Before Our Credit is ruined

Budget101 Discussion List Archives Budget101 Discussion List Before Our Credit is ruined

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      Hi Melissa, I would say look for a non profit organization that helps with debt management. They will help you consolidate your bills and help lower your interest rate when the interest starts to climb. I have heard here in the recent months that foreclosure help is coming but have not really looked into that myself.

      I was told one time to let the credit card bills go and save your home. After you have missed a couple of payments on your credit cards the rate will go up then you can consolidate those bills with a debt management company and get the rates lowered and pay off that debt in 4 years or so verses 20 years. I don’t know if you or your husband are able to get another job just for a period of a year or so but that’s what my husband and I are doing just to help pay off our debt faster and it is starting to show promise.

      If you haven’t already exhaust every avenue and write allyour credit cards down, monthly payments and see what will work
      best for you in the job area. My husband is working just twenty more hours a week and it is helping. I am working and going to school so I can’t get a second job at this time.Just some suggestions for you.

      I hope to have helped you a little bit. Danielle

      Suzi McMullen wrote: Sadly, once the foreclosure shows up the credit companies will see it on the report because they review it often. They will probably raise you up the highest
      interest rate they can which in some states is almost 30%! You may find that the savings you get from letting your house go will be ate up by the min.

      payments on your cards going up so drastically. I think you should really re-think this.


      Original Message
      From: Melissa Calapp To: Sent: Thursday, July 31, 2008 12:54 PM Subject: : Before Our Credit is ruined
      We have decided to let our house foreclose, which will ruin our credit.

      Does anyone have any advice on what we should do before it is ruined? We currently have all of our credit cards at 0% and after our credit is damaged will probably not be able to flip them to another 0%. We owe about $25,000.We will be able to pay things off faster this way, as it will save about $1000 a month to move to an inexpensive rental, so we still think it is worth it.

      I’m just wondering if any of you have been there and have advice. Melissa

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Budget101 Discussion List Archives Budget101 Discussion List Before Our Credit is ruined