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not sure wich option is best for me


JacksonM
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Hi newbie here, been reading different posts for a while and learning a lot, Thank you. but would like some advice. We my wife and I, are 60k in debt 40k is unsecured 20k is loans against the cars. We have been current on all payments but the last year I was not working enough so some of the grocery bills ect. went on CC now I am working steady and wondering which option is best for us. (we can make all payment, but not have any $ for savings) Would it be smarter to stop paying and try to settle. Or to call and try and get a hardship program? also does my credit affect my wife? all the major debt is in my name. Thank you for any advice.

Jack

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  • 1 month later...

Hallow. I think as your savings will become zero if you go for payment then you should go for the settlement option.The reason behind my opinion is that if your savings become zero then there is a chance that you might fall in severe need for money in future and then the zero savings will affect you.

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Do NOT settle if you don't have to..if your CCs, etc are still with OCs, try to get into hardship programs if necessary.

Don't get into Credit Counseling or 'debt settlement' or 'debt fixers.'

They are all scams.....

Try to retain as much savings as you can...it is your fallback in case anything goes wrong...

good luck....

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Debt settlement/mngt firms are not a good idea.

I don't know if you've tried but few people realize you can call your creditors and talk to them, ask to speak to someone who can authorize credit intest rates, ie not the agent or agnents supervisor but someone higher up. Tell them the situation sometimes esp. Nowadays they may be willing to work something out.

If not hardship programs would be best alternative.

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