What is the best way to get rid of this debt???
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Posted by bigtimedebt (4.46.51.246) on November 18, 2002 at 00:43:39:
Let me begin by stating that I made a big mistake. My debt was incurred through reckless behavior and now I am in a bad situation. I have recently come to my senses and want to make the right decision for my financial well being. In a nutshell, I was unemployed, very depressed, and completely overextended myself through the use of multiple Platinum Credit Cards that I acquired through lieing about my income. I have $30K in debt and have recently become employed. I do not make a whole lot and it seems all the more depressing to have to give it away to a credit card company (although the debt was created by my own stupidity). What I perceive to be my choices:
1) Pay whatever I can until it's completely paid off in about 8 years while I struggle to get myself back on my feet. 2) Use Debt Consolidation or a hardship programs with the creditors and pay it off within about 5 years while accepting some negative remarks on my credit report. 3) Use Charge-Off or Bankruptcy to get out of debt and start over because it is just too overwhelming and accept the negative credit rating for the next 7 years. My Questions:
1. How serious are Charge-offs and bankruptcies to someone who might be looking to get a new car or a home in the next 3 years? 2. What is the difference in how it affects my chances to buy a car or home when it comes to the negative remarks a debt consolidation company causes to the negative remarks of a charge-off or bankruptcy? 3. What is your advice on how to handle this current debt problem in order to live a fuller richer life from this day forward? Thanks.
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