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I have $7,400.oo in debt to US Bank on a visa. Also $3,570.00 to Washinton Mutual. Us bank 's apr is 9.9 fixxed and washinton mutuals's is 22% variable. Im looking for a settlement to a lesser amount of my debt with a consolodator. Any suggestions, as I literally only have 400 extra to my name and won't work till end of august due to seasonal employment. I am currentlt current on both cards, but not for long.

Try not to miss the payments on the 9.9% rate otherwise it will default to 30% or so. You will have a hard time finding a better rate than that 9.9% also. If anything I would try to move the 3570 over to the 9.9% rate if U.S. Bank will take it.

Nobody will consolidate that for a lesser amount than owed. If you default you can settle for a lesser amount but it will mess up your credit score.

Sub: #1 posted on Fri, 07/18/2008 - 01:55

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(Posts: 1078 | Credits: 137.97)

I know a lot of people have been saying a lot of good things about debt settlement on this forum. But, every financial situation is different and may require a different debt relief option. Many debt settlement companies require at least $10,000 in debt to qualify so it looks like you may qualify. The only problem is that you need a job to cover their fees -- so you may have to wait till you start working again. Debt settlement will have a negative effect on your credit, but chances are it's pretty bad already. If you do qualify, you could settle your combined debts of $11,000 for up to 70% of the balance.

Anyway, it's a good debt relief option and worth looking into once you start working again.

Good luck.

Sub: #2 posted on Fri, 07/18/2008 - 20:51

amcshane amcshane

(Posts: 7 | Credits: 1.8)

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