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I am drowning in credit card debt because i became disabled and had to use credit cards for daily expenses, medications etc. I have over 100K in debt other than my house and have wiped out my savings and retirement accounts. I draw Social Security now. Is there an answer besides bankruptcy?

Hello, sorry to hear about your situation. Unfortunately, it is all too common these days given the state of the economy and healthcare expenses. (…)

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If I am planning on purchasing a house in 18 months and chose to do the “debt settlement” what are the chances in being able to get a house and with a decent interest rate. I have 30,000+ in credit card debt and I am only 27 yrs old HELP!!!!!!!!

Hello, unfortunately you should not plan on being able to do both. (…)

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What if my debt problem includes not only credit card debt but a foreclosure as well?

Hello, the two problems, credit card debt and a foreclosure are typically handled by seperate types of debt relief entities. (…)

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What would you recommend for an 87-year old widow with an outstanding credit card debt of slightly more than $11,000 and no assets. She has been paying off this bill (and adding nothing to her credit card) since the death of her husband almost five years ago. For some time she paid the minimum, but more recently as the minimum has dropped, she has been able to pay slightly more. Now she is in a nursing home. Her income is modest (social security and a very small pension); assets are now down to less than $5,000 and will be depleted in short order by her need for either a nursing home or assisted living. In fact, she is applying for financial assistance. Two lawyers have recommended that she simply stop paying the bill since there is nothing they can go after. There is a concern, however, with harassment of this fragile elderly woman from bill collectors. As the relative handling her financial affairs, I feel horribly uncomfortable at simply not paying a bill. Do you have any suggestions?

This is a difficult one because you really have to decide for yourself what’s best. (…)

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I have been paying around $1,000/month with almost 20% APR. Then they put me in a program where I am paying $661.00/month with 2% APR. My problem is that I could no longer pay that amount and I would like to know what will happen after I stop paying? They told me they would put me back to the 20% APR and if I still do not pay, they would give my account to a collection agency. I know this will affect my credit score, but since I could no longer pay $661.00/month, what can I do before or after they give my account to a collection agency? I need an advice on what to do?

Unfortunately, if you already reduced your payment from $1000 to $661 and still cannot keep up with the credit card debt payment, you probably need to seek professional debt relief help before the problem gets worse. (…)

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the collectors want $ 7103.03. I am willing to pay 4000.00 in 10months. Is that to hard to negotiate with the collectors?

Go for it. Contact them and see what you can do realizing that you will get extreme resistance from them so it will take a lot of phone calls back and forth. (…)

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I am overwhelmed by my credit card debt. I am still able to pay my minimum payments plus some to the principle of the card. I am not making any headway and have already cut up my credit cards. What is the next step that I should take.

You have already taken a huge first step by cutting up your cards. I assume you already have yourself on a very strict budget however, if you do not, that would be the next step. (…)

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10 months ago I started a business with someone I thought I knew well. Now he’s run off with all my $, the company profits and a 10,000 investment my son put up in May ‘07, plus he ran up $8,000 woth of debt on one of my credit cards, and I’ve also had to use some of my credit cards to keep operating, until my cc debt is now approaching $10,000. AND if things don’t improve dramatically in the next few weeks I’ll have to close up shop. What do I do to deal with the cc co’s without ruining my credit?

Sounds like there are 2 issues, one is dealing with your former partner and deciding if you should take legal action against him and for that you obviously should talk to the police and a lawyer. (…)

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My credit card debt has been charged off and now a collection agency is harrassing me for payment. My contract is not with them, but with the credit card co.

When you fall behind on your payments, credit card companies often use 3rd party collection agencies to try and retrieve the money for them. (…)

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how can I lower this debt bill since the credit card Co adds $200 finance fee every month - I pay ahead of time

Credit card companies have tricky ways of imposing finance fees. (…)

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I keep getting these Bank Of America “CleanSweep” loan offers of up to $50k at “non-variable” rates. However, I’ve read a lot of negative things online about this. My bank is BoA, and I was thinking this might be a great way to consolidate two large credit cards at a lower rate… but not if they just jack me for no reason down the road. What do you know about this?

Hello. (…)

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How much a month can I expect to pay to pay off credit card debt of about $17,000?

Hello. Actually you will have to discuss your specific credit card debt reduction numbers with a debt help company. (…)

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