Debt Problems

I am $11400 in debt. is debt relief the best way to go?

i have cut down expenses in the household and still cannot pay these credit card bills. My credit scores are already low and about 3 of 6 credit cards are delinquent. should i ask a debt relief agency to help me settle these debts? I understand this will have a negative impact on my credit scores but i am still young and i have time to repair it. My main concern now is to pay off my debts asap.

Public Comments

1. $11,400 in debt..good job. Military won't take you, so don't consider that option.
2. don't do that debt relief crap! it'll ruin your credit.. speak to your creditors yourself.. they'll put you on a payment plan a lot easier than what you'd be spending on minimum payments.. make a spreadsheet and track everything you owe.. then call all of the creditors.. tell them your sit.. and tell them what you can afford to pay them. keep your payments up and pay everything off that way.. that's what i did about two years ago and now my credit score is 690.
3. Have you called each of the credit card companies, explained your circumstances (why you suddenly can't pay your bills), and asked them to allow you to pay interest only, and for how long? If you can get one or two of these cards to agree to this arrangement, then you can focus on paying off another card. Once it is paid off, or reduced, you can start paying interest on one of the other cards that is interest only. You can negotiate with credit companies yourself.
4. are you talking about credit councelling? or chapter 7? Credit councelling only looks bad untill you are no longer using it then it looks good. Chapter 7 is a 10 year death sentence to your credit. I don't know how much you make a year, but 11400 is not really that much debt to chapter 7 typically if you have that much credit you will be at least in middle class income. Welcome to the american way of spending more than what we have.
5. Your credit is already ruined, so I really wouldn't worry about that anymore. Call the credit card companies and ask them if they are willing to work with you.
6. chapter 7 fresh start may work for you.. your debts will be discharged in 4-6months after filing. debt consolidation, be careful with that there alot of scams out there.. Good Luck. I was in the same boat as you. I went 7.
7. First step is to destroy your credit cards and only use cash. Debt relief kills your credit even more and is a copout. If a company says that it doesn't ruin your credit even more, they are a liar. Be responsible for your actions. Talk to the creditors about a payment plan and cut up the credit cards!!!!
8. i agree you should go for counseling, but beware of WHERE you go. There is a national counsel for cor credit counseling and these agencies are well governed. I worked for one in South Florida for 20 years. First a budget is necessary to see if you can afford the payments and where you might cut back in your living expenses. If you have enough you may be able to work with the cards that are behind directly with the creditors and not damage your credit all that much. They all have in-house counseling. If you do decide to go for counseling get the # of CCCS in your area. They are well trained, reliable and they interact with your creditors for you. If you need help obtaining that # I can get it for you, it's just been a while, but I can get it. Good luck and you're taking a great step. They also should have a local website for your area.