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$16k in debt–Solutions?

Hi! My husband and I have about $10k in debt split up through 5 credit cards, and personal loan for about $6k. However, we do own a home with a mortgage of only $100k, and are making payments on a car we purchased about a year ago. I have heard that debt programs can kill your credit score by just not making the payments at all, then they threaten with bankruptcy. Right now I am currently looking for a job, but my husband is in the Military. Do any of you have a solution, or know any debt management companies that do not screw you over? We are current on all of our payments, but the debt just became a realization. Thanks.

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9 Responses to "$16k in debt–Solutions?"

  1. Don says:
    Since you are current it sounds like you are managing the payments. The first thing to do is get rid of the credit cards and stop immediately putting anything else on them. If you can’t pay cash, don’t buy it! Then the second thing is for you to find that job and put every penny of it on your debt. You will be surprised at how fast that debt will begin to dissolve. You are right about the credit companies that offer to reduce your debt. Doing this is just barely better than filling bankruptcy. Good Luck.
  2. Gilly says:
    You could consolidate you loans into one so it is easier to see what you are paying each month and to where. However, i suggest you get a job pronto to pay of the debts or at least keep them ticking over. Unless you pay a lot over the minimum payment each month you are never getting rid of them!
  3. Anthony says:
    Time to go cold turkey. You should not be worried about your credit score. You should be trying to get out of the debit.

    If you are current on all your cards. You have not missed a payment on any. Call each card issuer. Ask for a reduced interest rate. Every point you can get from them quickens the pace you can pay down the debit.

    It is a pain, and if you have high balances on all your card which seems likely – they see that you are over a barrel, and will likely not want to budge.

    All you can do is beat them at their own game. The CC Companies sole purpose for being is to make you an indentured servant. I sure you are starting to see it now.

    Anyway you need a job, and he needs a Job when he gets out of the military. Fortunately/Unfortunately depending on what he does he could make a pretty good salary as a contractor in one of the two war zones. Obviously that has risk.

    I know it hurts, but cut up the credit cards, and pull out the debt card. It will force you to manage your finances more wisely.

    If you cannot pay for it in cash you do not need it. This disipline is hard to regain as the Credit Card Companies have convinced Americans that Credit is the way of LIFE. It is their LIFE – not YOURS. That is HOW THEY EAT.

  4. pagodaboy2001 says:
    Live on nothing for awhile (no dining out, no new toys live on bread and water), it is time for you to dig yourself out of the hole you dug yourself into.

    Don’t go to a debt consolidator, why pay for someone to pay your debt. They have as much power as you do. Pay off one credit card (I would start with the smallest balance), then take the payments you were paying on that one and apply it to the next. You may want to sell your car and get something that you are not making payments on. This will free up some cash so you can pay off other debt.

  5. redenz40 says:
    Check out the source below. It might help you make the decision on what to do
  6. wmichgrad says:
    Many of the responses reflect the philosophy of Dave Ramsey. Go to the library and pick up his book “The Total Money Makeover”. He has a radio show that you should listen to as well. You can access two weeks worth of archives for free on his website. If you follow his plan, you will get out of debt and not have to pay a dime.
  7. tholeeder says:
    avoid debt management,you will be sorry,call up the company and tell them times are hard and you need time most will work with you,i hope you aren’t in default yet it will weaken your position,the time to call is before you miss a payment ……………………..tom
  8. walkthisway2009 says:
    Why not refinance and roll everything into 1 payment which would be the home loan? Check out the free online evaluation form at They can make suggestions regarding the debt and/or help you find a qualified loan officer. Good luck!
  9. Koi S says:
    I bought Kevin Trudeau’s book Debt Cures, and was disappointed, then found this website and there info was a lot more helpful and concise, without any fluff or any of the bull Trudeau’s book had. Check it, if you want, I think it’ll help:

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