| Sorry for the NZR post, but i've searched google for over an hour now and still haven't found what i'm looking for. Hopefully a few of you might have some advice on how to get out of debt. Here's the deal. As of right now i'm between 3-5 months back on pretty much all of my bills. That includes four credit cards (store cards), and two bank loans that total about $20,000. Some of these have already been sent to collection agencies. To combat this debt i've made the drastic decision of moving back with the parents. That's saving me $575/mo + utilities. I've just moved back in, so i'll start to see some positive cash flow pretty soon. My question is, how should I go about dealing with all my debt? I'll finally be able to start making payments again this month, but do I really want to just start making payments? Should I instead try to settle with the companies? Maybe 50 cents on the dollar? is that even a reasonable request? I'm not worried about my credit rating at the moment becuase I already know it's shit. I'm more interested in repairing it and moving towards being debt free. Now before you start saying to sell the Z, i really don't want to do that because of all my bills, the Z loan is the only one i've paid on time every month. I'm down to about $2000 before it's paid off. I figure that i'll be saving roughly $1000 per month my living with the parents. So now i need to decide on which method would be the best way to begin paying back my debt. Of course i could just start making payments, but i figure that since i'm so far behind just settling with them might be better. Thoughts? I've searched the net for info on settling credit card debts, but i've really not found much. Everything i've found are just advertisements for debt consolidators...which i'm also kind of wary of. I've heard good things and bad things.
Mike Butler
1991 300ZXTT Automatic - SGP Stage VI+ ICQ# 32155440 - Work
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17:56:52 11/04/03
