Options to Reduce Credit Card Debt.
My husband and I have about 40K in unsecured debt and he got laid off from his job in June. I am still employed but month to month things are really tight. I always make sure that our mortgage and house bills are paid and the credit cards are last in line. So far we are ok and on time but I am concerned that in the near future this may not be the case.
How can we go from here to reduce our credit debt?
The bad news is, you are running out of options. The good news is, you have a few options left to reduce, or eliminate your credit card bills.
Your options are:
Work with a credit counseling organization to reduce your monthly credit card payments via interest rate concessions that the credit counseling group has prearranged with most creditor issuers. Calculate 2.1 percent of your overall credit card balances. If that figure is something that you can confidently manage to pay on a monthly basis until the balances are paid off, I encourage you to contact a certified credit counselor at 888-317-8770.
Speak to a local bankruptcy attorney and learn more about your options with filing chapter 7 where your unsecured debts can be discharged.
If you find that you cannot qualify for chapter 7 and would only be able to file a chapter 13 bankruptcy, or you learn there are implications to filing chapter 7 that you should, or want to avoid, you should look into debt settlement with your creditors.
You can set up a free consultation with a debt settlement professional by clicking here: Consult or by calling 800-939-8357 and choosing option 2.
In that consult you will learn what you are up against with your particular creditors given the balances and policies of each. You will then be able to figure out if you can complete a settlement plan quickly enough for it to be an option worth considering.
One of these 3 options will likely provide you the direction you need for managing these tough financial times until your husband can get back to work.