I have made some seriously bad decisions when it comes to credit cards!! Way too many and now with a paycut and possibly losing my job (because my boss is an idiot!) I cannot afford to pay them anymore. I have no savings and 45 bucks in my checking and I am seriously considering bancruptcy, however, I just heard of a new program for credit card debt and i know you will have the “skinny” on it…cuz you are “that guy”, so help me out please and tell me what you know about ……(see question below)
Have you heard and do you or don’t you recommend “Preferred Financial Services”? They say they can cut your debt by 50%…. Too good to be true….probably right?
No repayment program is going to be appropriate for you in your current situation. With a possible loss of your job and reduced income, it would be totally unreasonable to pay any debt settlement company for services. Unless that is if you have 65% of your debt sitting in cash in your bank to TRY to settle some debts and HOPE that all your debts could be settled. Which is not a given at all. Check the success rates of the average debt settlement program.
Even a credit counseling program seems like a bad fit in this situation. The problem again is the expectation you’ll be able to make a monthly payment that is about what you are paying now, which you can’t.
In my humble opinion the best course of action is to prepare yourself for potential unemployment by strongly considering bankruptcy. Click here to find a local bankruptcy attorney and go talk to them.
I did happen to do a previous review of the Preferred Financial Services web site, which you can read here.
Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.