Debt Reduction- Advice On Credit Card Debt Reduction, Debt Reduction Services, And Debt Reduction Plans

piphop asked:


I am not irresponsible. I charged up about $11,000 on a bank of america card in an effort to save my cat’s life. He was attacked by a dog and was my son (i don’t have human kids) for 12 years. Anyway, I was 2 days late on a payment and they bumped my interest rate to 31%. I couldn’t afford the payments. I hired a debt reduction company but B of A continues to call me and says they refuse to work with them. They threatened to garnish my wages and take my house. They claim I used my house as collateral when I got the card, but that is an outright lie. I don’t care about my credit score right now. I just want to get out of debt. Also, they are now saying I owe $22,000 rather than the $11,000 I charged. Any advice??? Can they take my house or wages?????
Thank you all so much. It was just a regular credit card offer I got in the mail for 0% interest the first 12 months. It is in no way tied to my house. The woman that told me that said she didn’t care about anything except getting their money and hung up on me when I asked to talk to her supervisor.
I am trying to get it taken care of but it is difficult because they are refusing to work with me or the company I hired to help me.

Maxwell Yahn

Zardoz asked:


Isn’t the National Debt increase of 1.49 billion dollars per day enough for him? Does he want to bankrupt the country faster?

http://www.lafn.org/politics/gvdc/Natl_Debt_Chart.html

Thompson is also calling for an increased bankruptcy.

Bud Bandura

Lovable asked:


Its not anyones but their own fault for getting themselves into debt. Now I know their are differ situations so let me explain myself correctly:

Now I understand if you had a reduction of income and now ur not able to pay back debt. But why didnt you plan for these situations in the first place. Why did you go and charge what you cannot afford? After all that is one reason us Americans are in so much debt…. living outside our means. IF YOU CANNOT AFFORD, DONT BUY!!!

Now some exceptions are understandable:

Medical reasons, lack of education in order to obtain a good job to survive, using credit for LIVING EXPENESE, and im sure many reasonable explanations.

My point is why do many people with debt complain about their creditors when they new what this debt could do to you. Especially people with fairly great incomes.

Example: A couple is making $9000/month net income. One of them loses their job so now they down to $5000/month, yet they have 35k in unseucred debt. Living a great life with a great mtg, 3 car pmts ( new vehicles) and they still complain and whine about thier debt, their creditors , the economy. That just does not make sense to me. First of all, with this income you shouldnt even

Scotty Digiambattist

mudder9999 asked:


I will not be able to afford my credit and loan payments. Is debt reduction good or bad for me.

Fonda Magpusao

a mouse is not a hotel asked:


lol

the economy is facing a major insolvency crisis

reducing slightly the rate at which the colossal national debt is increasing is trivial

it’s like a 300 lb man claiming that a reduction in his rate of weight gain from 5 lbs a month to 4 lbs a month is good news

good news? i think not

(i say allegedly, since i wouldnt be surprised if the figures were massaged to make them appear better than is the reality)

Dorothy

Nikki6 asked:


How do you use linear math methodology to eliminate your debts ?

Werner Cagle

phillipk_1959 asked:


CPA’s, then we could finally have a reduction int the “Total Federal Debt” after fifty years of it going up every year. What do you think?

Steven Mcclenton

?????? ???? asked:


She has several credit cards, all but one in default for more than 90 days. They have all gone to collections. She also has a large amount of student loans and is current on these. No other debt – she rents and doesn’t have a car. She has a job but is currently completely broke due to reasons I won’t divulge (same reasons that led to her credit cards being in default), but should have money to pay bills within a month or so.

So what can she do? If she calls a collection agency, can she say “look, I can pay this much a month” and then pay it and they will accept that? Obviously there is no way she can afford to pay what is past due. Is it better to go through a credit counselling agency? Don’t they just do the same thing but charge for it? And what about the likelihood of getting reductions in interest rates? She doesn’t really care about effects on her credit score because at this point her credit is completely messed up anyway.

Thank you very much for any advice.

Larry

asked:


I currently have $123,590.93 in total debt. $72,356.07 is student loans and I can’t do anything about that but pay it. $49,561.86 is in lines of credit and credit cards. My MINIMUM monthly payments are about $1400. As of today, I have not missed any payments, but my credit score is pretty bad because I have a Debt to Credit ratio above 85%. As of November, I am no longer going to be able to afford to make my payments. After paying rent, utilities, car insurance and for food, there just isn’t going to be enough left over to cover the minimum payments.

I’d really **** to do it, but I’m seriously considering filing for Chapter 7 to get a fresh start. Yes, I know it will kill my credit rating, but it doesn’t much matter anyway. Identity thieves wouldn’t even want my SSN. I also know that it will stay on my record for 10 years. I’ve gone over all the pros and cons and it looks like I’m going with the bankruptcy. However, has anyone had any success with any of these debt settlement companies? I know they negotiate with my creditors to reduce my balance, close the account and work out a payment plan, but how much will the amount be reduced? Can I realistically expect a 50% reduction in my monthly payment if they reduce my debt by 50%? Is it realistic to expect that this is a viable option as apposed to bankruptcy? If I could somehow get the payments down to $700 or less per month, that would be awesome!

I already called a Credit Counseling Service and they actually recommended I file for bankruptcy, which was odd. So, consolidating into one payment with a reduced interest rate just won’t work. I need to either reduce my debt and payments, or wipe it all out with bankruptcy. I’ve already tried to cut out every possible unnecessary spending and cook all of my meals to keep costs down even more. I’m just tired of living paycheck to paycheck and getting nowhere with my debt. Also, getting a second job is kinda out of the question. I live in Baltimore (to keep costs down) and work in Washington DC. So, with the commute (by train to again, keep costs down) I leave my home at 7am and get home around 7pm. As much as I would love to work during my few hours before going to bed every day, I’m not going to. There’s no point in killing myself with work if I’m just going to make minimum payments and get nowhere with my debt.

Any advice would be greatly appreciated. I’m tired of just treading water and will either sink with the bankruptcy or swim with the debt settlement. Either way, I have to do something about reducing or eliminating my monthly payments and get rid of my debt.

Tiara Reznicek

Brian L asked:


Could someone please explain line 10a?

Line 10a. In the case of a title 11 case or insolvency (except
when an election under section 108(b)(5) is made), the
reduction in basis is limited to the aggregate of the basis of
your property immediately after the discharge over the
aggregate of your liabilities immediately after the discharge.

(what does all that goop mean?)

Also, what does it mean below by (other than qualified principal residence indebtedness) ?

A nonbusiness debt (other
than qualified principal
residence indebtedness,
such as a car loan or credit
card debt)

I had a Credit card cancel debt and two mortgages, one mortgage was a second mortgage on my main house, the other was a second mortgage on a rental.

Any help with filling out this form is appreciated.

Cortez Fuchser