Credit Card Debt Payoff

**acraftycat** · 10-20-2008, 11:20 AM

Hi

Has anyone every used any of the credit card debt payoff companies & had good results.
Liz

**Greebo** · 10-20-2008, 11:31 AM

THey tend by and large to be a ripoff, will ruin your credit, and do nothing you couldn't do on your own with just a little time and a lot less money.

**acraftycat** · 10-20-2008, 12:08 PM

Hi

Thanks for the reply that what I thought. Someone did say on another list that they did it and it worked out great for them I wish i wrote down the name of the company. Another friend told me she talked to a company and the price was outrageous. I asked the man that called me on the phone how much and he didn't answer but said we can reduce what you owe by 50%.

Liz

**Greebo** · 10-20-2008, 12:11 PM

Well the first question I would have to ask is - what do you owe and why do you owe it? To reduce what you owe by 50%, if you are able (eventually) to repay it, to me smacks of potential immorality. If you borrow money, you should repay it. There are cases where you legitimately can't, but they are extreme circumstances.

Would you be willing to share a little more information about your circumstances?

**acraftycat** · 10-20-2008, 01:22 PM

My husband lost his job and we are living on one income I may be losing my job soon too.
Liz

**Greebo** · 10-20-2008, 01:54 PM

Then the best thing to do right now is get on a priority based budget and, if you have to, just stop paying the credit cards *FOR NOW*. Call them and tell them the situation. They'll piss and moan and pitch a fit, but they are not the priority. Your priorities are food, basic clothing, shelter, utilities and transportation, and if you're out of money before you get past those 5 and down to the creditors, then too bad for them. Put them on hold until you can start paying them off again w/o starving.

You might want to read "The Total Money Makeover" by Dave Ramsey, as well. It has a lot of good input on how to budget, deal with creditors, and eventually get out of debt, FOREVER.

**acraftycat** · 10-20-2008, 03:14 PM

Thanks

I will check out that book.

Liz

**rowdy35** · 10-28-2008, 07:06 PM

I agree that you don't want to use one of those companies. Definitely get a copy of the Total Money Makover from your library. the info you will need is in there.

I hope that your husband found a new job or something temporary and that you guys have a back up plan. good luck !

**acraftycat** · 10-29-2008, 10:21 PM

Thank you for your post I will check out that book. He still isn't working jobs are hard to find here. His Sister is moving in with us she is from Florida & has hit hard times too. I think with all 3 of us we will be ok.
Liz Az

**rowdy35** · 10-31-2008, 04:49 PM

that is good. you can always find some type of odd job if you look hard enough or take a part time job or two. I do weddings and party on the side and I advertise on Craigslist for free. Try that ! you can mow lawns, pet sit, eldercare, babysit, cook meals, help someone with their home office, etc. There are a million things you can do to get by in the meantime. hang in there !

**Gardengal18** · 10-31-2008, 05:31 PM

Why pay someone or some company to do exactly what you can do yourself? I agree check out Dave Ramsey's Total Money Makeover.

**larabelle** · 11-02-2008, 07:55 AM

I agree check out Dave Ramsey's book it is most excellent and will really assist you in getting your finances ready for the coming storm which you are about to encounter.

**rowdy35** · 11-03-2008, 12:44 AM

Gardengal made a good point, they CHARGE for their services which is kinda counter intuitive to getting out of debt...

you can do this on your own.

**phoeny_moonstar** · 11-04-2008, 09:33 AM

Good luck on doing this on your own! It'll be hard but there is a lot of good information out there and in this website that will certaintly help you on your way!