Ask Terry Questions Bankruptcy


By Terry Savage on January 22, 2023 | Credit/Debt

Hi Terry,
I have overwhelming debt and have been only able to afford minimum monthly payments on my bigger card debt. I have been on time with all payments and I have a good credit rating however I’m seriously considering filing for bankruptcy. I was able to transfer a small amount to a 0% interest card which helps temporarily. I’m in my 50’s and am not able to get a second job at this time. How damaging would it be to my credit rating? What other options do I have for reducing this debit? Thanks

Terry Says

Immediately contact the National Foundation for Credit Counseling at 80-388-2227. That will connect you to the nearest local office. You can trust their advice! They are either free or very low cost. If you can avoid bankruptcy and maybe work out a payment plan through them, they will do that for you. Or they will refer you to a bankruptcy lawyer.
Either way your credit will be impacted, but the high interest rates will eventually destroy your ability to pay, so better face it now.
Please write back and let me know how your session goes. They will do it in person or over the phone.

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