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DivaArt

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Sacrificing Credit to get out of debt?
My credit is already crap from bad divorce and short sale of the marital home. I currently live paycheck to paycheck, no saving, no room to save. Question: I am considering only paying the necessities (rent/car/utilites) and dumping the rest of my monthly income into ONE Debt at a time. I could pay off several high interest cards within 3 months, and then move onto the bigger credit debts. Would it be worth it? Would credit companies be willing to put my accounts "on hold" and not receive a payment for several months? If they are not helpfull, what is the worst that could happen? Like I said, my credit is already terrible right now, I just can't afford to live like this anymore. The debt is suffocating

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Top Contributor
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I know the feeling....

I was once where you are now...

Since your credit is shot already, you just need to create your strategy and stick to it.

Highest intrest rates = pay off first, No matter the balance.  Then work your way down and pay off accounts based on their interest rates. Collection items such Medical and utlitity bills  generally don't have interest rates so leave those for last.  In that case save up your money until you have enough to pay off a bill in one lump sum, then you can make "An offer and Compromise" where you offer them so much to remove the negitives on the account and show it as paid

There are many good articles on here about how to do just that or Google it.

Good luck

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