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Credit card debt
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amother
Indigo


 

Post Sun, Jan 12 2020, 9:53 pm
For years I paid interest. One day I decided no more. I try to be careful it's easy to swipe but debts accumulate quickly. Pay off monthly or just spend what you have and don't use a cc
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amother
Natural


 

Post Mon, Jan 13 2020, 8:44 am
amother [ OP ] wrote:
Hi, I know this has been discussed before, but I really need some advice. I have a huge amount of cc debt, over six figures. I looked into debt settlements with the credit card companies. I even met with an agency that would help me settle. The problem is that I don't know how I will come up with the lump sum of money that I need when I make a deal with the credit card companies? My husband and I both work, but I don't think we could put away enough money when it's time to settle. I thought about taking out a loan from the gemach. But I don't have anyone that would co sign for me. Any ideas?


This is what we did. We took out loan from gemach and are paying off the gemach for the next few years instead of credit card interest.
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amother
Vermilion


 

Post Mon, Jan 13 2020, 10:31 am
a gemach was willing to give you an over 6 figures loan? I believe that's what op is talking about.
I personally have lent two different couples money to pay off their credit card but it wasn't six figures. it was also specific to their situations. I had reason to believe I could trust them and they had a plan how they would pay back
Op do you have a plan on how this won't happen again?
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amother
Lime


 

Post Mon, Jan 13 2020, 10:38 am
OP, you need to talk to credit counselors and to a bankruptcy attorney and see what your options are.

Whether or not you will be able to keep your home depends on the amount of debt, the amount of equity you have in the home, and the state you live in. If you have substantial equity, its likely that they will recommend that you take out a second mortgage, and roll the debt into that.
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amother
OP


 

Post Mon, Jan 13 2020, 12:36 pm
Well the reason my credit card debt got so high is because every card raised their interest rates to almost 20%-26%. That is when the number got so big.
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amother
OP


 

Post Mon, Jan 13 2020, 12:37 pm
Is there any successful way to negotiate with the cc companies to get back a 0% APR? Anyone tried that?
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amother
Wheat


 

Post Mon, Jan 13 2020, 12:42 pm
OP, you desperately need to research this information and the laws of the state you live in on google. You also need to contact an attorney. I have a family member who had an enormous credit card debt because life happens (job losses, etc.) and the interest was something like 25%, they could barely keep on interest payments alone. At one point the interest was in the 5 or 6 figures. They were able to beat the CC companies at their own game, delay payment until the statute of limitations wore off... and they didn't have to pay another penny to the CC company again. How close are you to the statute of limitations expiring on this debt? In most States a CC company cannot come after your home. Which State are you in? Do NOT negotiate with or agree to pay a 3rd party debt collector- BAD idea! They will burn your so bad financially, those debt collector agencies and attorneys cannot be trusted, ever!
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amother
OP


 

Post Mon, Jan 13 2020, 2:17 pm
I'm in NY. And thanks for all your advice.
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amother
OP


 

Post Mon, Jan 13 2020, 2:18 pm
About the statutes of limitations. When does it begin? The cc are still active accounts.
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amother
Lime


 

Post Mon, Jan 13 2020, 2:34 pm
amother [ OP ] wrote:
About the statutes of limitations. When does it begin? The cc are still active accounts.


Consult an attorney. In NY, I believe its 6 years from your last payment. Also CYLOR about whether or not it is appropriate to attempt to avoid repaying monies that you admittedly borrowed.

Also, there are those mythical times that the credit card company slips up and lets it go. But more often than not, you'll be sued before the statute runs.
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