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Just divorced and $59k in credit card debt

Moderator Emerita

Re: Just divorced and $59k in credit card debt


marty56 quoted:

... and unscrupulous credit counseling services.

Missed that first time through! Wow, they have their gall, don't they? Smiley Surprised
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 21 of 25
Senior Contributor

Re: Just divorced and $59k in credit card debt

I wonder what percent of the people this outfit "helps" with their settlements end up with tax problems once the1099's come rolling in from all that forgiven debt?
Message 22 of 25
Senior Contributor

Re: Just divorced and $59k in credit card debt

Wow...I missed all the traffic this post had gotten!

 

BTW...what happened to mjbtx??? Smiley Indifferent



Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 04/2017 TU 754 - EQ 757 - EX 747
Goal Score: 850

Bury me in the garden...last app 08.09.15

Message 23 of 25
New Member

Re: Just divorced and $59k in credit card debt

After the divorce, I have approx 135k in my 401k.  I'm male and 40 yrs old.

I already got Discover card to reduce my APR on that card.  My income is

approx $125k/yr.  I never had credit card debt until about 3yr before the

divorce was started.........once I found out my wife of 16yrs was having

an affair, I didn't work as long hours.......ie, made less money, and charged

stuff to make-up the difference.  Hindsight?  Should have dumped her 4yrs ago.

Anyway, thanks for the advice and keep it coming.  I'm meeting with a

financial advisor this next week.  Atleast I didn't lose approx 50% in my 401k

last fall......saw that coming some how and was 100% in bonds/cash.....but

she got 50% of 401k in May '09.  I'm smiling now, my ex was 44yrs old.....

but my new girlfriend is 27.  Wish that helped my FICO score!

Message 24 of 25
Senior Contributor

Re: Just divorced and $59k in credit card debt

You got the CC debt and she got 50% of your 401K? What righted the balance in this deal?

 

My suggestion is to pay as much of this debt off as quickly as you can from your current income. To do otherwise may imperil your quick return to good credit.

Message Edited by creditwherecreditisdue on 08-23-2009 12:55 AM
Message 25 of 25