work your way down you could get all out of debt in a few years.. do not worry about your credit score -- you will not be seeking any credit in the near future.

good luck and keep us posted when and you get back on the interent

2007-08-05 11:18:28 by showmethemoney

Out of sight TRUTHS In relation to THE CREDIT CARD Business! 1) Ever heard of the illustration that the house forever wins? The credit card ...

So, here's the deal:
I have credit card debts of about $200k in total from about 5 different cards (unsecured, non-joint) . I cannot pay this as my business is doing horrible due to an effing big market showing up not too far from my market. I own a house with my wife. My wife runs her business (doing bad as well). Both of our names are on both of the businesses. I'm considering moving all of the assets to my children's names (21+) and not paying a penny to the credit card companies.
What will happen? What can the credit card companies do? If they do sue me and they win judgements against me, and I don't pay the judgements, what will happen? Can I go to jail? Can they repo stuff? If they can repo stuff, what can they repo? Someone please give me some correct knowledge!!!

P.S. I really don't want to file bankruptcy, but will do if it'll eliminate debts (no repaying). I can also live fine with having horrible credit for 7 years.

Sadly, at your point, I'd just file bankrupcy. Or sell your businesses and see were that gets you, then file.

2008-07-02 16:06:33 by nigga

I have four credit cards...Ive learned that if i file for bankruptcy chapter 7 it will eliminate all my debt. Out of my four credit cards only one is maxed out...and since all my debt will be eliminated, can i max out my 3 other credit cards and still get that debt cleared before i go for bankruptcy? Also, I've learned that if i own a vehicle and cant pay for it, if i file for bankruptcy, the repossession company cant touch my vehicle. So what would happen if i buy a vehicle to finance now, then file for bankruptcy?

What you are contemplating doing is bankruptcy fraud, and trust me, the courts are very aware of how to identify this and will punish you severely if you try it.

Don't try to max out your cc's.

As far as your car goes, you will have to do something called "reaffirm" the debt to keep your car. If you reaffirm and then don't pay the ongoing payments, the repo guys can come get it.

You won't get to get a car for free out of this.

Bankruptcy is like a nuclear bomb hitting your financial life. It will destroy your credit rating and make everything you need that requires credit difficult and more expensive to get in the future.

If all you owe is a couple of credit cards, see if you can figure out a way to pay this off.

2009-09-30 09:23:02 by Chris D

Speak to a credit counseling service to help work out a plan: your “must pay” outgoings, arrange with creditors to freeze interest and accept a revised monthly payment.

Stop using credit cards to make it to the next paycheck. Stop getting further into debt.

Don’t overpay your debts — leave enough so you have enough for regular expenses too.

Avoid eating out. Cook your own meals, except on very special occasions.

For entertainment, visit friends and be creative on how to entertain yourselves and your family without spending a dime.

Don’t pay off your credit card balance from the emergency account. Don’t touch the emergency account at all — it doesn’t exist!

Look for expenses coming up in the future and plan for them, so you don’t have to go into debt when they come up.

If these are not good, just tell me so I don't have to write it. Be honest. If it helps you at al, just let me know. I have 59 more tips.

what are the rest/ I need helpppppppppppppppppppppppppppppppp!!!

2007-06-21 09:25:02 by dude101

In your personal life, lets say you are in debt $10,000. You decide you want to eliminate this debt or at least get it down to a more comfortable level. Do you...

A. go buy a $1,600 flat screen with your credit card or
B. invest your money in a company that says they have a project that offers a 10% return on your investment?

Please give your answer, your reasoning and your political stance
C. was not an option...but fine, C. would be equivalent to doing nothing at all (which is what some Republicans are saying we should do)
Bash: that is awesome of you as a son to do that for your mother...that is our social responsibility to do that, to help our family, our friends and our neighbors (and many do). It is not the responsibility of the government to do that nor is it the governments right to tell me that I have to do that. If she were in need, I would give on my own behalf and I do so regularly. I give my money to the causes I believe in and the things I want to support...that is my right to do that and I take great pride in doing so. See the difference? Spending money we don't have on things that won't help pay down that debt in the future is moronic. We will be worse off in 3 years once these projects are complete because then all those people will once again be without jobs, and the bills are still gonna be rolling in.

Why would you limit it to your two examples? I also would be reasonable with my spending and pay off debt. In the 'real' world I have to live within a budget. My income cannot be less than my expenditures. I am a responsible spender.

A company can "say" they will offer a 10% return, but where is the guarantee?

2009-02-17 19:41:15 by TG