Category Archives: Credit

what are the consequences of not paying off credit card debt?

Penny H asked:


My family and I had an unplaned birth, and our now overwhelmed with medical expenses and the new expenses from the child. Since we did not have health insurance we became overwhelmed with bills. Over the last couple of years we have fallen progressively farther behind on our credit card bills. We have not made a payment on some of the cards in over nine month. Utlimately, besides lowering our credit score, is the consequences of not paying the cards. Can the creditors take our vehicles? Take money from our bank accounts? Garrnish our wages? We are very worried about our debt and would like to pay the debt off, yet feel very intimidated by the whole process. Thanks for any help

Reed

How to get out of credit card debt if you have to rely on them to make ends meet every month?

Isabel asked:


Say you earn 1000 and have to pay 1050 for your credit card debt. You have to rely on your credit cards ( again ) for those extra 50 and for your monthly expenses.
What should a person with this problem do?
Would it be ok to take a loan?

Finance gurus like David Bach say to pay the highest rate card first, but what should you do if you can’t?

Thanks ¡¡¡¡

Bailey

How do I go about eliminating my credit card debt?

Chris M asked:


I am 23 with a nine-month-old son, and I owe (on top of my student loans from college) approximately $30,000 in credit card debt. I am looking to do a debt management/consolidation program, but was wondering if I should just contact those credit card companies that say to call them if I have “financial difficulties” instead? Also, which debt consolidation programs would you refer, if any? Thank you!

Milo

How can I get debt consolidation with hospital bills and non credit card debt?

A B asked:


I have a bunch of hospital bills that really cost me in credit scores. I really want to try to consolidate it but I can’t find anyone who does debt consolidation without credit card debt. Any suggestions?

Norman

How do get my credit card debt to zero?

Ramesh asked:


I had left USA around 4 years back as I could not get a job(software). When I left I had credit card debt. Now i want to be back and normalize my debt. I currently dont have a job. I checked my credit report on the internet but confused with the terms. Its certain that collection agency must be trying to locate me. I cant figure out my current debt, thats when I left and now(including interest?). I need help in how to take the first step and how its going to affect my job-hunt.

Ty