Best advice, please.?

I have a 1998 nissan altima that runs good, but i couldn't meet up with my credit card payment, and i went double over the approved credit by late payment and finance charges. I'm now planning to sell my car, buy another cheap car, and use the balance to pay off some of the debt or bring them back to original status, can somebody advice? thanks

keep the car- quit charging -- and start paying everything you can toward reducing your credit card debt. you can dig your self out of this hole. good luck

Doubtful you'll get enough by selling to pay off the debt. Stick with the car you have, put some extra money toward your balance each month - never, never, just pay the minimum payment. You get further in debt as the finance charges can build up quickly. It's always best to keep a close eye on what you are charging. Go to the credit card website, & register so you can watch the balance. Good Luck

If you're that far behind call your credit card company and find out who you need to talk to about a settlement. If they think you're at risk for filing bankruptcy they will often settle for 25-50% of what you owe them and then close your account. So if you can come up with at least half of what you owe this may be a great way to be free of it forever and put this behind you. There are tons of companies out there that are willing to help you settle your debt but will often charge you 10-15% of your debt amount being settle as their charge for doing it. So you end up paying back 50% to your creditors and their fee on top of that.

The amount of $ that the credit card company discharges (the difference between what you owe and what they settle for) may be sent to you for your taxes this year as a 1099. You'll then have to report it as income and pay tax on it. Which sucks but you'll be free of your credit card trap and it'll probably be worth it. Then you can get back on the road to making your payments on time for everything else. Within afew years you credit will begin to rebuild and you can requalify for a better car, a house or whatever life brings you then.

Best of luck.

The cars worth squat. You're headed for a "charge-off" on your credit card. Your credit is shot right now. It's a very bleak situation for you from poor financial management. Good luck. z