Re: Huge CC Debt - Advise Needed

Posted by daniel c (171.75.67.158) on September 28, 2003 at 02:24:36:

In Reply to: Huge CC Debt - Advise Needed posted by Hopeless in TX on September 26, 2003 at 09:43:24:

Do NOT file for bankrupcy or I should say use that as a last resort when there are no other alternatives.

You must get a professional financial coach to assist you. A company called Primerica Financial Services are excellect at this service. There is no point for you to dig yourself out of this mess only to find yourself back in it 3 or 4 years down the road because you never cured the cause of your problem in the first place: undisciplined spending.

That's really the reason why so many people have out of control debt. This 'buy a ton of things now with credit cards and worry about the consequences later' is garbage. You develop very bad spending habits that get out of control very quickly. That's why it's extremely important to commit to disciplining your spending starting right now... start today, not tomorrow.

I think keeping a detailed report of your spending is an excellent idea. An excellent book I read called 'The Truth About Money' by Ric Edelman talks about this in the chapter on getting out of debt.

Try the best you can to reach a settlement or payment program you can handle from any debt collectors coming after you.

It sounds like your in one hell of a spot and it will take you some time to get yourself out of it. I wish I could give you specific help but I don't know your 'entire' financial situation. Please don't post anything too personal. Get yourself a financial coach that's licensed in Texas to help you discipline yourself.

Also, get professional legal assistance because it sounds like legal action has already started against you. It may cost you money but, honestly, it sounds like your going to lose money anyway. At least, if you get legal assistance, you could save more money in the long run. Don't make the mistake of assuming it won't work without at least making phone calls and finding out, first hand, if these law firms can help you or not. As long as you don't sign any agreements, your not committing to anything that you may not understand.

And that's another thing, if your going to pay for legal or financial services assistance, be sure you understand what they will do for you in detail. Don't worry about appearing ignorant or foolish in front of them. If they really can help you, they want you to understand and feel comfortable about hiring them. Don't hire assistance from people who only speak in their own technical jargon and don't use normal words that regular folks can understand.

I can't tell you how many people I know have been ripped off by other people because they 'thought' they understood everything. If you have to have things explained to you 20 times for you to understand, than have it explained 20 times.

I hope this has been helpful. Good luck!

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