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pensfan wrote:Hello, I have been reading these forums for only a week and I noticed that people have really good advice. I was hoping that someone will be able to offer sound advice. I have managed to get myself in approx $24 of cc debt. I am looking for the best option to help me get out of debt. Here is my situation:I have approx 13cards w/ a mix of store and other cards: approx 10 have a balance. I am almost at the credit limit on all of them. I have been making my payments on time and have a TU score of 662. My debt to income ratio is not good ( I make approx 47,000). I also have a student loan (115/mo), a mortgage payment 600/mo(but when we refinaced the mortgage is in my boyfriends name), a car payment (318/mo) and 2 personal loans (273 & 156/mo). I usually pay 800/mos in cc bills. I recently got a new job and am making more money, so I do not need to use the cc's to buy groceies or gas. I have cut everything out of my budget that is not necessary, however, I am having difficulties making the min. payments as most of the cards are between 25-30% APR. I have used my tax rebate, my stimulus check, my savings and my bonus to cover the min due. I owe more than I bring in home in a month.I do have a part time job, but not making any regular income and have not been able to find another that fits with my work schedule.
I have contacted some of the places that others have used. When I contacted a DMP I was told that they cannot help me as I owe more than I make. I also consulted with a Debt settlement company and they said that in 29 mos. with a payment of 430 a mos, which is doable (they take 14% for the 1st 11 mos. only) i will be debt free. I control the account and send the payments. And since I travel for my job, I will be able to keep a card open to use for hotels, cars, and flights. They told me since I have other loans, my credit score will not be affected much. IS this true? Has anyone used a debt settlemnemt company? What were your results?Does anyone have any other suggestions on how to get out of debt? I need to make a decision ASAP as I will not be able to make all of my payments in June. Any help is appreciated.
Thanks in advance.
Message Edited by pensfan on 05-28-2008 05:19 PM