Fed Financial
i need help with my current financial situation please...?
Hello everyone, I hope all is well and everyone enjoyed their Thanksgiving with their friends and families. I am running out of options in terms of trying to get an unsecured loan for $50,000 to cover all of my unsecured debt. I am seriously debating whether or not I should join a dmp. I have a good credit score (between 700 and 720 from the 3), I have never been late on anything in my life, and I have a 76,000 annual income. My problem is I had a recent tragedy in my home, it caught on fire and my insurance didnt cover the interier. I had just purchased the home and 2 days after closing the fire occured. I have now managed to get right around $45,000 in debt from credit cards and personal loans. I am afriad to join a DMP because I care a lot about my fico score. Also, what happens to the credit cards that I have? Do they cancel them so I cannot use them? I wouldnt want that to happen, I would at least like to keep one of my cards with a $0 balance open in case of emergencies. I have currently been paying approx $2,000 a month towards credit cards/loan and I have a mortgage of $1920 a month which my roomates contribute to $1000 of that monthly. Can anyone please give me any positive/negative insight in terms of joining a DMP and if fingers point the right way can you please recommend a well known DMP? Thank you for reading this post and I hope everyone has a wonderful holiday season!
Public Comments
- You won't be able to open any new lines of credit, and I'm sure that they will freeze your current accounts so that you can't use them. I think it depends how long it will take you to pay off the debt. A temporary hit on your credit score is probably better than bankruptcy or defaulting on your mortgage, which are just about the worst things you can do and would take 10 years to correct. Also beware of lumping this debt into a Home Equity loan, if you do you will have to count on staying in that home for a very long time until the value goes up or until you pay it down. I did this 2 years ago, and I'm kicking myself for it. I wish I had done a debt management program instead. Additional: The company that carries my HELOC recommends this website http://www.cccsatl.org/ I used their credit counselling service, but not the debt management program.
- Avoid the dept management plans at all cost. There are no good ones out there. The worst ones can actually make your situation far worse due to the fees and inability to execute what they promise. The good ones at best only make you feel a little better, but don't actually help. Your credit for mortgage purposes takes the same hit that you would get for filing bankruptcy. The absolute best plan is to sit down for a day, write out every debt on a card with payment and balance, sort by size of debt, and budget to pay minimum balance on all of them, except the smallest. On this one, pay all you can while living on as tight a budget as you can, till paid off, then move up to the next one. Set up a written budget that makes this happen. Get a temporary 2nd job, commit to it for 6 months to 1 yr. Sell anything you don't really need. Don't close your credit card accounts, and they won't cancel or close these on you either. Simply cut up the cards and don't touch them again. Before you cut up the last one make sure you have a small savings of cash for unforeseen expenses, or have one of your other loans paid off so you could tap it in an emergency. See www.daveramsey.com His plan to get out of debt is simple and works. Unfortunately it takes a lot of discipline. Good luck.
- Check out creditsolutions.com I am currently using them to do debt settlement (not consolidation or management). Check out their website and see if it is for you.
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