58k debt on credit cards

[BReBeL]

4 hours ago, Skn_benami said:

Yeah, 40% andariki kudaradu considering their own commitments. But try as much as you can. Also try calling those cc companies and see if you can get interest freeze for 2 months (Try it 2/3 times, pakka evaro okaru agree chestaru). 
All the best bro. Hope you will come out of it soon. 

Thank u bro ❤️

[Aquawomen]

On 11/28/2023 at 5:30 PM, Aquaman said:

calling expert

@Android_Halwa

@vendetta

[stonks_pro]

On 11/28/2023 at 3:28 PM, BReBeL said:

Consolidate chestham ani chala calls from different financial groups like personal loan at 5.99% ani can we believe that ? Emina work out avthunda? Can you guys throw some limelight on this please? Everymonth my salary lo 2k going to pay these cards min only 😞😞

What’s ur legal status? Best is file for bankruptcy 

[Aquawomen]

3 minutes ago, stonks_pro said:

What’s ur legal status? Best is file for bankruptcy 

why bankruptcy anna H1 mida unte assam kada bankruptcy file chesthe

[stonks_pro]

1 minute ago, Aquawomen said:

why bankruptcy anna H1 mida unte assam kada bankruptcy file chesthe

Not sure h1 implications on bankruptcy and future lo GC impact

but let’s be practical, 50-60k debt won’t get cleared by paying minimum payments anytime soon …outside inflation n cost of living ki you won’t save anything for next 5-6 yrs

better come out of that and start new slate, save that 2k that you are paying towards minimum payments,,,of course you won’t get any new loan or credit for next 7 yrs …just live on cash 

[BReBeL]

13 hours ago, stonks_pro said:

Not sure h1 implications on bankruptcy and future lo GC impact

but let’s be practical, 50-60k debt won’t get cleared by paying minimum payments anytime soon …outside inflation n cost of living ki you won’t save anything for next 5-6 yrs

better come out of that and start new slate, save that 2k that you are paying towards minimum payments,,,of course you won’t get any new loan or credit for next 7 yrs …just live on cash 

H1 bro nenu 

[phatposts]

58K is a manageable number. It can definitely be solved.

Depending on your income, expenses, lifestyle, discipline, money management skills - the time period to clear varies. 

Debt consolidation, settlement, bankruptcy - ivanni avasaram ledu antha chinna daaniki. 

Discipline is key. Cheppadam chala easy, implement chese vaadiki telustadi daani value. 

I helped several friends with these kind of situations. I am happy to help. 

High level lo income, expenses, debt on each card, % on that, amount etc. post cheyyi. 

As folks said above, Dave Ramsey methos is better to clear out stuff. 

Several things to implement in parallel.

Cards with low balances, then high interests - while making minimum payments. 

Paina evaro interest freeze annaru - IDK what this is. Assuming its a lock in of interest rate - do it. 

If the interest is too much (like > 14%) - consider selling some stock and pay off the cards. 

As score starts to get better - apply for a card with 0% APR - take balance transfer and pay off the high interest ones. 

Rinse, repeat till you reach the shore. 

Side lo emanna income penche maargalu unte - emphasize on that. 2nd job, gig-econ jobs like uber/lyft etc. If you are on H1B - 1099 vache panulu cheyyaku. Not worth the risk. Spouse ki EAD unte - see if that can be used to help.

Its a tough and rough road - not a hole you cannot climb out of. 

 

[Aquawomen]

15 hours ago, stonks_pro said:

Not sure h1 implications on bankruptcy and future lo GC impact

but let’s be practical, 50-60k debt won’t get cleared by paying minimum payments anytime soon …outside inflation n cost of living ki you won’t save anything for next 5-6 yrs

better come out of that and start new slate, save that 2k that you are paying towards minimum payments,,,of course you won’t get any new loan or credit for next 7 yrs …just live on cash 

how GC impact anna

[yogdenon]

Consolidating loans or credit card debts can sometimes help reduce interest rates and make things easier to manage. I had a similar situation where I was juggling a bunch of different debts, and after looking into consolidation options, I ended up working with a debt recovery Manchester. They helped me figure out a more manageable plan and reduce the stress. It definitely made a difference! I’d suggest checking with a financial advisor or looking into consolidation offers from trusted sources.

[CanadianMalodu]

On 11/28/2023 at 6:28 PM, BReBeL said:

Consolidate chestham ani chala calls from different financial groups like personal loan at 5.99% ani can we believe that ? Emina work out avthunda? Can you guys throw some limelight on this please? Everymonth my salary lo 2k going to pay these cards min only 😞😞

Do you have a line of credit?

[pakeer_saab]

On 11/28/2023 at 5:28 PM, BReBeL said:

Consolidate chestham ani chala calls from different financial groups like personal loan at 5.99% ani can we believe that ? Emina work out avthunda? Can you guys throw some limelight on this please? Everymonth my salary lo 2k going to pay these cards min only 😞😞

58K on CC seems you lack financial discipline unless it came due to some health and critical issues back home

if you have any friend who can lend money to you, you should replace the CC debt with a loan from friend and pay that 2K to him directly, you can probably add 10% APR to your friend.

[pakeer_saab]

On 11/28/2023 at 6:07 PM, HugoStrange said:

Vallu new credit score ni damage chestharu. See how much are they asking u pay in full term. It will be less than what u owe to credit cards, this is because they ask u to default and they negotiate with credit card companies with less than 50% of the value. they make a good profit out of it by destroying ur credit score. Not worth it. 
 

see if u can get a personal loan with a good interest rate and pay it off or use the snow ball method to pay 

 

if u don’t mind destroying ur credit score, stop paying credit card bills and negotiate 30 to 40% with credit card companies urself 

even this idea would damage credit as those companies leave notes indicating the borrower settled the debt with mitigation.

 

[HugoStrange]

3 hours ago, pakeer_saab said:

even this idea would damage credit as those companies leave notes indicating the borrower settled the debt with mitigation.

 

It won’t damage ur credit score ani analedu. Valluku profit avuthundi. If you do it yourself it’s much better

[ManchamKodi]

On 11/28/2023 at 5:31 PM, Aquaman said:

58k ela chesav appu va?

@csrcsr student Mandu, cigrattes , drugs