@keithc wrote:i only have social security income of 20k but i have cc debt of app. 28k. i really dont want to file bankruptcy. should i call a cc co. to set up debt repayment plan. i know this will hurt my credit score. i have depleted all my savings. any hepl would be appreciated esp someone that has gone thru this. i have been making min. payments to all cards for 2 yrs now. i am now at my wits end. yes i am from the south. ha ha.
Honestly I would only use Bankruptcy if there is no other options available. You can use those agencys or call your CCC to set up a repayment plan as well.
@Creditaddict wrote:
@keithc wrote:i only have social security income of 20k but i have cc debt of app. 28k. i really dont want to file bankruptcy. should i call a cc co. to set up debt repayment plan. i know this will hurt my credit score. i have depleted all my savings. any hepl would be appreciated esp someone that has gone thru this. i have been making min. payments to all cards for 2 yrs now. i am now at my wits end. yes i am from the south. ha ha.
Credit Counceling done through an accredited non profit (suze orman has a link on her website to find one in your area) will NOT hurt your credit... you won't be able to obain credit while in the program (that is a rule that is asked by the banks that are working with you through the counseling company to insure you don't go in further debt but in the end if you complete the program your credit will be BETTER... you will have zero debt!!
Sorry for your situation...most of us here know how lousy this feels. CreditAddict makes a good point...go with a non-profit agency, since the for-profit agencies are often not as concerned, since they get paid regardless. The best of luck to you.
