How to Avoid Bankruptcy
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Posted: Sat Jan 08, 2005 2:50 pm
Post subject: How to Avoid Bankruptcy
Wendy
Date: 10/4/2000 1:10 pm CDT
I could possibly be inheriting some money and want to pay off my credit cards which have already been cancelled. Unfortunately, won't inherit enough to cover the entire amounts. My alternative is bankruptcy as I have barely been able to cover interest only payments. I have heard about 'settlements' that some credit cards offer.
Any advice would be appreciated.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
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Posted: Sat Jan 08, 2005 2:51 pm
Post subject: How to Avoid Bankruptcy
tim
Date: 10/4/2000 10:40 pm CDT
Bankruptcy should be a last resort if you are still able to work and produce income.
Only choose bankruptcy if you are no able longer to work and your debt to income ratio is 3 times what you earn in a year. (there is no science to this, it is the rule that I use from personal experience).
Credit card companies do offer setllements.
Get all three of your credit reports and look them over carefully. Call all of your creditors and set up payments. Offer them as little as possible to settle and save the rest of your money.
There is no trick or secret to credit repair other then self-control. Pay what you owe on time and in full.
Repeat the above statement 10 times each day and it will become apart of your permenant memory. Just 1,2,3,4,5,6,7,8,9 and 10.
With the balance of your inheritance, use it to fund a checking account and only use a debit card from now on.
Keep that Providian or Capital Onwe Card that you will get in the near future only for emergencies.
Invest wisely and repeat the above statement "pay what you owe on time and in full," 10 times each day and your situation will change.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Sat Jan 08, 2005 2:50 pm
Post subject: How to Avoid Bankruptcy
Wendy
Date: 10/4/2000 1:10 pm CDT
I could possibly be inheriting some money and want to pay off my credit cards which have already been cancelled. Unfortunately, won't inherit enough to cover the entire amounts. My alternative is bankruptcy as I have barely been able to cover interest only payments. I have heard about 'settlements' that some credit cards offer.
Any advice would be appreciated.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Sat Jan 08, 2005 2:51 pm
Post subject: How to Avoid Bankruptcy
tim
Date: 10/4/2000 10:40 pm CDT
Bankruptcy should be a last resort if you are still able to work and produce income.
Only choose bankruptcy if you are no able longer to work and your debt to income ratio is 3 times what you earn in a year. (there is no science to this, it is the rule that I use from personal experience).
Credit card companies do offer setllements.
Get all three of your credit reports and look them over carefully. Call all of your creditors and set up payments. Offer them as little as possible to settle and save the rest of your money.
There is no trick or secret to credit repair other then self-control. Pay what you owe on time and in full.
Repeat the above statement 10 times each day and it will become apart of your permenant memory. Just 1,2,3,4,5,6,7,8,9 and 10.
With the balance of your inheritance, use it to fund a checking account and only use a debit card from now on.
Keep that Providian or Capital Onwe Card that you will get in the near future only for emergencies.
Invest wisely and repeat the above statement "pay what you owe on time and in full," 10 times each day and your situation will change.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 1:58 PM
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