Have Credit Card Debt Questions? Get Debt Answers Today!

Anyone dealing with financial issues is bound to have debt questions; here is where I provide you with debt answers! I’ve answered hundreds of credit card debt questions about everything from debt settlement and negotiation to debt management and credit counseling plus answers about credit scores, bad companies, and special situations. In fact, I’ve probably already answered the question you have right now, take a look!

HI SCOTT: My wife and I both got divorced from our former spouses in the early 80’s, sold our houses and bought a new house together in 1997. All 6 kids have graduated from high school and 5 have graduated from college. Our divorces created…(cont.)

Question Continued…financial hardships on both of us that resulted in credit card debt. When we bought Read the Entire Post >

We did a short sell 3 years ago and then mortgage co. financed the remainder. We paid on for 3 years at $210/mo and paid on time. Rec’d letter last August from mort. co. stating “exciting opportunity”, send us a money order or wire within 14 days and we’ll waive 90% (cont…)

Question continued…: of your balance Read the Entire Post >

My husband is self-employed and I’m not working. So far we’ve been able to pay our bills, but he only has a week left with the company he has been sub-contracting for. I have $40,000 in a 401k which is our only savings left. We have $55,000 in combined credit card debt. My mortgage is a neg am fixed at 6.50 with 2 years left, but I can only afford to make min payment, so $20,000 has been added to the original principal balance of $500,000. We won’t qualify on a full doc loan to refinance. I have a free and clear rental in Nevada, but would take too much money to fix up and sell and would rather wait until market is better. How do I reduce credit card debt and modify my mtg if we aren’t late and can’t qualify?

I am not sure why you do not think you can qualify for Read the Entire Post >

I have 18k in debt…

(a total of 3 credit cards, one a business credit card and the other 2 personal credit cards). I’m self-employed. I live in Texas and was hit hard by Hurricane Ike. As a result (cont…) Read the Entire Post >

Please explain how the $$$ saved can be taxable when it is not income? If I owe $50,000 and settle for $25,000, how can they tax the 25,000 saved when I have not claimed the 50,000 as an expense? What am I missing?

This is a great question and yes your logic is 100% correct however, the Read the Entire Post >

Why Can’t Debt Settlement Companies Tell You Exactly How Long Their Program Will Last?

Debt settlement is a negotiation process and until an Read the Entire Post >

While making my monthly payments to the debt settlement, will my balances still be open on my credit cards that are part of the settlement, and thus have interests and fees accruing on them still?

Yes, you will still be accumulating interest and late fees on your cards during Read the Entire Post >

My question is: what is the difference between companies that say they can provide no legal help if you are sued by the creditors, those that say they can tell you what you need to do if this happens, and those that guarantee (because they are a “legal firm”)you will be protected from legal action by their legal expertise in these matters? I really appreciate a response. Also, which organizations, i.e. TASC, etc. are really a valid gage for knowing if a company is legit? THANK YOU!!

Lawsuits are relatively rare but they certainly can and do happen. A reputable Read the Entire Post >

Hey:Scott. Nationwide assets.also known as Global solutions.

I am sorry Read the Entire Post >

I have 20k in cc debt. I have never missed a payment and have a relatively good credit score. However, my student loans which I can no longer defer need to be paid starting in three months. I can’t afford to pay both so I’m trying to find a solution before then to relieve my debt. I signed up for a debt settlement program for my credit cards a week ago but now I’m having second thoughts after reading your Q&A’s about the severe effect on my credit score. I was looking for the fastest way to get out of the cc debt so I can only worry about my student loans. Not sure what I should do. Suggestions?

Unfortunately, I do not have a good answer for you. If you have both types of Read the Entire Post >

I owed about $2000 on a credit card I had back in college now they are coming back and they want for me to pay them $6000 or that they are pressing a lawsuit against me. I don’t have much money because I have a premature baby that is sick and needs medical attention, but I do want to settle this account that has been bothering me because it just adds to my stress is there something I can do. My overall debt that is in collection is about 10,000 not including my student loans which are in forebearance and my car which I pay on a monthly basis. I want to look at consolidating companies, but from reading several reports it seems that you need to have a lot of debt in order for it to be worth it. What should I do? Is there a way to stop a lawsuit from happening? Where should I start? sorry for the long questions :-) but I am desperate for answers.

It sounds like you have several types of debts which can pose a problem. The student Read the Entire Post >

I have a good credit but my income has decreased. My credit cards rate are excellent 3.99 % and 6.99% but the balance are high (50K). Can I protect my credit score and drastically reduce my debt payments, or since the rates are very good banks can’t go lower? Will a debt management program or credit counseling agency help me to reduce my payment . It is a way to get the rates I’m paying lowered?

It sounds like your interest rates are already exceptionally low so a Read the Entire Post >

When entering a debt settlement program, and start paying the debt settlement company and stop paying creditors, will they start harrasing you, or do you consult first with the creditors so they know what is going on?

As you mention, the process of debt settlement entails a suspension of payments Read the Entire Post >

My husband and I have $120 in credit card debit due to the building of our home and because the market is the way it is we cannot refinance. Would speaking with a debt settlement company be a good idea. We are using all our savings to pay the minimum on all the bills and our savings account is just about depleated.

It sounds like your options are getting lean so I suggest you Read the Entire Post >

all the debt I have is due to the business shut down but some are business cards and some are personal. Do I have to pay the business card debt and how can I reduce the payment on my cards?

The way to reduce your payment balances is through a Read the Entire Post >

I was recently forced to retire due to my job being outsourced. I contacted Washington Mutual to find out if they would be willing to close my accounts with them and defer payment and interest until 2/1/09 at which time I would be able to pay off the cards in full. They told me they did not work with consumers regarding this and gave me a number for a counseling service. This is not what I asked for. Do you know why Washington Mutual would rather have their card holders claim bankruptcy and default on their balances than work with you?

Banks have loaned way too much money to too many people in the past and now Read the Entire Post >

Enlisted a debt solutions company and have been sending almost $400.00 every month for 7 months thru direct debit. Company will not return my phone calls or answer mail. What should I do?

If you cannot get someone at your debt solutions company to respond to you, that is inexcusable Read the Entire Post >

I have $25k in cc debt that a got from a divorce. A debt settlement co. made the offer of paying it off in 18 at $750/mo. I can pay about $1,500/mo or more. My credit score right now is 710. How much will it get hurt if I sign up for this program?

It depends on the type of debt relief program you use. Debt settlement will Read the Entire Post >

after paying your debt settlement can your credit be built up again?

Sure it can…It just takes time and budgeting discipline. The speed with Read the Entire Post >

Hi, I have approx 30k in credit card debt between my wife and I and am looking to see (cont)…

…if we can compile all of our debt into 1 debt settlement program rather than Read the Entire Post >

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