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/biz/ - Business & Finance

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1435222 No.1435222 [Reply] [Original]

besides bankruptcy, what are some other options for dealing with a large amount of credit card debt that DOESN'T negatively impact my score? (besides paying it with money I don't have, obviously)

I'm currently 25k in the hole spread across 3 credit cards (with 15k still open)... long story, I didn't go on a blind consumer fest... previously my score was 770 but now it's 678.

I have income, but at the moment lets just say I can only make the minimum payments.

any tips?

>> No.1435233

>>1435222
>large amount of credit card debt that DOESN'T negatively impact my score
>previously my score was 770 but now it's 678
I'm starting to see how you ended up $25,000 in debt.

>> No.1435240
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1435240

>>1435222
go in to bankruptcy retard and get it over with now

you dont make enough to pay that back within a reasonable amount of time

that is $5k a year in interest MINIMUM tne longer you put it off

>> No.1435249
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1435249

>>1435233
I never said that; I figured my current fico score might be relevant to the advice.

>>1435240
I don't want to permafuck my credit score for 10 years dude

also I WILL be able to increase my payments overtime, but for the next 3 months it'll be minimum, then probably increase 20-30% every couple months.

>> No.1435357

>>1435249
Bankruptcy is THE best option.
It's counterintuitive, but "doing the right thing" and slowly paying off your debts is actually worse for your credit.
You don't have to go full chapter 7. You can just do a chapter 13 to reorganize and lower your payments if you're hellbent on giving away money.
Bankruptcy exists for a reason; please use it.

>> No.1435366

>>1435222
What is your interest rate on the cards? you can take out a loan and pay them all off with that and get a lower interest rate. go and talk to a bank

>> No.1435390

>>1435357
I -can- pay it off, it will take time, but projected no more than 2 years... I wouldn't even qualify for chapter 7 so what's the fucking point fuckface?

>> No.1435398

>>1435390
Seems like you already have a plan in your head and you're just waiting for someone to say it so you can then say, "I knew it! This is the right plan!" Just do whatever you were going to do before you made this pointless thread.

>> No.1435412

>>1435398
looking for ideas akin to
>>1435366

I'm overlooking something that may make the process easier/some early relief, that's all.

>> No.1435419

Can someone tell me what is stopping students from paying for college with credit cards and then filing for bankruptcy when they finish school? Why even bother with student loans?

>> No.1435430
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1435430

>>1435419
>hello im 18 and have no history with your bank may i take out a credit card with a $80,000 limit please

>> No.1435512

>>1435430
>put off college for 3-4 years
>get a business line of credit
>max the shit out of it
>declare bankruptcy