I have around 10K in credit card debt, just in my name. My husband has about 4K but he can’t risk his credit being hurt. I have looked at both debt settlement and credit counseling. We are on a limited income now and that probably won’t get any better so I need to figure out how to pay down my debt with smaller payments. I can hardly afford the payments anymore. All cards together are about 600.00 a month, however the 3 cards my husband has I can swing it’s mine that are very high balances=high payments.
I looked at debt settlement due to the need of lowering payments and balances fast. I’m sinking and can’t pay more than the min. due. I need a fix now my money is running out and I won’t be able to continue paying what is due on my balances. My job only pays so much.
From what you’ve described it sounds like these are the most logical solutions, and here’s why.
Credit counseling is worth checking out but I think you’ll find the monthly payment in a credit counseling program will be pretty close to the minimum payment you are making now. That’s just not going to give you the breathing room you need unless your husband was willing to help you make the payment if your income was reduced for some reason. If he was, then I’d suggest you click here for credit counseling information.
If he is unwilling to help you make the minimum payment if you needed help sometime in the next five years, then a bankruptcy approach might be more suitable. You could file bankruptcy on your debts alone. I don’t know if you have any joint debts or not. At the very least, you can click here to find a local bankruptcy attorney and talk to them about your situation.
I don’t think debt settlement is a reasonable solution for you since it does not sound as if your situation could tolerate the risk of being sued and all the collection calls and pressure that would bring into the house while you took years to save the money you’d need to settle.
The impression I get is that when it comes to this part of your life, your debts are your responsibility and your husband is not excited about participating in a solution to resolve the problem.
But before I assume, have you asked him to help you with this situation?
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