Is bankruptcy my only option?
By marquitafox
@marquitafox (333)
United States
November 13, 2008 8:49am CST
Please tell me this isn't my only option.I am 31 and just started worrying about my credit.I have three kids and don't want them to suffer because of it.I found out i owe about 6,500 dollars in past debt.I just need to know the best way to handle it and i have no idea where to start.
2 people like this
3 responses
@mercuryman3a (2477)
• India
13 Nov 08
Cut down on your expenses and increase your savings. Don't run up any new debts. Stop using yor credit card and try to live within your income. 6500 dollars is a huge amount and it will not be easy for you to liquidate it unless you stop all unneccessary expenses and try to increase your sources of income. Remember that no man ever became rich by earning more, he eacame rich by saving and spending less than he earned.
2 people like this
@marquitafox (333)
• United States
13 Nov 08
As far as o know $6,000 dollars isn't as bad as it gets i guess.But it's to much for me and other than that i have cut down.But i can't get any farther ahead unti i nip this in the bud.Thanks for your response.
@aprces (1082)
• China
13 Nov 08
what makes you go bankrupt? as an ordinary american people,6500 dollars means what?how long will he or she earn it? and will you be back to square one? does it have to be like this? you think you have had no choice?sorry for no good idea from me,but i just curious
1 person likes this
@ClassyCat (1214)
• United States
13 Nov 08
You should look for the best balance transfer rate
you can find with a lower interest rate. If you have
good credit habbits, like paying your bill on time,
that is a big help.
If you can find a lower fixed rate until payout of the
loan, or even for just 12 months - - switch to that card.
Be sure to always pay more than just the amount the credit card company sets for you, because the minimum payment, will never get you out of debt!
Do your best to make as big a payment as you can afford. If at all possible - start saving $5 - $10 a week or even every other week to get a savings account started, and if you can do this - DON'T USE THIS MONEY EXCEPT FOR EMERGENCIES.
You will have to start naking a budget, and staying with it.
About 5 years ago, I was in debt with over $14,000!
Today, by doing what I've suggested, I am down to less than $1,200. I am determined to get this paid off as well, and am working at it with determination.
Don't forget to set aside a little spending money for yourself each paycheck as well, or you'll keep using your credit card to buy things.
Good luck
1 person likes this
@marquitafox (333)
• United States
13 Nov 08
Ha ha ha!Thanks for your advice.I think sometimes they just get lost.Any ways,thanks so much for your response.I just want to get rid of this debt.
@neededhope (1085)
• United States
13 Nov 08
Actually there is a few programs out there that can take care of this problem for you. First how long ago was this debt? Because in some states if it was more than 2 years you don't owe a thing. Also is it from a Collection Agency? Because if it is don't say that it's your debt. Don't claim that it's yours. Instead tell them that you have no idea what they are talking about. Then if they put anything on your credit report. Contact the reporting agencies and tell them to take it off because it's not yours.
There's a book you may want to check into the financial Cures book. You can buy it at Walmart. I've just read a few things while I was at the store and it may help you out.
1 person likes this
