How do I handle credit card debts that I cannot pay. Now Iam a full time mom and I work part time. ?

Question

I know I have to pay it back but how much will the creditors get on such a low paycheck.Say I make 370 bi weekly how much legally are they entitled to? this is about 14,000 in debt. Please help and be gentle on me.

Answer 1

Omg.....whoa! Do you think you can apply for a zero percent interest card? Do you have a husband that can help you?  

Answer 2

Try credit counseling.   Check here for one near your:  http://www.nfcc.org/.  These are legit, non-profit credit counseling companies.  They can look at your finances and advise you how to proceed.  They have debt management programs available for a nominal fee.

If you have $14K in credit card debt, it doesn't sound like you can afford to only work part time.  Maybe you should look for a full time position or a second part time job to get this debt paid off.

If you default, the credit card company or the collection agency may very well take you to court.  More creditors are going to court for much smaller amounts.  When they win the judgment, they can attach your bank account, garnish up to 25% of your wages, and lien your property.

Answer 3

You might have to consider consolidation.

Answer 4

Contact your local Red Cross for a referral to the local Consumer Credit Counseling Services (CCCS) in your area. They can negotiate much lower payments and interest rates.

They will require you to stop using all credit and to cut up your cards. Your credit report will be updated to "enrolled in debt management." This does not damage your credit, but it may make it impossible to obtain new credit while you are enrolled in their program....so don't use this service if you anticipate applying for a new apartment, car loan or mortgage anytime soon, as you would probably be denied while you're enrolled in the CCCS debt management program.... Otherwise, it can be a very good way to deal with your debt.

Please note that CCCS cannot perform miracles in situations where there is an overwhelming level of debt relative to your income/assets. Sometimes Chapter 7 bankruptcy is the only solution to overwhelming debt. Don't let anyone smear or guilt-trip you for making this decision if you have to...especially all the people who like to quote Dave Ramsey who think that BK should always be avoided....this is ridiculous advise that only benefits credit card companies...Of course BK should be avoided if at all possible...but sometimes it is needed. Do what's best for you and your family. Corporate America uses BK all the time and no one slams them.

Just remember that you can only file for Chapter 7 once every eight years....so if you file, you won't be able to discharge your debts again for eight years, even if you find yourself in a worse financial situation..

STAY AWAY from any debt settlement firm you see advertised on cable TV or the Internet...they will only make things worse for you.

Answer 5

Take bdancer's advise and all the very best!  

Answer 6

http://giving.has.it

you can get much information in this website, If you will check anyone blue link in website.

Answer 7

Cut up the cards now and set a budget.  How many cards do you have balances on?  Keep paying at least the minimums on all of them, but throw anything extra you can to the smallest one until it's payed off, then take all of that money plus the next minimum payments and throw it towards the next highest debt.  Cut out EVERYTHING you don't need to survive-cable, internet, phone, magazine subscriptions, netflix, etc.  Start using cloth diapers.  Clip coupons and stockpile.  Cook at home from scratch.  Go to http://www.frugalvillage.com/forums  Most of the people on these message boards are in the same predictament, and can be very very helpful.  Read Dave Ramsey's "Total Money Makeover" and the Tightwad Gazette.

Answer 8

can you atleast pay the minimum balence?

Answer 9

Knuckle down with a written budget and a second or third job. Pile as much money as you can find in your budget on the debt.

Cut up and cancel the cards.All they are good for is getting into debt with. They are designed  by banks to get you into debt and keep you in debt. Just like the almighty fico score.

If you play the credit card game. You either pay interest and fees or you ride on the backs of the people that are talked into  worshiping the almight fico score to make it in todays world and get in over their head or the single mom just trying to make it and get in debt.