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$50,000 Debt Consolidation Problem

I have $50,000 of debt mostly from credit cards and some from Christmas. Is it possible to get out of debt quickly and what about debt consolidation companies?

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 ---Alan on 1/7/10
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What can I say - clean the mess up and stop spending monies you don't have.
---Nam on 1/11/10

Trish9863 - Look up the word bankrupt in the dictionary. One who is bankrupt is not able to pay his creditors.

Chapter 13 bankruptcy is not a real bankruptcy. It is merely a way to stop creditors from taking legal action so as to give the person more time to pay. If a person is able to pay what is owed, they are not bankrupt.

When I said bankruptcy is not an option for a Christian, I am talking about a REAL bankruptcy, not a legal way to delay payment.
---Gary on 1/10/10

Gary: Thank you for minimizing my pain. I guess I did not pay a BANKRUPTCY lawyer, and go to BANKRUPTCY court. I do not have my student loans stopped until my BANKRUPTCY is paid off.

Chapter 13 is bankruptcy, because it protects the person from legal action, which is what bankruptcy is.
---Trish9863 on 1/10/10

Bankruptcy is a viable option because it now requires a person to pay off all of their debt, while protecting them legally. ---Trish9863

That's a Chapter 13 bankruptcy which isn't really bankruptcy at all. Chapter 13 has always required you to pay back.

The regular bankruptcy is a Chapter 7, and it releases most debts. That has not changed as far as I know.
---Gary on 1/10/10

Bankruptcy is a viable option because it now requires a person to pay off all of their debt, while protecting them legally.
---Trish9863 on 1/10/10

Yes, pay the debt off quickly and then don't repeat the mistake. Also repent.
---Johnney on 1/9/10

The only way to get out of debt quickly is to pay off the debt quickly.

In my opinion, bankruptcy is not an option for a Christian except in very exceptional cases.

When you borrow, you have made a promise to pay the lender back, usually with interest. When you don't pay back, it is the same as stealing.

Pastors spend too much time preaching tithes and offerings and not enough time preaching good financial stewardship. They concentrate on the smaller 10% instead of the larger, and more important, 90%.

If Christians prayed over their spending, most would have a lot more left to give and help others.
---Gary on 1/7/10

Alan...From Christmas? You must be kidding us. Why would a Christian go into debt for Christmas EVER????
---KarenD on 1/7/10

It's too late to not go into debt as that is my current situation.
---Alan on 1/7/10

have you ever considered not going into debt?
---tom2 on 1/7/10

The only way to get out of debt is to pay what you owe.

A debt consolidation company may help you organise all your small debts into one large one, but it will still need to be paid off.

$50K is a lot of money ... unless you have a high income, it will take a long time to pay off,

Sam's right, cut up your credit cards, & stop apending except on essentials
---alan8566_of_uk on 1/7/10

Yes, you could contact a debt consolidation company. However, you need to stop spending at once. Pay only by cash and don't purchase anything but needs - not wants.
---Sam on 1/7/10

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