in debt over 80000 what should I do?

I\'m in deep debt and need to figure out what to do and whom to trust.

My income is much lower the past three years than I have had in a long time. I believe my CC debt is over 80,000 and that\'s more than I made the past two years,
I have only missed a couple of payments and believe my credit score has fallen below 700. I don\'t want to get calls to my house about late payments. What can I do to lower my payments and the crazy interest rates my CC companies are asking for?

7 Answers

Just my humble opinion but I disagree with Nelly on this one. You do not have to go the route of Credit Counseling aka Debt Consolidation and/or Debt Settlement. There is another way for you to escape this debt by getting your rates reduced and payments reduced. I'll admit it can depends on your situation but in all likelihood you dont have to go those traditional routes which will absolutely affect your credit score.


What are the other ways to lower interest rates on payments?


You can go for the option of debt consolidation where you can negotiate with the creditor/ca to lower the interest rates and monthly payments so that it becomes affordable for you to pay off the debts.  


Hi!
Welcome to the forums!

You can go for credit counseling. Attend a free counseling session with a reputed credit counseling agency. The credit counselor can suggest you tips and tricks to manage your debts. They may even negotiate with your creditors to lower the interest rates. Have a look at the following page to know more about credit counseling:
http://www.debtconsolidationcare.com...ounseling.html


You can go for the option of debt consolidation where you can negotiate with the creditor/ca to lower the interest rates and monthly payments so that it becomes affordable for you to pay off the debts.  You can even take help of professional debt relief company for the same.


You can go for credit counseling and attend a free counseling session. The credit counseling agency will help you sort out your debt problem by giving various ideas. They may even negotiate with your creditors/collection agencies for offering a better repayment plan and lower the interest rate. They will also take the responsibility to deal with the collection agencies and handle the collection calls.


People resort to debt settlement after they've had no success with their credit card companies lowering their interest rate. There's also the possibility of working out a payment schedule with your creditors. I would call each of them, tell them your circumstances, ask to have interest rate/payments reduced and see what they offer. Many have been successful in working out a plan and not resorting to settlement. It's when the creditors don't budge that we take that route.


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