Debt Relief Program My Only Option?

[Clancaster23]

I'd love to do option 1 but I can't get anyone to approve a loan of that size.  They say I have too many accounts compared to my income.  As for the other two, I'm still holding out.  

[sjt]

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@Clancaster23 wrote:

I'd love to do option 1 but I can't get anyone to approve a loan of that size.  They say I have too many accounts compared to my income.  As for the other two, I'm still holding out.  

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By Option 1, do you mean a consolidation loan or Debt Management Plan? If you can't afford either of those, I would contact the credit card companies directly and make a payment plan or APR reduction plan.

[Clancaster23]

I was referring to the inability to get a loan of any decent size to make a difference.  I can get a few thousand but that would do next to nothing as far as getting things paid off.

[IcyCool7227]

I know you have another thread too but just read this one after the last one. I just wanted to add if your trucking job is at risk for lower paid run routes, it would be a good idea to have several thousand dollars in savings once you get ahead so it helps avoid this situation in the future. I don't know personally what other skills you have but there are also lots of other ways to make side income but most of those ways are like beer kinda money, unless you know what you're doing in something like sales or affiliate marketing. Why not ask your job to see if you could get promoted to a supervisor and then you'd earn more income? But if I were you, I'd take everyone's opinions but consult with a financial advisor or credit counselor to come up with the best plan. You can also open up or possibly product change credit balances to balance transfer cards as well but the 0% intro financing only goes so far as like around 21-24 months, unless you get a low interest BT card like at UW Credit Union but you live in PA not WI. To answer your question though, no debt relief isn't your only option.

[DebtNavigator]

I came across this post and thought it highlights how tough it is to find the right debt relief solution when your income drops but your bills don’t. The standard advice to make more money, file bankruptcy, or take out a loan isn’t realistic for everyone in hardship.

A DMP might help, but if payments are still too high, what’s left? If payments get missed, credit takes a hit anyway. If there’s no agreement with creditors, lawsuits could follow. Some people try negotiating with creditors directly, while others go through a debt relief company. Either way, settlement usually only becomes an option after payments are missed.

One thing to watch out for is if a company pushes you to stop paying before you even know if you need settlement and doesn’t explain the downsides, that’s a red flag. It’s a hard process, and not everyone completes it. If you can afford the payments, keep paying. If not, it’s about damage control and choosing the least bad option.

By the way, did you end up finding a good solution? I saw you were holding out to see if things would improve. Curious how it turned out for you.