Credit Card Debt Help??

Question

Okay, I have $2,885 between Citi and Discover Card. I am 20 years old and a full-time college student. These credit cards are in collections now and I called the collector for citi and they wont settle for less then $200 a month and I called Discover and they won't settle for less then $114. I have said to both the people I spoke with that I am in college and in a time situation and there answer was, I understand I am a full-time college student as well. So then I looked for someway to get manageable payments and I found http://www.cccsatl.org/ . I filled out the info and they sent me a packet of information and I would be paying 84$ a month and 29$ goes to discover, $40 to Citi, 5$ for an operating fund and 10$ for an adjustment, so 15$ will go to CCCS. There also is a 120$ start up. Should I go for this CCCS service or what should I do, I need some direction on how to pay this off and afford college. Thanks for the advice.

Answer 1

My understanding is that CCCS is the one legitimate service of this type.  I'm surprised by the fees involved but I know someone who did this years ago and it worked out well for him.  I can't imagine that you'd be able to get any sort of loan with both these accounts in collections so I'm not sure there's any alternative if the credit card companies won't work with you.  

Hopefully, someone who has dealt with CCCS will be along with better advice for you.

Good luck.

Answer 2

Hi,

I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:

http://ub0.cc/63/h

Answer 3

Get yourself a student loan for $3,000, pay off the credit cards, pay off the student loan when you graduate.

And I hope you learned your lesson, and don't ever get another credit card for the rest of your life.

Answer 4

If Citi and Discover agree to these terms from CCCS....sure you should accept it....It beats being taken to court.

Now the not-so good news: Once you complete their program, your creditors will note your accounts as paid charge-offs...This is still a very negative notation on your credit files.

Answer 5

You can try and inquire about other service available might there you can get a better deal before going for CCCS.

Here is the source of a debt consolidation company named http://ezconsolidation.com for your reference.

Answer 6

There are places to help you but I don't know where you are. Bankruptcy  threats can sometimes change a lenders tune QUICK!!

Answer 7

I'm not familiar with CCCS service, so I can't speak to it directly.

However, there's a good article at eHow on steps to take to begin tackling your debt.  Take a look at it:

http://www.ehow.com/how_2326032_avoid-es...

How to Stop Escalating Debt

It includes information on companies that can help you with debt consolidation and reduction.  

You can also look here for tips on earning some extra cash online:

http://www.ehow.com/how_2254361_money-in...

How to make money on the internet, scam-free

Lastly, here's an interesting alternative to conventional lending...getting a "social networking" loan from Virgin Money (from the same folks who run Virgin Airlines):

http://www.ehow.com/how_2310995_student-...

Social Loans from Virgin Money

Hope these help.