Financial difficulties

Can anyone suggest any advice?
friend can not pay her bills. can she pay a small amount every month?

Re: Financial difficulties

She should look into a debt consolidation company?

They're the ones who would roll up all the debt and figure out a monthly that would work for her.

Keep in mind it will knock down her credit score...but so will not paying at all!

Re: Financial difficulties

Did she try calling the companies? Are they cc?

Re: Financial difficulties

she will have to try to work out a payment plan with the creditors, like a hardship program, where they shut down the line of credit, charge no interest and an agreed upon payment.

if she cannot do that, debt consolidation companies will not help. Because in order to qualify for one of those programs, you need to be able to pay your bills. You need to have "disposable" income to set aside every month to pay into the debt consolidation program.

Steer clear of debt settlement programs. They claim to reduce your debt 40-60%, but they do this by having you not pay your creditors for months on end, while you put a set amount of money in an escrow or trust account every month. Only until enough $$ has accumulated in that account, will the reach out to one ofyour creditors to settle. by that point, you've not paid anyone, wrecked your credit, harrassed by collectors, etc.

if you friend truly cannot pay, bankruptcy is probably the best option. Its not the worst option and better than a debt settlement company.

Re: Financial difficulties