Comments on: Credit Card Debt Settlement – How To Do It Yourself

By: Bruce

Bruce — Thu, 19 Feb 2009 00:58:39 +0000

We owe $4000.00 (Chase) on one card,$2500.00 on (Cabelas) another. Would a credit card company accept a full one time payment and still knock some money off the top of actual balances, mind you were not late, up-to-date on time payments, ONE overtures, but were getting no where while just paying interest. I’m just trying to pay it off and possibly save some money, I’m trying to use the settlement rule,no collection agency involved, thanks a million Bruce

By: pam

pam — Thu, 05 Feb 2009 17:01:48 +0000

Dear Mr. Credit Card,
I am in credit card debt, at least 10,000, I had really good credit ( a year ago)
due to financial changes( layoff from old job took a job paying less!!!) I am having a hard time trying to make ends meet, trying to make at least minimum payments
just to try to get my credit score back up so I can try to get a loan to consolidate.
I feel like it is just a vicious circle. Do you have any advice?
Drowning in debt

By: Randi

Randi — Wed, 04 Feb 2009 12:43:09 +0000

Our chapter 7 bankruptcy recently discharged and we reaffirmed the loan on our minivan rather than include it in the bankruptcy since we were current on the payments. The unfortunate part to this is that the loan is for more than the value of the van. We qualified for a loan for a new car that we would have reaffirmed but because of the upside-down value on the old loan, we could not get a car loan for a replacement in a monthly payment that we could afford so we decided to keep what we had.

Now, unfortunately, the van is in need of some serious repairs that we would have a hard time paying the large sum of money. We just don’t have it yet nor is buying a cheap used car an option, again no money saved yet. My dad who has great credit has offered to co-sign a loan for a new (used) car. We don’t want to buy another old, junker of a car to get us through the next couple of years until our credit improves since that is what we already have and it is nickle and diming us to death. I did read on the blog that we should avoid a co-signor at all costs but I am not sure we have any other options without paying exhorbitant rates on a new (or newer used) car loan.

One thing about our credit is that we are and have continued to be current on our mortgage, utilities, and both car payments even prior to the bankruptcy so we continue to have record of current payments. Once we have a bit of money saved for the fees, we do plan to open secured credit card accounts to help improve our credit score. We only included credit card debt in the filing. Our credit scores range from 590-630 since the bankruptcy.

Thanks for the help.
Really Hoping For a New Car

By: Karen Sweatman

Karen Sweatman — Tue, 30 Dec 2008 19:29:15 +0000

I opted to pull out my 401k early to pay off debt. In doing so I’m losing about half of my retirement money. There are taxes and penalty fees for early withdrawal, not to mention the loss I took in the stock market. Bottom line is if I pay off all that I owe in credit card debt and loans, I will be broke. I had to quit my job to pull out my 401k, so the credit card debt has gone up due to late fees and over limit fees. I want to negotiate a fair amount with the lenders so I can pay them off. Is this a goal I can likely achieve?

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