I am reaching a point with my debt that I am unable to get out from under. I am maxing out and while I can current on all cards and making more than the minimum payment, am never going to get out from under given that my current income is only about half of what I use to make. My personal current credit card debt is about $88,000.
I first looked into debt consolidation loan but loans in amounts larger than $50,000 carry very high interest rates unless securitized. I am unable to do that.
So I am thinking of going the debt settlement route. I am looking at using National Debt Relief located at 11 Broadway NYC. What is their reputation? What should I be looking for in the offer that they will present to me? Will I be able to keep 1 or 2 cards that I pay off myself so I have some credit? How damaged will my credit score become (it is currently at 738).?
A couple of things you might want to research. Here are some of the past articles about National Debt Relief.
Your statement about expensive debt consolidation loans probably needs a bit more research. Groups like Lending Club offer very low rates depending on your situation.
And before you become fixated on a solution you should first determine what is the right solution based on your situation and moving forward.
I would recommend that anyone considering using a debt relief company should read the following free guides.
- The Ultimate Consumer Guide to Checking Out a Debt Relief Company Before You Sign On the Line
- 10 Must Do Steps to Find the Best Credit Counseling or Debt Settlement Company for You
- How to Check Out a Business or Company to Avoid Getting Scammed or Ripped Off
I think that’s really the smartest way to figure out what to do and what to look for when it comes to help. Bankruptcy should never be excluded.
Please post your responses and follow-up messages to me on this in the comments section below.