My husband and I have about 65,000 in credit card/

My husband and I have about 65,000 in credit card/usecured debt. A few of my accounts have been charged off. We do not know if we should consider debt settlement with a company or bancruptcy. We need some advice on what to do.

5 Answers

Depending on your debt situation you will be required to decide whether or not you should settle the debts or consolidate them. Debt settlement is best if you have already missed payments and debt consolidation is best for you if you have too many debts with high interest rates.


What the other posters failed to ask is, do you have the funds/income to cope with settlements?  If so, DO NOT waste your money on settlement companies...do it yourself and save the cash.  It is not difficult...it will simply take some time and research.

Your scores have already tanked since your debts are in collections.  Bankruptcy is NOT going to make it go much lower.  Bankruptcy is not all that bad...it gives you a fresh start.  It no longer has the stigma it used to have. Set up an appointment with a local BK attorney and talk to them to see what your options are. 

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

You should contact a debt settlement company first. A reliable settlement can help you to reduce the outstanding balance. You can pay off the debt with a lump sum payment. Bankruptcy is your last option.


I think, both of you should go for debt consolidation. This is because, bankruptcy and debt settlement will hurt your credit score badly. If you enroll in a debt consolidation program, then it will help you to replace your multiple bills into a single monthly payment.


You should first consider the option of debt settlement. You should contact a debt relief company and take their help in settling the debts. In case, your creditors/collection agencies don't agree for a settlement, then you can think of filing bankruptcy.


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