Mar, Tulsa (11/8/2009 11:43:43 AM)

Take home pay of $9,000 a month? Must be nice. The person can't afford to pay $2,500 a month in credit card? Give me a break. For starters how did that person charge so much that the payment is that high?

That aside, $9,000 minus $2,500 = $6,500 left over for other bills and expenses each month. I should be so lucky. Sorry, D.S., you will get no sympathy from me.

CSA CARES, (11/11/2009 5:15:26 PM)

Debt Settlement is an assertive solution for financially troubled consumers seeking an alternative to bankruptcy. The service is an established industry in Europe and elsewhere in the world yet is still seen as somewhat innovative in the U.S. There is no doubt that Americans desperately need immediate debt-relief options in today’s economy.

Settlement companies act on behalf of consumers, negotiating directly with creditors to facilitate repayment of consumer debts at a reduced percentage of the total amount owed. In return, consumers generally pay a service fee, which may be monthly or a percentage of the total balance owed. Upon completing a settlement program, all of the consumer client’s debts included in the program are “settled,” or resolved with zero balances. Sound settlement companies follow quality guidelines that safeguard consumer protections and offer operational transparency

hefe chango, (11/8/2009 10:48:37 PM)

I have 22 years of experience in consumer credit lending. Your replies are on point. To wit;
#1 If you are current on your credit cards, the bank will not allow a settlement. Imagine for a moment calling your mortgage company and telling them times are tough, how about we pay you 60 cents on the dollar and call it even, or your car loan, while you are current? That won't happen.
#2 If you stop paying your credit cards, late fees and interest rates increase dramatically. Then if you "settle" the defaulted, increased balances, all of your creditors who did settle and not sue you will report your history to the credit bureaus.
#3 Then with defaulted loans that were only partially paid back, "legally settled for less than the full balance" credit report parlance, imagine your bank loan officer's thought about lending you his or her bank's money for a house, car or even another credit card for the next eight years. The cost of credit would increase drastically.
It would be tough, but you could drastically increase your payments on the debts and become debt free and a desirable future credit applicant. Good luck.