T.P. asks from Kansas City, MO on February 15, 2009
Credit Card Debt Needing Advice
Hello. I'm a single mom who is currently not receiving any support from the father. Due to the legal battle we have gone through this last year, I have acquired approximately $35,000.00 in credit card debt. I had around $15,000.00 prior but was doing okay and slowly getting it paid down. However, I'm now at a loss. Most of the cards are about maxed out and I'm struggling. I am due my tax refund of about $4000.00 however I don't expect to get much from the father and don't want to count on his support as I don't know how long he'll have a job. I've heard a lot of talk about settling on your debt? Has anyone done this? And done it by yourself and not by going through an agency that will just take your money and charge horrid fees that are hidden? I know this has adverse effects on your credit rating and that unless your debt is more than what you own, you cannot claim insolvency? Otherwise you can be taxed on the amount that you settle with the credit card companies per the IRS? I did go to the CCCS but it would be approximately $800+ per month and there is no way that I can afford those payments on a monthly basis plus daycare and house payment, bills, etc. My credit card minimum payments are around $550.00 per month. I've tried to consolidate and get them all on one and haven't been able to get a loan or a credit card with 0% because it's considered unsecured debt. My income is about $45,000.00 so I do not qualify for any Government aid as far as I know (i.e. WIC). Please give me some advice...
More Answers
T.H. answers from Kansas City on February 16, 2009
Have you heard of Dave Ramsey? He has wonderful advise. There's a best seller book "The total money makeover". He has a national talk radio show. In the KC area he is on 710 AM Monday through Friday 11:00am to 2:00pm. He takes calls. His program does work. He also has a website. It's all about getting rid of debt by going through the baby steps. As I've learned from Dave, if you settle on debt, DO NOT give them access to any accounts. Do Not send a dime until you get the agreed on settlement in writing. And never lose it. Best of luck.
T. H
Raytown, MO
M.G. answers from Kansas City on February 16, 2009
The best advice I could give you is to check out DaveRamsey.com. He is wonderful! Be careful of companies that say they can get rid of your debt. They will charge you a fee with no results. Hang in there! I know how scary things are right now. I would continue to get a court ordered child support from your ex even if you don't think he will pay because it will continue to add up. He will eventually pay because the state will start to enforce it if he gets too far behind. I hope this helps! Good luck.
V.S. answers from Kansas City on February 16, 2009
Bless you. You are staying positive and looking for solutions, and I commend you for that. i am in a similar situation, having become a single mom unexpectedly recently to 2 little boys. My husband left us deeply in debt (I've never had an ounce of debt before, so it is shocking.) Are you willing to do something outside of your current work to make the $ needed? This has saved me... I have residual income from a business I started 11 years ago. Watch www.nsevideos.com and e-mail me at ____@____.com if you would like to get more info and check this out. If you are willing to work hard, I will help you build something to take care of you and your child that will last a lifetime. Whatever your choice, may God bless you and your family on your journey. Stay strong... you can do it.
S.T. answers from Kansas City on February 16, 2009
Look into Dave ramsey's financial program. I know alot of people who have success with this and I'm looking into it myself.
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