credit counselling?

December 23rd, 2010 by Questions

My husband recenty disclosed to me he had over $80,0000 in charge cards and a
line of credit, we now have a home owners line of credit, and another 20,00.00 in credit card bills came in this week, I have excellent credit, 1 credit card
with approx $200.00 on it, would you
advise credit counselling.
Thank You
Desperate for an answer

Posted from: Ontario


One Response to “credit counselling?”

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

Credit counselling may be an option, but with $80,000 in charge card debt you may find that things are a little more severe than credit counseling can handle. You may want to contact a licensed trustee and look at the filing of a consumer proposals. This is a little different than credit counselling as it allows you to negotiate a settlement off the principle of your debt where credit counseling is typically going to pay things in full. However, the consumer proposals has the same impact on credit as credit counseling, so you will likely find yourself further ahead (i.e. same impact on credit but costs you less).

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