Please Help!!!!!!! SOS.

[karen07]

Hi,i'm here to ask you guys for counseling about my debt.I have a debt approximately 30-ish thousands. And i'm looking for a way to decrease it as low as possible.I want to pay it off,I do,but it's just too hard to do with this economy. I don't want to go bankruptcy because i know i can pay it off,just not all of it.Is there any way i can do that? I have a friend that did it,it went from 30 thousands to 15 thousands.But he moved and i lost his number so. Please help!

[crankbait]

what is the status of the account now? How old is the account? Is it with the original creditor or a JDB(junk debt buyer? Collection Agency).. The best answers to your question would be to spend several hours a day reading on this site to improve your knowledge and trust in your decision on how to handle your debt. I do agree BK is not the answer for a 30k debt. That is a hole that can be climbed out of on a minimum wage job.

[marqedsade]

Karen- While we would love to help, we need a lot more specifics from you regarding all of the debt. You need to provide us with more detail.

[She8itall]

what is the status of the account now? How old is the account? Is it with the original creditor or a JDB(junk debt buyer? Collection Agency).. The best answers to your question would be to spend several hours a day reading on this site to improve your knowledge and trust in your decision on how to handle your debt. I do agree BK is not the answer for a 30k debt. That is a hole that can be climbed out of on a minimum wage job.

 

The minimum wage is $7.25. That's $15,080 a year (40hrs/week, 52 weeks) before taxes. Sorry to get off topic, but do you really think a minimum wage earner can repay $30,000 of debt?

 

I don't.

[cv91915]

Hi,i'm here to ask you guys for counseling about my debt.I have a debt approximately 30-ish thousands. And i'm looking for a way to decrease it as low as possible.I want to pay it off,I do,but it's just too hard to do with this economy. I don't want to go bankruptcy because i know i can pay it off,just not all of it.Is there any way i can do that? I have a friend that did it,it went from 30 thousands to 15 thousands.But he moved and i lost his number so. Please help!

 

First, welcome to the board. You'll get good advice here if you stay and follow up.

 

Second, your personal income and debt situation could make it hard to pay this back, but the economy itself is not the proximate cause. You can't do anything about the economy.

 

Third, if you settle this for 50 cents on the dollar and the debt reports that way it will be damaging to your credit for seven years.

 

As others have said, please post more specifics for advice on your actual situation, and you will get help and guidance. Best of luck.

Edited September 19, 2013 by cv91915

[mk_378]

Among many people who filed BK, their only regret was not doing it sooner... Realistically if you don't and never will have sufficient income to make a budget that will retire the debt in 3 or 4 years, you're bankrupt.

 

As for "how to reduce it," that tactic is called an informal bankruptcy. Stop paying everyone. Don't consider paying unless they're about to sue you and it looks like they might win.

[crankbait]

Personally 30k is not a lot of money if you effectively budget yourself. Bankruptcy is not going to be the cure for the 30k debt. What it will do is hinder you from obtaining the 30k Credit that you were able to obtain now. It is possible with a BK, However, I firmly believe you are better off in the long run making a budget and sacrificing now then in the future. I would venture to guess what your friend did was let all of his accounts fault and then when CA's approached him he settled for less amount. If that is a route you are thinking of taking is some fashion. I would pay off the lowest balance cards first. Therefore the less you have that goes south the better you will be at rebuilding. Nevertheless, I would form a budget that will help you realize what you can, can not, and have to do.