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Credit Card Bad Credit Bankruptcy
Erika Said:i have bad credit, i have never had a credit card, can i file bankruptcy or get a credit counselor?
We Answered:Talking to a credit conselor can help, but I would avoid a debt consolidation program , or at least get all the facts before joining one. Many programs will actually negatively affect your credit because their proposal to your creditors will be to reduce monthly payments or eliminate late fees, and in turn creditors will "close your account". Some debt consolidators are quite pricey, too.
What I would do is first contact all creditors and try to negotiate a payment arrangement. Ask them to waive late fees. I have had success with 4 different companies when asking for reduced/waived fees or lower interest rates. Mostly they just will want to get the principle amount back and are not too worried about collecting fees.
Next, talk to a credit rebuilding company like Lexington Law. For a fee, they can help you remove some marks from your credit. I brought up my credit score 100 points by doing this.
DO NOT FILE BANKRUPTCY! you can find a better option that will not imact you so poorly.
Phillip Said:My husband has 3 Years left on his bankruptcy and I have bad credit card debt. We want to buy a house. help?
We Answered:Based on the information you provide, which isn't much...If your husband is in the Chapter 13 and you want to buy a house, first, you would need to find someone willing to finance you, and then it must be approved by the trustee of the courts. While in a chapter 13 bankruptcy, anything that is financed has to be approved. The trustee is pretty much acting like your husbands financial advisor and telling him whether or not he can afford a new debt seeing he's in a bankruptcy he couldn't handle his debt before, he probably wouldn't qualify now. It all depends on your incomes, with a high credit card balance, you need to pay that off. Good Luck!
Allan Said:Is Bankruptcy the best choice for an unemployed person with $25K in credit card debt?
We Answered:Go to this site: http://www.nfcc.org/ They are Consumer Credit Counseling Service (CCCS), a legit non-profit company. They offer free credit counseling and have a debt management program available, if you qualify, for no fee.
They can look at all you debts and advise you how to proceed.
If you have $25K in credit card debt, you didn't run that up in just the past couple months. You have a real problem living beyond your means. If you had managed your finances better, losing your job would not have put you on the verge of bankruptcy in two short months.
Jerry Said:where can i get a credit card with bad credit or after bankruptcy?
We Answered:Your best bet would be NOT to get a credit card and to pay cash for your purchases.
Valerie Said:Do you feel you should be able to file bankruptcy on Credit Card Debt?
We Answered:No I donot feel that this is a viable alternative for those of us that cannot control our spending.
If it was up to me, credit cards would either be eliminated altogether or they would have to be "prepaid" - deposit $$$$ to account and then get credit card - which would eliminate the huge debt that americans are building up.
People refinance their homes to buy expensive SUV's, payoff credit card debt, buy boats, etc.
When the crunch comes and banks start calling in those (unsecured) loans, a lot of people will go from rich to poor.
The only way to handle credit cards is to pay them off monthly and do not spend over your budget. That way you get a free loan for 30 or so days. If credit card companies strat charging interest from the tiome of purchase, I will stop using them and pay cash.
Loretta Said:No credit, can mother with bad credit cosign a credit card for me?
We Answered:Bad credit is one of the worst problems to have... however there exists a solution.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :
if it helps kindly remember me in your voting!.. cheers!