Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I was wondering if anyone could give me some ideas about paying off all my debt. I have way too much debt to simply pay the min payment to each of them. Is there any kind of debt consolidation program out there that would allow me to just pay one bill? I have looked into a few of the companies that offer consolidation and they look sketchy. Is there a government program out there?
I was wondering if anyone could give me some ideas about paying off all my debt. I have way too much debt to simply pay the min payment to each of them. Is there any kind of debt consolidation program out there that would allow me to just pay one bill? I have looked into a few of the companies that offer consolidation and they look sketchy. Is there a government program out there?
Have you tried Consumere Credit Counseling? My understanding is they are one of the few services out there. Most others will trash your credit by having you not pay your bills for a period, THEN they attempt to negotiate with your creditors.
Also, are you sure that you have cut your expenses as much as possible? Many times you have more money available than you think. You just have to stop the leaks. That starts with a good budget and an honest assessment. Sorry to hear you're going through tough times. I've been there and know how depressing it can be.
THe list of my bills are rent, food, and internet/phone. Some people say I can get rid of the internet but that is not realistic. I do business via the internet and need immediate access. So yeah, I have no other options.
I would not under any circumstances contact a debt consolidation company. There are no government programs. You run the risk of getting ripped off by most of these so called debt consolidation companies. Most of them will harm your credit and they are a scam designed to profit off of you.
If you are still current with your debtors and have decent credit, you should just pay them down. Look for part-time work to help you get there.
If you are behind with your creditors and they are harassing you, you can settle with them yourself. You do not need a mediator in the form of a debt consolidation company.
And try and figure out how you got there in the first place and see if you can nip the spending where ever possible. Get some credit counseling.
If you're bills are food/rent/internet/phone - then you don't really have "debt" - you have monthly bills - they are different.
Food is not a debt, because you could stop eating tomorrow and there would be nothing you would owe.
A credit card however, with a balance, even if you stop using it tomorrow - you still have the balance to pay off.
If you are earning too little to cover basic living expenses (which is what you've listed), you would need to check into social services in your area to see if you qualify for rent assistance, or food vouchers, or whatever...
Debt consolidation (and I recommend credit counseling, not debt consolidation) if for consolidating debts - loans, credit cards, mortgages, etc... and then paying off that larger consolidated debt, hopefully at a lower interest rate thereby saving money. It is NOT for paying less in rent, or food, or utilities.
Your area may also offer utilities assistance, if your income is low enough (heat/water).
If you income is not low enough to qualify for means-tested programs, and your job is mobile (you said you use the internet for work, does that mean you work from home??) -- think about moving to an area that is more affordable (i.e. less rent), be that a different place in your current area, or a different area of the country.
Good luck to you, I know its hard when you're just paying the bare minimums and barely able to stay above water.
I was wondering if anyone could give me some ideas about paying off all my debt. I have way too much debt to simply pay the min payment to each of them. Is there any kind of debt consolidation program out there that would allow me to just pay one bill? I have looked into a few of the companies that offer consolidation and they look sketchy. Is there a government program out there?
list your debt, in this order.
highest balance to lowest balance...maybe number them like this:
If you're bills are food/rent/internet/phone - then you don't really have "debt" - you have monthly bills - they are different.
Food is not a debt, because you could stop eating tomorrow and there would be nothing you would owe.
A credit card however, with a balance, even if you stop using it tomorrow - you still have the balance to pay off.
If you are earning too little to cover basic living expenses (which is what you've listed), you would need to check into social services in your area to see if you qualify for rent assistance, or food vouchers, or whatever...
Debt consolidation (and I recommend credit counseling, not debt consolidation) if for consolidating debts - loans, credit cards, mortgages, etc... and then paying off that larger consolidated debt, hopefully at a lower interest rate thereby saving money. It is NOT for paying less in rent, or food, or utilities.
Your area may also offer utilities assistance, if your income is low enough (heat/water).
If you income is not low enough to qualify for means-tested programs, and your job is mobile (you said you use the internet for work, does that mean you work from home??) -- think about moving to an area that is more affordable (i.e. less rent), be that a different place in your current area, or a different area of the country.
Good luck to you, I know its hard when you're just paying the bare minimums and barely able to stay above water.
I wish that is all I had to pay. But, no those are just my bare minimum survival needs. I have actual debt in the form of loans, credit cards and past due bills.
Any chance of increasing your income? Work two jobs for a while? Clean houses, walk dogs, do yardwork for people?
Been looking for extra income but the job I work now is hard to work around. If I ask for a set schedule they give me less hours. And the job market where I live is not that good.
Also, I have been looking for all the creditors I owe to, I went on the two free credit repot sites and apparently I already looked at my reports. Its my credit report, is should be free for me all the time and I shouldnt get dinged for checking it. Is there any other way to find out who all my creditor are? If not I am screwed, I cant to pay to check my reports.
Well - credit counseling services (consumer credit counseling) - isn't too bad. A lot of people say its something you can do yourselves, but a lot of people are intimidated, etc..
They will negotiate a lowered rate with your credit cards, and help you set up a schedule to pay it off. Usually they do take an administrative fee, but its usually something reasonable, and may be on a sliding scale depending on your income.
A consolidation loan only would work if you were loan worthy, or had something as collateral, and you may not want to get into that now.
Can you save on rent? Take in a roomate? That might free up some money. Seasonal work (second job type things).. a lot of parks may be hiring soon for the summer season (concessions, life guards, etc..)..
You're doing the right thing by trying to get this under control, so just hang on...
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
