CantStop

Where do I start?

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Hi all,

first post, ive been reading quite a bit, and learning alot which is why I am posting.

I need to rid myself of all this unsecured debt I have accumulated over the past few years. I had been making all these payments and just getting by, and then my son arrived which added expenses including some day care etc. My wife is making less money now and other life issues have me over extended at this point. Saving my credit is not a major issue at this point, as our previous home that was in short sale is now probably going to foreclosure. How do i even begin here? With multiple accounts, how should i start? Here is a snapshot:

yamaha CC#1 = 5k balance (190-200 monthly payment)

Sears CC#2 = 4k balance ($120 monthly)high interest rate 20%

mbna CC#3 = 6k ($200 monthly) 24%

Personal Loan = $3000 ($212 month) 11%

JCP CC#4 $2800 ($100 month)

We also have a car payment $360, that we intend to keep paying, we need this vehicle for our baby etc.

basicly, i make an average salary, as does my wife and after we get paid, if we make the minimum payments on all these bills, im left with almost nothing. We don't spend money on anything but necessities and bills. I cant live like this anymore. I don't have the time for a real second job with a baby. i need to get out from under this debt. Do i stop paying these and try to settle so we can afford groceries and maybe even save a few emergency dollars? Do i do one at a time or all of them. So confused with how to tackle this. It will take forever to try and just make monthly payments and we are miserable like this.

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I was basically in the same kind of situation. I was making all the minimum payments but not getting anywhere. Also, when all payment were made there was nothing left for anything else. I did a lot of research and found out that i could settle all the debt myself w/o the nasty debt settlement companies. I have settled 2 of 3 accounts, one for 25% and one for 35% of the debt. One more to go, but they are being much more stubborn and won't drop below 75% (so far). You have to have the money though to make the lump sum payments when you do agree to the reduced amount. If you don't need any major purchases in the near future, it may be a good time to go ahead and default. Keep making the payments to yourself, and save up to pay them off. Good Luck!

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You must have thought about the financial mess that you were about to create,by taking loans on so many things.If your income allows you to live a simple life, then should should have accepted it long before entangling yourself into the clutches of debt.Now, you have to settle these debts with the help of an expert, and get out of the problematic situation.:)++

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You must have thought about the financial mess that you were about to create,by taking loans on so many things.If your income allows you to live a simple life, then should should have accepted it long before entangling yourself into the clutches of debt.Now, you have to settle these debts with the help of an expert, and get out of the problematic situation.:)++

You know, I feel compelled to say something at this point.

There is not one person on any of the boards on here that wants to be here.

And there are not two stories that would match of anyone here.

We are here because we all need help in one form or another.

We are all doing the best that we can and the mere fact that there are

these forums to get support, guidance and help from is wonderful.

If you, esterlydsl1, have not found yourself in need of help, you are very fortunate. For myself, being self employed, my business flatlined in 2008 and has not really come back to anywhere where it needs to be while we are going though this form of depression for the past 3 years. That created a mess for me. That and nothing else.

For the past 9 years, this country has been in a freefall with the banks

creating one horrendous mess after the other from all the credit card fiascos to the mortgage meltdowns.

What was once manageable for many soon became impossible. Especially when one went to their creditors and asked for help and was basically told to

XXXX off.

So, if you can not contribute with a constructive answer in helping those who ask for guidance may I remind you... Silence is Golden.

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Hey, I am sorry if I have hurt the sentiments of anyone. It was not my intention to preach anyone, but I just have put upon my views. I am still saying that one should avoid taking too many loans, because it only entangles you in the debt web.Just don't it otherwise. :)++

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I use a company called NovaDebt. Most of my CC debt is below 8% and they manage my payments. They charge me a low monthy charge to do so but It is worth it (one electronic payment for 6 accounts). In a year and a half I cut my CC debt in half (I pay extra when I can). After tax season this year I should have everything payed off. They do not do "settlements".

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