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I am $42,000 in credit card debt. I pay about $1100/month in credit card payments. Most of these are just minimum payments. My paycheck is mainly to pay off these cards where my husband pays everything else. We have recently put the house on the market to pay these off, but the market is so bad, we really can’t count on the money from the house. Not enough equity in the house either for a home equity loan. I have considered debt negotiation, but is that the route you would suggest?

Debt negotiation (settlement) is intended for those who:
1. Have more debt than they can realistically pay down on thier own
2. Have no other means of selling assets to pay down their debt (like you are trying to do)
3. Have already tightened their family budget as much as they can (bare bones expenses)
4. Do not realistically see their income increasing enough to compensate for the growing debt
5. Are being forced to consider bankruptcy but want to review alternatives as well
6. Are unable to borrow at a lower interest rate to pay off the high interest credit card debt
7. Have so much debt vs. income that even a low interest rate will not bring the monthly payments down enough to make a dent in the principle balance

If that describes you then, yes, certainly you may want to learn more about the debt negotiation process (the good and the bad) so you can make an informed decision.

I hope the information on this site can help you….good luck.