I am your typical housewife who has gotten herself in over her head with credit card bills. I am in approximately $10k worth of debt. I have been looking for employment (to no avail) and have a part-time job as of right now.
I have been making my payments on time and usually above the minimum, however it is getting to be too much. Do you recommend debt consolidation?
If so what company should I go with? I am a Bank of America customer and have a good standing relationship with them.
I just need to get this financial burden out of my families life.
Thank you for your time.
If you wanted to dig yourself out of this hole and not impact your credit then using the self-directed debt snowball approach can be effective.
If you can afford at least the minimum payments, would like to get much lower interests rates and are willing to take a credit report hit, then consider a debt management program as a way to get out of debt.
The idea of getting a loan to get out of debt is common but rarely happens. The best approach is to pay it off yourself or use the appropriate intervention solution.
The bigger issue is to examine what it was that lead you to this debt. Unless you eliminate or address the reasons for the debt accumulation the situation will not be repaired with any solution.
You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
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