Do I Try to Pay Back Credit Debt or Use Debt Management Program. Around 80,000& I Am Deeply behind.?
Question by giniblue: Do I try to pay back credit debt or use debt management program. Around 80,000& I am deeply behind.?
Firstly, because of medical issues, I got far behind in paying my credit debt. so now the interest alone on the debt is unimaginably high that I couldn’t keep up. Do I use debt management program or do I pay back debt paying the highest interest first? If I do this, I will be behind with the other creditors and so the cycle continues. Help. I am desperate. I have around 80000 credit debt ( I realize that is a lot) but we used to have very good credit rating until I had my medical issues and had to miss work.
Best answer:
Answer by blue
There are several good debt management companies. I recommend speaking with Catholic Charities or Lutheran Social Services. I have seen good results from those companies.
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I’d go with management program.
Or can you sell something or refinance a house to pay back the 80,000$ in debts ?
Good luck !
Medical debt is a credit killer, no doubt about that. Its a shame. Check with credit counseling first. It should be free at first. Or if possible try to arrange payment plans. Most medical will do that. Cant you get some kind of assitance from your state, you may want to check into that as well. I watched a Jay Leno one night he said his mother-in-law spent 3 months in a hospital in England, he said he’d cover all expense’s so give her the best, you know the total bill came to $ 4,500. I went into an emergency room 2 months ago for 2hrs my bill was $ 1,200. good luck.
I am sorry for you, I too am in this same situation. Medical problems and me having been the breadwinner in the family and I have not been able to work in over a year. I am an RN and this has hurt us so much, well you understand. I am in the process of bankruptcy, not something that I EVER wanted to do, but I see NO way to pay back the money. We are trying to file chap 7, we would get to keep the house and the car, as long as we can continue the payments. Other than that I don’t know what to do, credit consolidation you HAVE to have a stable amount of money coming in every month to be able to do the program, I don’t have that, I have nothing. New Mexico has denied me 2 times for SSD, being a nurse I cannot do the work I would be required to do. I have RA and I fell last yr and fractured my back. Good luck to you, it will be what it will be in the end. God bless
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creditboards.com
If you have a money source such as home equity , a relative, or a 401k, you should use debt settlement. If not, you should file bankruptcy. Debt management will be a long torturous ordeal for you.