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How Can I Best Resolve My Debt?

By on April 26, 2010 in Free Financial Information

Question: Dear Luise: I currently have $16k in credit card debt on three cards(7k, 6k and 3k). The company I work for has just been bought out and I received a pension from them.  The check was for $9,200(11k-fed. taxes) and I want to use it towards my debt.  I’ve seen so many ads for debt consolidation where 50% of the debt? S.

Answer: Dear S.: Those people make money doing that and some are not reputable. I would first see if I could negotiate my own debt resolution. Write each company and tell them that you have lost your employment and are trying to avoid bankruptcy. Ask how much each one would settle for to close the account. Blessings, Luise

About Luise Volta

Luise’s long life has brought her to being the great grandmother of four teenagers. Born in 1927, the miles in between her teens and theirs have been full of falling and getting up, learning and growing and then falling and getting up again. A normal, though not simple, process. She has had diverse careers in nursing, teaching preschool, interior design, Real Estate sales, insurance adjusting and dairy herd testing. She’s lived in the Mid-west, South and West Coast. Luise is married to the love of her life, Val, born in 1911. Their little terrier, “Rosa,” makes most of the major decisions at their house, (or thinks she does).
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