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If I understand your question, you are having difficulties making the monthly payments on your credit card debt. Consolidation is not really a good answer because your credit score is probably pretty low right now and if you can get one your interest rate will be pretty high. You also have those credit cards still available and you could (and most people that go this route do) end up running up the credit cards again. Now you have twice the debt and no solution.

There are a bunch of scams out there and a lot of people that will try to rip you off under the guise of repairing your credit. Go with a reputable organization that will help you and not rip you off. I have worked with Consumer Credit Counseling Service for a couple years and they have been great. Check them out at: http://www.cccsintl.org/

They can help you work with your creditors to reduce payments and interest and they have educational information to help you to manage credit better.

Good luck!

Please do not consolidate. It is not free, they will lower your payments by increasing the length of time until you are debt free, and you will take a hit on your credit score. Or they negotiate your debt down after telling you not to pay for awhile adding another hit to your credit score. Student loans are the only debt that can garnish your wages for non payment without taking you to court first. Just list them out on a piece of paper or a spreadsheet and follow the plan. If you work the plan, the plan will work for you.

A. Have a garage sale and sell anything that you no longer need or want.

B.Get a temporary part time job, if you have one, get another.

Here is a plan that can help you. If you work the plan, the plan will work for you:
1. Make a budget. Make the budget a week before you get paid. A budget is not a punishment! It is a tool which will free you from ever having to worry about money again. Put everything in your budget. Especially those annual, biannual, or quarterly bills like car registration, insurance, etc. Give every dollar you are going to bring home the name of where it is going. Add an "emergency fund" category to your budget for 25 dollars and save up until you have 1000-1250 dollars. Your emergency fund will help keep you from getting into new debt because of an emergency. If you can, set up a direct transfer to a savings account for your emergency fund. That way it moves automatically and you don't even have to worry about it. You must cut your spending and live on less than you make.

2.First get current on all of you debts and make no more late payments. Stop using your credit cards immediately. Do not take on any more debt. Credit cards are like quicksand only the death is much slower. Make a list of all of your debts in order of highest interest rate to lowest interest. Use cash only for your spending from now on.

3.Pay the minimum due on all of your debts and then put your extra money towards paying off the highest interest one first. After you get that one paid off, you put the money you were paying on debt #1 (the minimum payment and the extra payment) towards debt #2. That will pay debt #2 off faster. When that is paid off, you put all three payments towards card #3 and that one will be paid off pretty quickly. As an example:

To start :
Debt #1 (highest interest): minimum payment+ extra payment
Debt #2 (middle interest): minimum payment
Debt #3(lowest interest): minimum payment

Debt #1: paid off
Debt #2: minimum payment from Debt #1+ Minimum payment from Debt #2 +extra payment
Debt #3: minimum payment

Debt #1: paid off
Debt #2: paid off
Debt #3:Minimum payment from card #1+ minimum payment from Debt #2+ minimum payment from Debt #3+ extra payment.

That way, you will get them all paid off, on time, and pay the least interest. It will also help towards rebuilding your credit since you will no longer have any late payments. This works no matter how many different debts you may have.

4. After you get all of your debts paid off, add to your emergency fund until you have 6-12 months of income saved up. Put that emergency fund money into a liquid money market fund or into a Bank of America no-risk CD so that if you need the money you can take it out without penalty.

5a. When you have your emergency fund in place, add a category for "fun" to your budget. Save for a holiday, a vacation, a big screen, or dinners out, whatever goal you want. Remember to enjoy your life.

5b. When you have your emergency fund in place, start saving for your retirement. Join the 401(k) plan at work and contribute the maximum. Your employer probably matches at least part of your contribution so why give up free money? Open a Roth IRA and contribute the maximum on a monthly basis. If you start saving for your retirement now, you will probably retire a millionaire.

5c. When you have your emergency fund in place, start saving for your next car. Only buy cars, or other things that depreciate, with cash. Save up for a nicer car. That way you get the interest instead of paying the interest.

You can do it and it isn't as hard as you think. Just follow the plan.

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Debt consolidation is an option, and you should look into it. Just be careful about WHAT you're getting into. Some plans, because of their higher APR rates get you into more trouble than you were.

Also, some lenders look poorly upon it later on. Some institutions believe that it really is a black mark. It will depend upon the types of deals that your particular company or lender work out, and of course, your own individual circumstance. For some with absolutely NO way out, debt consolidation is a welcome option.

Take a good hard look at all the options and plans offered, and don't let a single company pressure you into something you just can't do. Make sure that you're comfortable with the plan offered before you commit to it.

In any case, it doesn't hurt to investigate debt consolidation as an option. It doesn't cost you anything to find out more information about it.

If you want a place to start your investigating, there's information and listings for debt consolidation providers on the page listed below. You'll probably find something of use there:

http://axalda.info/debt-consolidation.html

Know that your income has NO bearing on your FICO score. The score is only in relation to your credit.

I don't think a bank will give you a 25K unsecured loan and even if you found one the interest rate would have to be close to what you're paying now to offset that kind of risk. You would have to borrow against equity in a home, car or retirement fund.

Since it seems you are catch in a Catch-22, I believe your only options are to either pay off the debt with the high interest or file for bankruptcy if you have no assets.

It never hurts to call your credit card companies and try to get your rates lowered. Explaining your situation and/or threatening to close your account may help.

By using services from a debt relief organization you will stop receiving phone calls asking you for money. You will pay a fixed rate amount every month which will never go up. You won't be dealing with your creditors any more. The "debt relief people" will be paying your bills for you, and your credit card company is out.

In truth there are legitimate loans for debt consolidation but not really companies. Most companies doing this are frauds. Just go to lending tree.com or a similar load clearing house site.

Do some careful checking of your numbers. I suspect that the student loan is far cheaper left alone than combined with others. Also 9K od debt is so low you could simply pay it off if you were serious in short order. Consider all alternatives first. "Debt consolidation is nothing more than a "con" because you think you've done something about the debt problem. The debt is still there, as are the habits that caused it – you just moved it! You can't borrow your way out of debt. You can't get out of a hole by digging out the bottom. True debt help is not quick or easy."

Check the link below

Unsecured bad credit debt consolidation loans:

Persons who do not have anything to offer as the collateral or security, can take unsecured bad credit debt consolidation loans. The lenders find themselves at increasing level of risk while giving such loans. The existing bad credit situation and lack of a collateral, make them charge high interest rates and offer low loan amounts to offset the risk involved. But, a person who has a bad credit and cannot provide a collateral has little choice, but to take these high interest loans. At least by repaying these the borrower can rebuild his credit history.

Deciding which bad credit debt consolidation loan is right for you can be a daunting task. Many companies offer free debt consolidation help to those who are cash strapped. It is good to take such advice because the professional expertise of such companies can help you decide better. Again, it's you who will have to be very cautious about the interest rates, repayment period, late payment penalties and other fine prints that come with the bad credit debt consolidation loans. Following the repayment schedule can help you write off the bad credit ratings from your credit history. Read more from: http://www.credit-card-gallery.com/article/198,Get_over_bad_credit_problems_with_bad_credit_debt_consolidation_loans

Hi,

Is your wife being sued? Or are there just threats of a law suite. If you were being sued, you would have already received a summons to appear in court, which sounds like you have none.

If you indeed wind up going to court, you can petition the court for a settlement for Penny's on the dollar. Capitol One will try and get the whole amount and make you believe you have to pay the entire amount, but what they want and what they get are two different matters.

I had an overdue account with Capitol One years ago, and they tried the same scare tactics and wanted the whole amount, I told them point blank, either accept my settlement terms, or you can go to H e – - and kiss my A – -. They wound up writing it off. Stand up to them, there is no such thing as debtor prison, and it is nothing more than scare tactics.

After 7 years, the smear on your credit record must by law, be removed completely.

From the way it sounds, I would proceed immediately with filing bankruptcy. There is always a way to work out the filing fee.

Good Luck, and don't take any crap from Cap 1.

Darryl S.