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I was ....... to pay minimum payments (which total about $2200/mo) ........ contact a debt consolidation company, would they even help me since ...... Should I file bankruptcy? Any advise would be good.

I just .. go from here.

Content edited as this is a duplicate post - Jason
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Hi mom2boys, you sound like me. Same situation. only my cc debt is a bit higher ----if that makes you feel any better. I have reached the point where I cannot pay the minumum payments. I had been late by a few days so was paying late fees but hadn't been 30 days or more past due. Until now. Well, officially I am only 2 weeks late but.....

I was just able to work out a hardship plan with citibank for half what I was paying per month ( but only for six months). I am going to put my Amex on a dmp. Hopefully we'll add our joint accounts but I can't do that until my husband gets home from Asia (business).

Our cars will be paid for in four months and our income will jump by $800 per month in a month or two due to the military. Based on that, I am just going to let things ride for now. Yes, things may be late for a while but hopefully it will all settle down in about four months.

I don't know your situation but if you can make payments that are a a bit less than you currently are doing, check into a DMP instead of anything else. Things may be tight for a while but it would be better overall for your credit.

That's just my personal opinion of course. I also checked into settlement but the payment would be just as high as doing a DMP which is less harmful (or so I gather) than a settlement.

Sub: #1 posted on Fri, 08/15/2008 - 07:24


Thanks for the response kristen, wow I really thought I had the highest debt in the free world. Could you explain what a dmp is and where do you get one? Yes, I am planning on taking a small job to get about $600 more a month, but I really need that more to live off of than to pay debt. My husband makes a pretty good income at $130K but with the credit card debt and $1100. in car payments (that we had to lease, cause of another bad choice) its just overwhelming. I do plan to get out of my lease in Feb next year and buy a very used car that i can hopefully get for $300 or less. But I really think I need help on putting everything on paper.

thanks for your input!

Sub: #2 posted on Fri, 08/15/2008 - 07:39

Unregistered wife and I are in the same boat...only problem is trucking business went bankrupt. Thankfully I am a teacher and my wife a nurse. Still, we can't make all of our payments. This is the first time in our lives that we're gonna be late on any cc bill. I've contacted both dmp, CCCS, debt settlement and bankruptcy lawyer. My only choices at this time are: 1. debt settlement 2. diy debt settlement 3. bankruptcy ch 13. Keep in mind that I switched all cc in my name only. My wife will continue to have excellent credit.....760 credit score
I'm going to try debt settlement on my own...first...I've contacted these 3 settlement companies and I'm concerned their fees will eat into my money for settlement. Oak view law, Superior debt relief and Rise Above. Good luck with your situation.

Sub: #3 posted on Fri, 08/15/2008 - 07:58


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