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I have been out of work for 2 years due to an auto accident. I am now back to work but am severly in debt?

Credit Card Debt discussions & tips

I have been out of work for 2 years due to an auto accident. I am now back to work but am severly in debt?

Postby azareel » Thu Nov 07, 2013 10:02 pm

I'm trying to dig myself out of this debt but need more help. I am presently making less than $20,000 a year and need to consolidate my bills but do not know where to start.
azareel
 
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I have been out of work for 2 years due to an auto accident. I am now back to work but am severly in debt?

Postby raulo » Thu Nov 07, 2013 10:10 pm

How much debt?
Is it more than 1 year's worth of income?
Then... consider bankruptcy. (the #1 reason for bk is medical bills).
Get a book from a bookstore and read.

Debt consolidation is somewhat of a myth. No one qualifies.
You need excellent credit and sufficient income to qualify.
At $20,000 a year, I don't even know how you can pay your regular bills.
raulo
 
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I have been out of work for 2 years due to an auto accident. I am now back to work but am severly in debt?

Postby ellmer11 » Thu Nov 07, 2013 10:18 pm

Unless you can get a loan from friends or family, debt consolidation loans really don't exist unless you have great credit and/or collateral. No one bank will take all of the risk.

Sort your bills out. Attack the small ones first. Pay the minimums on everything else and throw everything you have at the smallest one. Once it is paid off, start the process over with the next smallest one.
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I have been out of work for 2 years due to an auto accident. I am now back to work but am severly in debt?

Postby donahue » Thu Nov 07, 2013 10:29 pm

A real consolidation loan is where you get a loan from a bank or credit union to pay off several debts. If you have bad credit you will not qualify for such a loan.
- You don't give a lot of details so it's hard to give answers. If your debts are huge....like at least $10,000 and creditors are taking legal action, then Chapter 7 might be considered.
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