I'm new and was very hesitant to sign up for this site, but I know it's something that needed to be done.
My husband and I have some debt. Some good, some bad. They're pretty equal in the good versus bad debt department.
I'm very interested in getting the collection agencies (whom I've never spoken to, even though they've all attached my name to debt that was previously solely in my husbands name) off our back. They're almost like a black cloud over me...
Basically, I'm wondering what kind of debt solution is right for me.
We have four collections accounts, all with different agencies. Total debt is around $7500. Most of these have SOL coming up in the next two years or so (I'm in WV). We do have the money to pay these debts in payments. There's no way we could pay these in one lump sum. We live on a very strict budget.
We also have a personal loan we took out through another company. It's current, but I'd love to get rid of it. The amount on it is around $8500.
We could probably put somewhere near $200 (perhaps a little less) towards paying these debts off. However, I've heard that debt management plans take upwards of five years and I don't really want to be in this situation longer than I have to.
I don't believe we have the credit to take out a consolidation loan (husband's credit is low 500's, mine is low 600's, husband is the breadwinner).
Thanks in advance for any advice you can give me.