Debt Management Program?

[Austin]

Do not I repeat do not utilize the help of a debt consolidation company. What they gloss over is that they will Ruin your credit in the process and rebuilding it will be harder than just buckling down and paying it off.

Here is the long and short of there method. You start paying them monthly all while changing the billing and contact information on the cards to there’s. They do not pay a dime to anyone and you do not receive calls or notices because they are going straight to the consolidation company. Once you are so far past due that the credit card companies have closed your account and are ready to charge it off they call on your behalf and offer to settle the balance for a fraction of the original balance.


Not to mention all of the balances forgiven are taxable as income and the creditors will send
A 1099 to you and the IRS

[HoustonHunter]

Yep, I don’t use credit cards.

What a great contribution for a man looking to get out of credit card debt.

[quackadikt]

Take out a personal loan from someone like Best Egg or Upstart instead of doing the debt relief deal. The interest rate will be lower, your credit utilization will go down(which means your score will start rebounding as long as you can put the cards down), and there will be an end in sight to paying those balances off on an installment loan vs paying a credit card bill.

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[Pintail45]

What a great contribution for a man looking to get out of credit card debt.

The best way to get out of debt is to not go into it

[Atfulldraw]

What she needs is a pair of scissors.

And a book by that guy....whatshisname....it’s on the tip of my tongue...

Somebody help me out here....

[Atfulldraw]

Take out a personal loan from someone like Best Egg or Upstart instead of doing the debt relief deal. The interest rate will be lower, your credit utilization will go down(which means your score will start rebounding as long as you can put the cards down), and there will be an end in sight to paying those balances off on an installment loan vs paying a credit card bill.

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That doesn’t solve the underlying problem.

[Acameron52]

The best way to get out of debt is to not go into it

Some people don’t like honesty. I wast trying to be rude. I’ve had one credit card my entire life and I still don’t like spending anything on it. Keeps me in line!


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[HoustonHunter]

Some people don’t like honesty. I wast trying to be rude. I’ve had one credit card my entire life and I still don’t like spending anything on it. Keeps me in line!


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Has little to do with honesty and much to do with tactfulness, empathy and respect.

If you’ve never had credit card debt I’d expect you wouldn’t understand my defensiveness for the OP.

[quackadikt]

That doesn’t solve the underlying problem.

It doesn't, but it gets you out of the stupid high interest rate quick and makes it not seem like a never ending hole you're trying to dig out of. Then you just have to have the will power to not do it to yourself again.

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[JayB]

As far as spending goes....once the discipline of spending is under control and debt is properly managed, you can budget in more available spending money and spend it on whatever you want. I know for me, a good, operable budget has allowed me more spending money on a monthly basis than I ever had before. We even budget in deer lease $.
You don't need a debt management program. You need a mindset change in how money works. I promise there will be much happiness.

oh look...what is that?

[jaspermac]

First of all, quit blaming it on her....you are a team. Doesn't matter if it happened before you came along

Second, write down everything TONIGHT.

Third, get a plan together and get on the same page. Pay only the needed bills (write those down tonight too) and everything else goes toward debt.

Fourth, spend this weekend going through your crap and start selling stuff. You should be able to sell a ton of stuff you don't need. Put all of that toward the debt

[Throwin Darts]

First of all, quit blaming it on her....you are a team. Doesn't matter if it happened before you came along

Second, write down everything TONIGHT.

Third, get a plan together and get on the same page. Pay only the needed bills (write those down tonight too) and everything else goes toward debt.

Fourth, spend this weekend going through your crap and start selling stuff. You should be able to sell a ton of stuff you don't need. Put all of that toward the debt

This is great advice right here.

[Timemachine]

All she needs to do is pick up the phone and call the credit card companies. They will reduce the amount owed which reduce the monthly payment. Debt Consolidation is a "scam for profit". I have seen many people help themselves by doing this. Both my wife and sister along with several friends did this an the results was great!

My wife did this at the realesate colapse in 2006. She got to keep the cards, not ruin her credit and credut report shows "account opened since 2005".

[Lungbustr]

Take out a personal loan from someone like Best Egg or Upstart instead of doing the debt relief deal. The interest rate will be lower, your credit utilization will go down(which means your score will start rebounding as long as you can put the cards down), and there will be an end in sight to paying those balances off on an installment loan vs paying a credit card bill.

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First of all, quit blaming it on her....you are a team. Doesn't matter if it happened before you came along

Second, write down everything TONIGHT.

Third, get a plan together and get on the same page. Pay only the needed bills (write those down tonight too) and everything else goes toward debt.

Fourth, spend this weekend going through your crap and start selling stuff. You should be able to sell a ton of stuff you don't need. Put all of that toward the debt

These two together seem like a really solid plan. Are yall committed? If so, just get it done. Then refer to my post above.

[Timemachine]

Fourth, spend this weekend going through your crap and start selling stuff. You should be able to sell a ton of stuff you don't need. Put all of that toward the debt

Best advice on the whole thread. And forget Craigslist or garage sales. Do it on Facebook. We have had FANTASTIC results with this! F/B selling is the newest rage!