Ms. Need Of Advice!

November 12th, 2009 by Questions

I haven`t paid my credit cards in the last 5 years. I know I owe $15,000 to $20,000. I stopped paying because I wasn`t working and when I did, I wasn`t making enough to pay back. I have a good job now and I`m ready to pay back and fix my credit. What should my first step be?

Posted from: Ontario


One Response to “Ms. Need Of Advice!”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

The first thing you should do is create a monthly budget, so you can identify how much you have available to dedicate to repayment each month.

Next you will have to determine how much is owing to each creditor. This may involve going through your own records, or perhaps calling each of the companies who you originally held the debt with.

Once this is done you are in a position where you can determine what is necessary. If you have sufficient to make payments directly to the creditors then great, if not you may have to consider looking into a debt settlement program through a credit counselling outfit or even the filing of a consumer proposal through a licensed trustee.

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