Question:

Credit card debt and disability?

by | earlier

Before I got ill I was paying off my credit cards every month. After I got ill I was forced to use my credit cards because I couldn't work anymore and needed them to get by. It took 3 years to be approved for SSI and now I'm $12k in debt. I get $576 monthly and no child support for the last few months. When child support starts coming in again I'll be able to make my minimum payments, but I'm at the end of the rope now. I am a proud person willing to pay, just don't know how. Any advice?

Tags:

Report

Answer The Question I've Same Question Too

Follow Question

6 ANSWERS

Sort By: Date | Rating

The problem with my answer is that it does not mean what most people think it does. The constitution allows people to remove themselves of over burboning debt. The process is called bankruptcy. It should be used by those who will have income in the future but don't have sufficient income at the present. Proper bankruptcy requires planning. You sound like you are in the circumstances that make bankruptcy the right choice.
Report (0) (0) | earlier
Don't even listen to the bankruptcy answer.

There are ways to reduce both your interest rate and your monthly payment. A written letter is always best, but you might want to seek counseling first.

At the website reference below, there is a Free Report promoted in the left column that deals with credit management and discusses situations similar to yours.
Report (0) (0) | earlier
Melissa call your credit card companies and expain your situation...you got a big back check when you got your SSI....what did you do w/ that?
Report (0) (0) | earlier
I have the optional disability insurance on all 10 of my credit cards. It costs just pennies per $100 and so very worth it. If I am not able to work then my butt is covered.
Report (0) (0) | earlier
www.creditrepairuniverse.net

call care one debt consolidation, credit counseling services.

consolidate your bills 12k should run you about $500 a month
Report (0) (0) | earlier
You can consult a debt counseling company. They can guide you better as they would first analyze your financial situation and based upon your income and debt would provide you with a debt repayment plan wherein you have to pay only single payment per month.

You can refer to this source of a debt consolidation company named http://ezconsolidation.com for more details
Report (0) (0) | earlier