Posted on: 21st Sep, 2009 02:35 pm
I can afford my mortgage,but have some $50K in credit card debt.It is really hard to pay all and have enought left to live on.I have tried working with the credit card companies and some are great and some are horrible. The horrible ones I want t o stop paying and the nice ones I can work with.What should I do ? pay cards or mortgage? and what are the ramifications for not paying my cards?I do not want to file Bk as I do not want to lose my home.I have two kids and I am single.
Hi samson,
If you stop paying your credit cards, the credit card companies can sue you for the debts. In my opinion, it would be better if you could contact a debt settlement company and try to settle your debts. You can check out the debt settlement programs offered by them. These companies would negotiate with your creditors and try to reduce your outstanding balance by 40%-60%. Once you get a settlement agreement with your creditors, you won't be further harassed by your creditors and collection agency. Also, it would help you in avoiding judgment, wage garnishment and other legal actions taken by the credit card company.
If you stop paying your credit cards, the credit card companies can sue you for the debts. In my opinion, it would be better if you could contact a debt settlement company and try to settle your debts. You can check out the debt settlement programs offered by them. These companies would negotiate with your creditors and try to reduce your outstanding balance by 40%-60%. Once you get a settlement agreement with your creditors, you won't be further harassed by your creditors and collection agency. Also, it would help you in avoiding judgment, wage garnishment and other legal actions taken by the credit card company.