Married 3 kids combined income of about $90,000 gross. Have a home with an interest only mortgage that’s has a year left before it converts. We owe about $25,000 in credit cards. We want to get the debt taken care so we will have enough to refinance to a fixed rate loan to keep our house. Currently with credit card min. payments and other monthly expenses we can not afford to make a full mortgage payment. We are about $500 short each month.
We have been looking into debt management programs like ClearPoint Credit Counseling and debt settlement programs like Care One. Also have considered bankruptcy but do not want to loose the house. I read in Kiplingers about ClearPoint but when looking into it sounds like they probably can not lower my payments enough to make a difference. I contacted Care One they told me in order for us to get the payments lowered we would have to file for bankruptcy to scare them into a settlement and that would take up to 18 months and I would have to deal with debt collectors.
We are cunfused by which direction to go in, Debt Managment, Debt settlement, or bankruptcy?
Don’t miss our free Get Out of Debt – “How To” Guide Series on a number of topics, for loads of practical advice, tips, and help to beat back debt. – Click Here
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.I'm Worried About Going With ClearPoint Credit Counseling Solutions or Care One Credit Counseling. - Mike by Steve Rhode