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CALLING ALL REBUILDING PROS

Doodlebug30
Established Contributor

CALLING ALL REBUILDING PROS

Ok folks this isn't for me its for my sister. She called up and asked my advice on what to do with her $21,000 in cc debt ­čś▒ She's 23 and makes very little money. I'd say 22k a year or something. She clearly has been living above her means! She was saying someone told her to go to Consumer credit councelling... She asked what I thought. My initial reaction was no don't do that but... How will she ever get out from under this? She had 11 cards and is current on every single one. Never had a late. But she's treading water ya know? So my gut says snowball but she doesn't make enough she will never climb out. Any input here? Anyone have a good experience with these places? Is BK better? Can she negotiate with the companies directly and get on a plan even tho she's not behind? I'm at a loss here bc I rebuilt after the damage was already done for me lol. HELP! I do not have her list of exact cards and amounts which I know would be helpful but I'm just reaching out

3 REPLIES 3
CYBERSAM
Senior Contributor

Re: CALLING ALL REBUILDING PROS

I would recommend that she call 10 of her CCs with the highest balance and ask for payment plan. They probably going to cancel the cards but not important. They are going to put her on payment plan. She still can use Covid protocols for payment assistance.

 

If she's serious, then she can post in here with detail CC information for much better solutions!

Good luck to her!







              
Message 2 of 4
TRC_WA
Senior Contributor

Re: CALLING ALL REBUILDING PROS

Good luck climbing out from under $22k in CC debt on $10 an hour.

 

Ouch.

 

I'd probably consider BK at a minimum... CC interest is going to make her life difficult.

BK 13 filed : 2-28-17 BK 13 discharged : 3-22-22
FICO8 current as of : 8-31-23 EQ: 685 TU: 679 EX: 661
Hard INQs last 12 months: EQ: 5 | TU: 9 | EX: 7
WF Platinum $1000 WF Reflect $6000 Verizon Visa $6500 Ally MC $4000
Mission Lane Visa $1850 Credit One Platinum x5 $3000 Credit One Wander $1700 Upgrade Visa $2000
PenFed Gold Visa $2500 Amex Delta Gold $10,000 Care Credit $12,000 Petal 1 Visa $2900 Cap One QS $500
NFCU CashRewards $6000 Apple Card $2000 Best Buy $3500 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $44k new - refinanced $33k balance @ 6.94%
Total CL: $70,450 --- Total CC UTI: 32% --- AAoA: 6.5 years --- Income: $100k
Last app: 8-24-23
Message 3 of 4
Epiki71
Regular Contributor

Re: CALLING ALL REBUILDING PROS

 


@Doodlebug30 wrote:

Ok folks this isn't for me its for my sister. She called up and asked my advice on what to do with her $21,000 in cc debt ­čś▒ She's 23 and makes very little money. I'd say 22k a year or something. She clearly has been living above her means! She was saying someone told her to go to Consumer credit councelling... She asked what I thought. My initial reaction was no don't do that but... How will she ever get out from under this? She had 11 cards and is current on every single one. Never had a late. But she's treading water ya know? So my gut says snowball but she doesn't make enough she will never climb out. Any input here? Anyone have a good experience with these places? Is BK better? Can she negotiate with the companies directly and get on a plan even tho she's not behind? I'm at a loss here bc I rebuilt after the damage was already done for me lol. HELP! I do not have her list of exact cards and amounts which I know would be helpful but I'm just reaching out


Hello OP,

She needs an increase in income.

 

  1. Has she considered getting a side job? This can be a great way to bring in additional income.

  2. Selling items that are no longer being used is another option. We all have items lying around that can be of value to someone else.
  3. If she is able to pursue any of the above options, the snowball method can be a great way to pay off debts over time.

  4. If, for some reason, increasing her income is not feasible, it may be worthwhile to contact the credit card company to see if they can offer any assistance or solutions.

 

Last Signature Update: 03/08/2023





Message 4 of 4
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