In Excessive Debt

You are on the right track, and you have NOT added any debt. GREAT!!! If you keep on this way, one day they will all be paid off and you will be DEBT FREE!  I would list all debts with the lowest balance to the highest.  When you make additional payments, make it on the lowest one first; then when it's paid off, go to the next lowest.  It will really feel good to see the number of debts going down as you pay them off.   Trust me, I've been through it.  Settlement would affect your credit rating.  Good luck to you in getting out of debt.

If you have the money to double and triple the payments on the credit cards and you are not purchasing anything in the next couple of years you could be out of debt in 12-36 months.  At $61,000 of credit card debt it will take you 19 years and $187,000 to pay it off.  These figures could be lower depending on interest rate and the amount you are paying every month, but the point is it will take many years to get out from under it.  In the mean time your credit report is weighed down by this debt load and your chances of getting anymore credit could be slim.  If this is true then the high credit score isn't doing you any good anyway.  You have to address the debt load.  By going the debt settlement route you could be saving thousands of dollars by reducing the debt considerably, getting out from under it in only a few years and having professionals handle the situation.  Before doing this though, do your due diligence and keep a few things in mind when considering a company: 1. Check out their Better Business Bureau report.  2. Make sure they are full disclosure, will they tell you the good, the bad, and the ugly?  Also, will they let you see the agreement first before signing?  3.  Do they have attorney services to help you through any legal situations?  These are some of the things to keep in mind when choosing the right company.  There is good help out there, just make sure you are checking them out first.  I hope I have given you some hope, if you have anymore questions, please feel free to visit my personal profile. 

I see Sandee works for a debt settlement company.  Just remember, they can't guarantee how much of your debt, if any, they can save you; in addition, the money you would be paying them could go towards your credit cards without hurting your credit score. I also have a moral problem with trying to get out debts one incurs.  You can call the credit card companies yourself, if you get where you cannot pay your bills,  I I hope you research this further before you make a final decision.   Good luck on whatever path you choose.

No debt settlement is not for you, it is a last step before bankruptcy.  The only thing I would suggest is seeing if you could get a loan to consolidate the debt at a lower interest rate.  Using any type of debt consolidation service (even ours) will show on your credit report and if you can keep up with the payments and pay them off yourself at an accelerated rate then that is best.

A great amount of debt, with which you can’t cope, can affect your family and physically, and emotionally. But, on the flip side, spouses who are financially unburdened are often much happier. If people have being gotten rid of problem together they’ll still be together and even leave better in future.