For Joel and Marie Holman, a San Diego area couple entering their thirties, the inspiration to attack their credit card debt and eliminate their burdens once and for all came about when Marie (a floral arranger from La Jolla) invested sufficient time one Sunday afternoon to figure out just how long it would take to pay off their current account balances by making the minimum monthly payments suggested by their billing statements. Checking her math three times on different financial calculator programs available free of charge through the internet, Mrs. Holman was shocked to discover that under their existing routine theyd be apt to continue their path of restitution for another seventeen years!
“I know we werent exactly going about things the smartest way,” Mrs. Holman ruefully recalls, “but, still, I had no idea just how long we were putting off the inevitable. I mean, Joel and I wanted to start a family, and we had talked about waiting until we had paid off all of the bills. Obviously, that was doomed to failure, if we went didnt make some big changes to our lifestyle in a hurry.” Both to preserve her husbands income advantages as a self employed photographer (they often collaborate upon the same weddings) and to keep up their credit ratings so as to one day purchase a home, they immediately made the decision to avoid bankruptcy protection if at all possible, but that still left a number of different debt relief alternatives to study.
“I swear, I havent done homework like that since college,” she laughs. “Joel and I figured by the end of the process we couldve been debt relief specialists ourselves. From the start, we made the pledge to avoid bankruptcy so we could get out of this apartment without getting stuck paying mortgage rates nearly as bad as the credit card debt. Turns out, each one of the debt relief solutions besides, you know, just coming up with a boatload of cash to pay everything off all at once had their own negative effect on the scores, but none of them were nearly so bad as filing for help from the government, whether Chapter 7 or Chapter 13. Funny thing, though, Consumer Credit Counseling didnt seem to be a whole heck of a lot better in the long run, and, since it looked like our situation would be a good fit for debt settlement negotiation, we found a firm online with a good reputation and decided to put all eggs in that basket.”
Of course, although theyd chosen a worthwhile strategy and a reputable enterprise to carry out the negotiations, the Holmans true labors had yet to begin. After closing all of their extant credit card debt accounts a must for settlement balance reduction to successfully proceed they further went to work hacking away at their household budget, and, with the help of a friendly and experienced debt relief counselor, managed to arrive at an additional four hundred and fifty dollars a month that should effectively provide full remuneration of their entire consumer debt load in just a little over three years. “Its longer than wed really anticipated,” Mrs. Holman admitted, “but, compared to the alternative, well take it!”
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