Question: I am desperate! Has anyone had any positive experiences with a credit counseling service? I tried Consumer Credit Counseling here in Oklahoma, but they were just insulting. I owe 12,000.00 in credit card bills and don’t know if I should file for bankruptcy or try another credit counselor. My bills are around 2400.00 a month and I only bring home 1600.00 a month in pay. I don’t know what to do . I thought this might be a good place to start. I have cut my monthly living expenses to the bare minimum, and still can’t pay my bills. Pleas help! BTW, this isn’t my webtv I am using. Didn’t want you to think I was wasting money on internet service. Thanks for all your help in advance.
Answer: There are a couple of good books by Jerrold Mundis, who is involved with Debtors’ Anonymous. “How to Get out of Debt, Stay out of Debt & Live Prosperously” and “Earn What You Deserve”. Also, there are good shareware programs that show you how to attack your debt and restore your credit. Check Shareware.com. Finally, do your homework before going bankrupt. You’re probably looking at Chapter 13, and in most districts, zero payout plans are pretty unpopular, so you’re going to be committing to a long road of payments in order to get those debts discharged. It might be better to simply try to negotiate on what you’re faced with now … what you don’t want is high, punitive interest rates to keep clicking along while you pay only the interest or just a little more. Then, down the road, you’re going to be just as bad or worse off. That may militate toward bankruptcy, or a CCS-negotiated plan. But boning up on the subject will help you decide for yourself without listening to anyone who has an interest (attorneys are in it for their profit [albeit under professional responsibility constraints], and CCS’s are paid by your creditors).
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