4 responses to “I Got Myself In Financial Credit Card Dept. I Owe 6 Credit Card Companys About 61,000 What Can I Do?”

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  Confusedintaxland? April 12th, 2009 at 16:04

  You need to consolidate your debts and pay one note. Bankruptcy will not help anymore since credit cards can no longer be claimed in a bankruptcy judgement unless you can prove hardship. As far as your wife’s credit ..if she is not on your accounts (in other word ..if you did not use her social security number on these cards it will not affect her. I would pull up her credit report and see what shows up. You could also consider a home improvement loan or anything that could give you a good interest rate for that amount of money. At least you have time to consider your options. try a visit to a credit union instead of bank they are usually a little easier to work with but do not go to a finance company. Too expensive. Shop your rates or move and change your phone number and wait out the statute of limitations of your state. At that point the debt falls off credit report in 7 years. Just out run the judgement they might try to get you for and you will have bad credit But you will not owe the money any longer. Have no discussion of any kind with the CC company or collection agency if you choose this route.

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  joe April 14th, 2009 at 11:31

  Go to and fill out a form to get a loan to pay off all of the debt. You will be able to afford the payment because it will be alot lower then what your paying now.

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  Wilfred K April 15th, 2009 at 10:13

  I completely agree with Confused. Do not claim bankruptcy, as it remains on credit report till min 10 years. And till then you would have to face a lot of problems related to loan, CC, purchasing and many more

  But….. if you are not able to plan your debts the best thing to do would be contacting a credit counseling company, as they would talk with your creditors making settlements on lowering your interest rate or reducing the payments upto 50%.
  They would provide you with the affordable debt management plan where you have to pay only one monthly installment. Check out this company may be they could be of some help to you…

  Good Luck….dude

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  climbinguprocks April 18th, 2009 at 08:09

  I don’t see where it says what state you live in so i don’t know how people can advise you like they have.
  Make an appointment to meet with a bankruptcy attorney and he will advise you what your real options are.
  I did this as I am a home owner and also have a small business that seems to be about to fail. My attorney told me that in Alabama as in many states I would not be allowed to declare chapter 7 because of the large amount of equity I have in my house. How much is too much? He indicated $10,000 to $15,000. Above that and the CC co. will ask that you not be allowed ch 7.
  You should go to a Lawyer.
  Do not convert this debt! It’s unsecured debt. Keep it that way.
  Do not consolidate this debt if you have low interest in place. Most CC are charging fees to move around from one to another. I paid $50 to move a large sum to a zero card.
  Don’t be late! These blood suckers will hike up your interest rate and then you will not be able to pay the new minimum.

  Get a second job and apply the money directly to the lowest balance card and then when paid off cancel it. Yes I know about the reduced credit score but you need to keep yourself from doing this again and a temporarily reduced rating won’t matter.
  Good luck.