Lots of credit card debt, what can I do?

Question

Long story short, I owed about 30000-80000 credit card debt

from gambling.

I been fighting credit card company for a year now, and finally now a court had summon me to go to the court on october 2nd. I don't know what would happen. I have paid off a couple of the credit cards, but I can't paid them all.

What should I do now? Should I declare bankruptchy? Will I

lose my house and my car?

Answer 1

You don't lose your house in bankruptcy - maybe you should look into a consumer credit counseling center - they can negotiate with your lendors and they will work out payment plans on your behalf.

We all make mistakes - it doesn't matter if the bills are from gambling or from spending too much time watching QVC - as long as you're getting help with the problem, the details about your problem are anyone's business.

Good Luck!

Answer 2

no don't declare bankruptcy, this will hurt your credit history as well as credit score, i suggest you should go with credit counseling services.

Credit counseling is a very common form of on-line debt consolidation. It is also known as credit card consolidation. A credit counseling company will be able to lower your monthly payments by getting interest rate concessions from your creditors by contacting them and negotiating for lower interest rate on your behalf.

For your reference http://www.ezconsolidation.com my one of friend had recently consolidated his loan from there to pay all his debt with bad credit, you can try this source may this could help you.

Answer 3

I think you are telling us lies.  30k?  80k?  Pretty big freakin' difference there.  I mean if you said 70-80k that makes sense...but thats a 50k difference.  How can you not know how much you owe within 1k much less 50k?  If they are taking you to court for real though...they will check your tax returns and see if you lied when you applied for your credit card abotu how much you make.  To get 80k in credit cards means you must be making at least twice that in income which if you were, you would be able to pay it off pretty quick.   If you did lie, you will end up in prison for 5 years and wondering if you are going to keep your house and car should be the least of your problems...staying out of jail is what i would be worried about.