Eliminating Credit Card Debt

i hear radio commercials about: if u have more than $10,000.00 in credit card debt, that u can legally eliminate them, is this possible, and how?

Ask lenders for agreement to delete this items from your credit report when paying them. I recommend to get such agreement thru credit repair agency, for example this one - freecreditreport.hotusa.org

2009-01-09 17:46:02 by skirfer

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I am 23 with a nine-month-old son, and I owe (on top of my student loans from college) approximately $30,000 in credit card debt. I am looking to do a debt management/consolidation program, but was wondering if I should just contact those credit card companies that say to call them if I have "financial difficulties" instead? Also, which debt consolidation programs would you refer, if any? Thank you!

I'd do a lot of research before you enter into a contract with a CCCS because while it might get the bills paid - it will not protect your credit score or rating any better than dealing with it yourself. You don't state what your income is and if buckling down and paying more each month on your cards would get it paid off. I had $40k of debt, $30k being CC debt and drowning in it having been through a messy, expensive divorce. When my attorney did the calculations, he figured it would have taken me 40 years to pay off the $30k of CC debt at the rate I was going.

So I wound up filing a Chapter 7 BK and it wiped out 100% of the CC debt legally in about 3-4 month's time (from the date of filing until discharge date).

The other $10k was a car loan, which I continued to pay on 'as agreed', did NOT reaffirm the loan, and they did not come and take my car. I paid it off back in April and now it has a clean title.

No ~~~BK is not for everyone, but it sounds like you have a lot of debt and a little one to take care and his future to think of. And while going through a BK will trash your credit/score, it's no more so than muddling through years of dealing with collection agencies, some CCCS that will likely "fail" you.. and creditors that will STILL report you even those you are in a payment plan. Or you can wipe out the debt legally through a chapter 7, start fresh and be able to SLEEP at night.

You can get a free consult with most any BK lawyer and he or she will go over all of your debts, your income and help you decide the best course of action.

I have BEEN THERE and done it and this is not an "ad" for anything,but a testimonial. While it wasn't something I really wanted to do .. BK was the best solution for me during a really tough time in my life. I am not sorry I did it.

Hope this helps. Ignore the jerks that can't even give sensible or helpful answers and just bash you. It's clear they've never walked in your shoes.

2006-09-13 16:35:48 by Chris M

Price: $8.97

for a persuasive speech, i need to persuade my audience to eliminate their credit card debt, i need:

1. describe why credit card debt is such a huge problem
2. the cause of why people have so many credit card debt
3. solution of eliminating credit card debt

please give me some ideas and where i should go to research this

All the information you need is on http://www.daveramsey.com/

2007-07-22 11:59:30 by calvin has another question

Price: $9.99

I have two student credit cards, both from citi one for $2000 and the other for $1200. They are both nearing their credit limits and i was late twice on payments so both of my interest rates are at 32%. ive tried to talk to citi about lowering my rate and transfering my balance but they say i cant at this time. i can keep up with the minimum payments for now but not much more and with each month my interest rates keep bringing me closer and closer to my credit limit which i do not want to go over. What do you suggest I do? Do you think i can try to go to a bank or different company and transfer my balances. i would think they could tranfer the balances to a $3000 card with a lower rate. im not a homeowner either. and not yet 21. so other loans are not an option to pay them off... HELP!!!!

go to consumer credit counseling services. they work with creditors to lower your interest and then you pay in one payment everymonth.

worked WONDERS for my husband!!!!!!

2007-09-28 14:10:09 by lovestohateit

Can an individual eliminate credit card debt by declaring bankruptcy? I didn't think you could wipe it out, just get the bill collectors off your back. But, someone told me that it depends on which chapter of bankruptcy you use. The right one WILL eliminate credit card debt. I know someone who has $80,000 in credit card debt and they are trying to do that to get rid of that debt! Is it really possible? Are there any restrictions in doing this. Can you ever get a credit card again if you do it?
If you file bankruptcy to eliminate all debt, do you have to give up ALL of your possessions? Will you have anything left?
This is for a friend of mine (really). They don't own a home. They have 2 cars and some furniture and A 401k plan. Between the two of them they make about $40,000 a year. I don't see how debt consolidation will help them How could they EVER pay off $80,000!?! They had a house but they used up all the equity in it over the years and sold it recently and broke even on the deal, ending up with NOTHING! What a mess! I just didn't think they could wipe out their credit card debt! And, it really isn't fair to the rest of us that pay our bills!

There are a number of factors involved.

A chapter 13 is where you have to pay back some of the debt. How much depends on what your current disposable income is and how much your debts total. There is a fairly complicate formula involved. But this will stop them from filing judgments, garnishments or liens. It freezes interest and late fees. And it protect your property if you own a home or car.

A chapter 7 is called "liquidation" for a reason. You may have to give up most of your property. Therefore, if you have a lot of property along with that 80k in credit card debts, you may have trouble keeping it all.

Also, you must pass a "means test". This was put into place to prevent someone who has a very good job from filing BK and dodging their debts. If you earn (generally) over $45k a year you will not qualify for Chapter 7. Again..there is a complicated formula to figure this out.

There are a lot of bankruptcy lawyers who have a free consultation. If you think it's necessary talk your situation over with them.

2007-08-10 16:49:17 by ol_skater_boy