We have about $25,000.00 in credit card debt, $6,0

We have about $25,000.00 in credit card debt, $6,000.00 borrowed against my retirement fund, $6,000.00 in a car loan, and $54,000 in house loan. it has gotten to the point that the payments are more than our income. What do you recommend that we do?

4 Answers

Debt consolidation or settlement is possible only for the unsecured loan. As far as secured loan is concerned, you may get help from your friends and family members.
 


You have done a mistake by borrowing against the retirement fund. Your overall debt amount is huge. You may refinance your mortgage loan and auto loan. See, if you can qualify for refinancing. As far as credit card debt is concerned, you can go for credit card debt management program. 


Yes, as the mortgage loans and the auto loans are secured, you can't do much with them than negotiate with the lenders. But you can certainly go for credit card debt consolidation or settlement in order to repay your credit card debt. Look for boosting your income resources so that you can have enough funds to repay the loans on your own. Try not to take out any further loan as this may push you deeper into the mess.


Not much you can do with the retirement loan, mortgage or car payments....they are all secured.  Maybe negotiate with your credit card lenders for lower payments.  Maybe look at bankruptcy???

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

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