What is the best way to eliminate credit card debut if it is too high to pay off in my lifetime? I a

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We don't wish to escape our responsibilties. We prefer to pay off the debut rather than declare bankruptcy. We are considering a Consumer Credit Counseling service proposal to pay off the debut in 5 years with huge payments. It would not be a loan. They negotiate lower interest with the card companies. Will this hurt our credit big time? It is going to be tough on my small retail gift business. We won't be able to have credit cards. Is this smart?

What is the best way to eliminate credit card debut if it is too high to pay off in my lifetime? I am 54.?

A lot of these consumer credit counseling companies claim to be non profit, leading consumers to believe that there is no charge for their service. This is not the case. They do charge you for their service. The first thing I'd do is find out how much. You can actually do the same thing for yourself ( negotiate with your creditors ). The other thing you should know is that under settlement programs the creditors have the right to report the write off amount as income to you on a form 1099. This will mean that you will be responsible for paying taxes on that amount of debt which is forgiven. Very rarely will they reveal that to the prospective client. I think you should consult a bankruptcy attorney before committing to any course of action, so that you have all the facts. People make mistakes. That is what bankruptcy is for. You shouldn't be ashamed to take advantage of it if you must.

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What is the best way to eliminate credit card debut if it is too high to pay off in my lifetime? I a

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