Looking for an advice to resolve my Credit card issues

**rbissues** · 06-01-2009, 01:37 AM

Could you please suggest / advice to resolve my financial issues to get back to normal.

Here is my story..

I had an emergency in home during the month of August 2008 and spent close to 12000 dollars from credit cards. I managed to pay the minimums for 1 to 2 months and then lost total control. One fine day during September 2008, I got a call from a Debt services company. I don’t know if I was trapped by the marketing guy, I followed the steps that debt services asked me to do. I was paying 300 dollars from the month of September as emi to a debt service company to resolve the credit card issues.

I have a good job and earning from the past 3 and half years. I got married and it was very tough to live with out credit cards or savings. I have no savings but I am paying bills like rent, phone bills, car loan and other 2 personal loans on time.

I realized lately that I am screwing my credit history badly even I have a job and was able to pay EMI’s. I am not sure if I can apply for a loan or get another credit line etc. All these bad decisions are results of the emergencies that I faced and also due to the job(24x7 support) stress. Could you please share some ideas to bring resolve my financial issues? Thanks in advance.

**Magic69** · 06-01-2009, 11:40 AM

Well here's some basic ideas that you may or may not already be doing.

* Cut out anything unnecessary (cable tv, xbox live, etc) - the idea here is to find ways to entertain yourself that don't cost money, and there are plenty of ways to do it

* With the little bit of extra cash, focus on paying down one bill at a time. Put all the extra towards the principal until you have it paid off.

* Once one is paid off, take all the extra cash you had previously plus the payment you had to make on that account and put it all towards the principal on the next loan/credit card until you have it paid off.

* Continue this process until you have paid off all your debt.

This is the simplest and most tried and true way to do it, imho.

**rbissues** · 06-12-2009, 11:07 PM

Hi, Thanks for the reply. Actually as i informed before; I am paying money to debt settlement company and they hold my money to pay.

Is it a good idea to go a head and ask them to settle the bills. Else, i am getting letters from national debt relief to take money to pay unsecured debts. Is it a good idea to take the money and pay off the bills.. Can you share your thoughts.

**rbissues** · 06-12-2009, 11:08 PM

My current credit score is too poor as i followed the steps what debt settlement informed me to.

**rbissues** · 06-13-2009, 05:23 PM

Hi, Thanks for the reply. Actually as i informed before; I am paying money to debt settlement company and they hold my money to pay.

Is it a good idea to go a head and ask them to settle the bills. Else, i am getting letters from national debt relief to take money to pay unsecured debts. Is it a good idea to take the money and pay off the bills.. Can you share your thoughts.

I have an intension to pay back the bills ASAP and i do have two option, Can some one advice which way will benifit me to get on track. Thanks.

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