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View Full Version : 39000 in debt!

firewoodman
06-19-2009, 06:59 PM
I owe 19000 on amex and another 20 on my bmo mastercard.

I only net about 2000 month and have no other assets, and i am paying 500 interest on the two cards each month.

what do you think would be best a comsumer proposal or debt settlement.
Canadian
06-19-2009, 07:38 PM
What are the intererest rates on both cards? Have you talked to AMEX and MC to lower your interest rates?
trent
06-19-2009, 07:44 PM
If you can pay your debts when they are due, then you are solvent, which means that consumer proposal is not an option. If that's the case then you can either try getting a debt consolidation loan, or you can go for debt settlement.
firewoodman
06-19-2009, 10:12 PM
I heard a proposal get's rid of 75 percent of the debt, and debt settlement is only around 40.
Canadian
06-22-2009, 01:42 PM
I'm not sure if you can reduce the principal by 75%. Where did you read that?
trent
06-29-2009, 08:13 PM
I heard a proposal get's rid of 75 percent of the debt, and debt settlement is only around 40.

Any progress with that? Have you decided which way to go?
firewoodman
07-03-2009, 04:26 AM
I got them to reduced it to 5.9 till payed off. T:D:eek:hat way i still have great credit.
Jason
07-06-2009, 08:51 PM
I got them to reduced it to 5.9 till payed off. T:D:eek:hat way i still have great credit.

That's great news! Did both BMO and AMEX reduced it down to 5.9%?
Canadian
07-09-2009, 02:08 PM
There will be more cases like firewoodman in the future, and this will hurt the profitability of the Canadian banks immensely.
trent
07-13-2009, 03:19 PM
I got them to reduced it to 5.9 till payed off. That way i still have great credit.

That's great. The question is would any financial institution be willing to lend you money in this economic environment?
Canadadebtleads.ca
10-31-2009, 06:06 PM
Can you tell me how exactly you got them down to 5.9%? I'd be interested in hearing how.
francisford
11-04-2009, 06:10 AM
firewoodman, can you share how you got that big a debt? I just thought sharing your experience and how you got to owe that much money will help a lot of us avoid similar situations.
trent
11-05-2009, 06:07 PM
$39K is nothing. I personally know people who borrowed over a million, and one of them already lost his precious high-paying job.