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Home >> Manage Your Money >> Debt Management
In a 'Ton' of Debt: What can we do?
My wife and I have good paying jobs, but are in a ton of debt. We make our monthly payments and have a home (not enough equity just yet). Her credit score is in the mid 700s, mine is in the upper 600s. We are not late on our bills, and we are current in our mortgage. We were wondering if there is any way we can pay our debt down. Are credit counseling or debt relief programs worth it? I have approximately $90,000 in debt. Is there any program you can think of that may help us?
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 If you go to a not-for-profit credit counseling agency they may be able to assist you by having your interest rates reduced while you pay them, and they pay your creditors. Some of the other agencies take more from the paying customer than they can afford. In both cases, it may harm your credit rating as you want creditors to settle for less than you agreed to pay.
Is there a magic consolidation loan out there? No, and if you have no home equity or other assets to pledge, the chances are slim for a large loan. It may be that you try the non-profit, or keep paying, paying as much as you can to the highest rates first, and don't charge or buy on credit unless it is an emergency.
Published on BankingQuestions.com 11/24/09
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