Got scammed by an internet business venture … now owe about $55K in credit cards … have gone back to work (was retired) on a part time basis; unable to work full time. It’s really difficult to handle the credit card debt.
Wondering if we should just tough it out or try a debt settlement. Out credit used to be superior, and now is just average. I haven’t fallen behind in payments, but making minimum payments won’t get this paid off. How much does it hurt out credit to do a settlement? and what are the average charges for service … or is this something we can handle on our own?
I’m so sorry to hear about getting scammed. How unfortunate.
In your particular situation settling your debts might be the best possible solution as long as you understand the issues that go along with debt settlement.
While you may be able to repay your debt for about half of what you owe, it will result in bad credit, if it leaves you solvent you can get a tax bill for part or all of the forgiven debt, and you run the risk of getting sued if a creditor eventually decides to not play along.
If you have some assets or equity and you’d want to try to resolve your debt first before we look at other solutions like bankruptcy, then click here for debt settlement information. I trust these companies and I am confident you’ll be in good hands when requesting advice and information regarding your situation.
Once you talk to them, come back and update me me in the comments section below.