- Joined
- Dec 25, 2001
- Messages
- 1,139
Thanks for the many replies to the previous thread. I'd thought I'd update you folks as to what I did. I know many have gone through this kind of situation before and there might be a few that are headed down the wrong path.
I contacted a debt management company that's been around since the late '80s. Since I'm in Pa, theres no service fees, which is good. I spent a great deal of time on the phone with one of their counselors. At the rate I was going, it would take me 50 years to pay down the debt and I would fork over 4 times as much 'til it was over.
They basically took over my accounts and I pay a set payment to them every month, which was over half what I pay now. If I make the minimum payments, I'll be clear in 5 years, but with the new job (better pay and benies) I want to do it in three or less.
Because much of the debt was medical bill related, I could have gone to an attorney and done some radical things to eliminate the debt all together, but I feel an obligation to make good on my debts, but until high interest, late fees and various other charges are applied, I would have been better off using a loan shark for my lending needs.
steve
I contacted a debt management company that's been around since the late '80s. Since I'm in Pa, theres no service fees, which is good. I spent a great deal of time on the phone with one of their counselors. At the rate I was going, it would take me 50 years to pay down the debt and I would fork over 4 times as much 'til it was over.
They basically took over my accounts and I pay a set payment to them every month, which was over half what I pay now. If I make the minimum payments, I'll be clear in 5 years, but with the new job (better pay and benies) I want to do it in three or less.
Because much of the debt was medical bill related, I could have gone to an attorney and done some radical things to eliminate the debt all together, but I feel an obligation to make good on my debts, but until high interest, late fees and various other charges are applied, I would have been better off using a loan shark for my lending needs.
steve