I'm looking to help friends of mine with some advice, or at least push them in the right direction. They are snowed under by debt right now. If I calculated everything correctly there income is 5300 while their bills total 4500 per month. So they are not negative at least, but this is before expenses like groceries and gas.
Their house is fully tapped plus they still have around 81k in debt. I have heard of the Consumer Credit Counseling Service, but am not sure exactly sure what they do and can do. Is it true they help you reduce the total of what they owe?
My friends came to me for advice, because I am debt free. Because of that, I really have no idea what to do with uncontrolled debt. I have showed them how to reduce payments by $400/mo and reduce the debt by 25k. (Basically sell a vacation time share) Beyond that, I'm a little stumped. Any ideas, suggestions or at the very least a good source to find some info?
Their house is fully tapped plus they still have around 81k in debt. I have heard of the Consumer Credit Counseling Service, but am not sure exactly sure what they do and can do. Is it true they help you reduce the total of what they owe?
My friends came to me for advice, because I am debt free. Because of that, I really have no idea what to do with uncontrolled debt. I have showed them how to reduce payments by $400/mo and reduce the debt by 25k. (Basically sell a vacation time share) Beyond that, I'm a little stumped. Any ideas, suggestions or at the very least a good source to find some info?
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