The Motley Fool Discussion Boards

Previous Page

Personal Finances / Credit Cards and Consumer Debt

URL:  http://boards.fool.com/credit-card-debt-best-approach-30303802.aspx

Subject:  Credit Card Debt - Best Approach? Date:  10/6/2012  9:56 AM
Author:  BossGman2 Number:  306009 of 308452

I have a nephew that like many Americans has had the job of 70,000 - 95,000 a year. He had accumulated on 2 seperate credit cards a total of near 50,000 in debt. He has a total income now of 52,000 per year. With other expenses related to living he is in a jam. Most likely he will not improve his income salary for the next 5 years due to his situation.

1. What is the best approach? Credit Card Companies will not work with him.

2. Legal help then what does he file?

3. How does that impact his ability to go forward and purchase a 8,000 to 10,000 vehicle he needs? He is using one that is 15 years old now so he has the sacrifice part down.

4. How will this affect his future employment opportunities if they do a credit check?

5. Can debtors get his 401K, home if not paid for, car worth 3,000,no boat, no other property,

Need your input
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us