What should I do about my debt?

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What should I do about my debt?

Postby fayard2012 » Thu Jun 21, 2012 8:24 pm

I need some helpful advice. I'm in a bit of credit card debt and student loans debt. I'm also recently married. My debt does not bother my husband. It does, however, bother me. I would like more financial freedom to help with our household needs.

I've been told not to consolidate my credit. I am now considering filing bankruptcy. I will be consolidating my student loans through Sallie Mae but I would like to get my credit card debt under control.

My cards are all in good standing, they are just maxed out. This happened because I lived on credit cards while I was in school because my paycheck went towards rent, utilities and gas for my car. I know there are other people in the same boat.

Any suggestions would be greatly appreciated.

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Postby NYC_Dweller » Fri Jun 22, 2012 10:01 am

Fayard -

How much debt are we talking about and what is your income to debt ratio? I want to note that your husband needs to take your debt seriously and it should bother him. A large debt can hinder mortgage, rent and auto insurance. These are things a married couple needs to understand and be on the same page.

Bankruptcy should be your last resort and it is to be discussed with your husband since your debt and discussions will effect him.

Consolidating your student loans are a great idea. This lumps up your payment into one manageable bill. As for CC debt, try to get a loan from your bank to pay off all the CC bills. This will also lump up your payments into one. The bank may offer a lower interest rate by setting up electronic auto pay.

By doing the mentioned 2 steps you will only have 2 bills to manage.

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Postby FastSRT8 » Fri Jun 22, 2012 12:02 pm

Good points made. To be able to assist further, more info as requested is required.

Bankrupcy should be your LAST resort.
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Postby DavidNY » Fri Jun 22, 2012 3:02 pm

Bankruptcy isn't likely to wipe your student loans, so you have to figure out if its worth doing just to wipe the credit cards.

If you could get a 0% BT card that would be great, though banks are reluctant to give lines of credit to people who max out their cards. If your husband has good credit perhaps he could get a 0% BT card (like the Citibank Platinum Select) and fill that credit line with your high-APR card balances.

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Postby 432521 » Fri Jun 22, 2012 3:50 pm

I thought that even if you file for bankruptcy your student loans would still have to be paid. Is this the case for just the government loans or private student loans as well?
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Postby NYC_Dweller » Fri Jun 22, 2012 9:30 pm

also what to add -

even though all your cards are maxed out they are still in good standing. bankruptcy shouldn't even be in consideration.

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