What is the best way to payoff or settle my $80,000 credit card debts and bank debt?
Two months ago I maxed out all my credit cards and opened an unsecured personal loan because I needed cash for family emergency. Now I have approximately ,000 debts from credit card companies and bank (all unsecured). After one month, I couldn’t afford to make the payments. For my situation, I don’t think I am able to payoff all the debt. What are my options now? When would the credit card company sue me? Can they garnish my salary? If the debt transfer to collection company, how much can I bargain off for a lump sum payment? Should I settle the payment myself or go to debt consolidation company? How many years the bad record would stay on my credit report?
I live in California. I’m working full time with ,000 annual salary. The only property I own is a free-and-clear car (2007). I might able to borrower ,000 from my girlfriend if a lump sum payment is offered.
Please answer as much as you can. Your help is much appreciated. Sincerely thanks.