too much on credit cards

irumasghar1300 · Joined: 10 Dec 2008 Posts: 4 2.96 Dollars($)

I,ve 7 cards very good with the payments with the economy now do I keep on paying the minimums till my income gets better with the economy or go for bankruptcy or debt consolidation.The debt is about $50000.00 joint with my husband or should one file for bankruptcy?

jameshogg · Posted: Fri Dec 12, 2008 8:21 pm Post subject:

Hi irumasghar,

If you are unable to pay your credit card debts, I would suggest you to look for a either debt consolidation or debt settlement. I don't think its a good idea to file a bankruptcy. In a debt settlement, your payments may be reduced up to 40%-60% depending upon your situation. Whereas in debt consolidation, the interest rates can be reduced.

I know of a community who are into debt consolidation "debtconsolidationcare.com". You can check out their website and talk to their financial coach. Let's hope he will be able to assist you in a better way.

Thanks

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