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Credit Card Debt Problem in NY
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Posted by Mar28tin
(57.68.16.3) on October 28, 2003 at 11:38:16:
I have 4 credit cards with total balance of $32,000. None have been used for over a year and are closed accounts. They are due to problems with home and starting a business that is not generating sufficient cash flow. They are MBNA, Discover and credit union cards. I can't make payments anymore. I'm 2-3 months deliquent on all. I have negotiated lower rates, gotten fees waived, etc., but still struggle. I'm falling behind on mortgage and need to worry about that first and foremost. I have read about debt consol, debt settlement, bankruptcy and don't know where to turn. I'm afraid that I will get wage garnishments, law suits, etc. I need someone to point me in the right direction on what to do and where to go for help and advice. Is debt settlement the best option? What if I simply can't pay anymore? Do I file bankruptcy? THANKS!!
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