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We don’t wish to escape our responsibilties. We prefer to pay off the debut rather than declare bankruptcy. We are considering a Consumer Credit Counseling service proposal to pay off the debut in 5 years with huge payments. It would not be a loan. They negotiate lower interest with the card companies. Will this hurt our credit big time? It is going to be tough on my small retail gift business. We won’t be able to have credit cards. Is this smart?

6 Thoughts on What is the best way to eliminate credit card debut if it is too high to pay off in my lifetime? I am 54.?
  1. Reply
    x60157
    January 13, 2013 at 10:18 pm

    Sounds good to me, especially because it was suggested by the credit counselors.

    With debit and check cards, you don’t need credit cards.

  2. Reply
    cookie
    January 13, 2013 at 11:18 pm

    It sounds like you answered your own question. Good luck!

  3. Reply
    pinkpicklebox
    January 13, 2013 at 11:32 pm

    no credit cards its very smart you wouldnt be where you are now if you hadn’t had them in the frist place.

  4. Reply
    dlbalderston089
    January 14, 2013 at 12:19 am

    A lot of these consumer credit counseling companies claim to be non profit, leading consumers to believe that there is no charge for their service. This is not the case. They do charge you for their service. The first thing I’d do is find out how much. You can actually do the same thing for yourself ( negotiate with your creditors ). The other thing you should know is that under settlement programs the creditors have the right to report the write off amount as income to you on a form 1099. This will mean that you will be responsible for paying taxes on that amount of debt which is forgiven. Very rarely will they reveal that to the prospective client. I think you should consult a bankruptcy attorney before committing to any course of action, so that you have all the facts. People make mistakes. That is what bankruptcy is for. You shouldn’t be ashamed to take advantage of it if you must.

  5. Reply
    miss fortune
    January 14, 2013 at 1:01 am

    # 1 stop using them.. you can do it thru the service you mentioned or on your own, pay the most you can afford each month, if you cannot afford more than the minimun on most of them , fine, pay the minumun on the ones with the lowest finance rate and pay over the minumun as much as you can afford on the highest rate until its payed off, then move to the next highest one and pay over the minimum on that one till its payed off and so on, but in the meantime do not use any credit, if you dont have the cash , dont buy it, budget ! good luck !!

  6. Reply
    george_the_cat
    January 14, 2013 at 1:51 am

    Just file for bankruptcy. You’re going to have to do it when you’re 65 anyhow. To hell with the credit card companies…they rape their consumers…

    30% interest.

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