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We Are Getting Further Into Debt and Not Sure What to Do. – Karen

Married, with two small children. We are both over 40 with about $75 k credit card debt. Both employed FT. My husband and I both have a large amount of credit card debt…. I have $40k and he has $35k. We can make our minimum payments and we are not behind, but we have no left over money at the end of the month for necessities and we end up using credit that we just paid off.

I don’t see away out… We do of qualify for consolidation loans. We are afraid to file bankruptcy. We don’t want to lose our home. Should we work with a company that will charge us to manage the bills so we can have one lower payment per month? We realize this costs more in the long run, but we don’t know what else to do.

Karen

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We Are Getting Further Into Debt and Not Sure What to Do. - Karen by

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  • Find the Peace

    here’s another thought. i just figured this out. i pay my cc’s and i’m broke and then guess what? i have to use cc’s for the things i need, and that keeps me in debt. if you’re paying cc’s with everything you’re making a month, what are you saving? i’m gonna regret trying to hang onto these cards when i’m 70 and pushing a shopping cart around mirror lake and sleeping on park bences. believe me, i have cried, but my sister says you are more than a number. they put all this stuff out there to entice you to buy. look at all the commercials on tv. i thought memorial day is about all the fighting men and women that gave up their lives for us so we can be free and live the american dream. it’s not about Sears scratch n dent sales and free shipping.

  • Find the Peace

    i have too much cc debt also. i called about the consolidated program. i have to give them about the same amount i’m paying now. what good does that do me? my sister told me the consolidated program stays on my credit for 7 or 10 years. it’ll still take me 5 or 6 years to pay it off. that’s a long time. you can file bankruptcy and LIVE your life. i feel so guilty about letting the cc go, but they’re all about making money. they don’t care about us. i know people that filed bankruptcy and never ever took another cc again and were much happier. anyway, she said the 1st cc they process automatically takes 150 points off your credit score. your credit is no good. might as well file bankruptcy. it’s not much of an option. it’s easier to get credit if you’ve had credit before than not had any at all. i believe in this website. you can rebuild your credit better than ever and i know i’ll be a lot smarter about it. i think there is more forgiveness on cc’s because of this economy we are dealing with. you don’t need the credit, only for cars. just make do. buy used, shop for deals. KEEP your money. those companies will be here long after we’re dead and gone. Bible says we are slaves to the lenders.

  • Karen

    Thank you everyone for the responses. I did find them to be very beneficial. I appreciate the time you all took to help. It is indeed very hard to know what is legit and what is not as most of you have said so I set up a meeting with a counselor recommended by Mr. Rhode.
    Thanks again, Karen

  • Deidre’

    Hi Karen, Please let me start by saying that you are not alone! Millions of Americans find themselves in exactly the same situation as you and your family. I am a financial consultant and help people everyday who are struggling to make ends meet. I would be happy to help you decide what is your best option at this time. Please be aware that there are hundreds of companies that may contact you please be careful because if they are a legal company they cannot charge you upfront costs or a monthly fee for their services. I can say that based on the information you provided I would not recommend bankruptcy at this time. If you would like to contact me I can be reached at [email protected]. I do not charge for my consultation.

    Good Luck…Deidre’

    • http://GetOutOfDebt.org Steve Rhode

      Not putting bankruptcy into the mix at this time would be irresponsible for any financial consultant. Why avoid bankruptcy? Please explain.

    • http://DamonDay.com/ Damon Day

      Deidre, you are not a financial consultant, you are a debt settlement sales person as sure as the day is long.

      You don’t know anything about her situation to tell her to stay away from a potential option at this point.

      Credit counselors charge monthly fees which you have also advised against.

      So based on knowing nothing about Karen’s situation, you have told her to avoid basically everything but the one thing you happen to sell.

      It is a good thing you don’t charge for your consultation because it is clearly worthless. Let me guess, your recommendation is to enroll in your debt settlement plan right?

      The only thing you got right was your warning for her to be careful because there are hundreds of companies that employ thousands of sales people like you to pretend to offer free financial consultations.

      • Deidre

        Damon, I do not know you and you do not know me. I am not a debt settlement sales person. I didnot know that this was a site where someone can be attacked for trying to assist another person. I do not have to prove to you what my degrees are or anything aboout myself except to those who may want my help. This was the first time that I have ever committed on the site and I am not trying to sell her anything. I am not saying debt settlement is a bad thing. But, if you are in that industry it might be and now because of your comments she will probably not get the help that she needs. You are right about one thing as well I do not know her full circumstances so until I did I would not attempt to assume anything.

      • Deidre

        Steve, I only would not recommend bankruptcy until I knew her full set of circumstances. I am very upfront when I do a consultation and I am also very honest if bankruptcy is the only option I will recommend that. I would also like to clarify to you since this is your site and I have been told it was a reliable site for information. I am not a debt settlement sales person.

      • http://GetOutOfDebt.org Steve Rhode

        Why not? Bankruptcy is the only legal solution and if you are a financial coach why would you limit telling people about all their options.

        Next thing you’re going to say is bankruptcy is a last resort. If you say you tell people that I think I’m going to have a stroke.

      • http://GetOutOfDebt.org Steve Rhode

        If you want help to become a good financial coach I’ll help you here through the site. What is your website so I can see what you are currently telling people?

        Remember, debt is never the problem, it’s the symptom of the real problem.

      • http://DamonDay.com/ Damon Day

        Well, now you know if you try to assist them by saying things that don’t make any sense and could hurt or confuse them more, I sort of have a hobby of calling people out.

        Why would she not get the help because of my comments? To the contrary, she will probably get the help she needs and be more on her guard.

        So at first you assume BK is not a good option, and now you realize that you should not have assumed that. Well good, so my method is effective then.

        If you are not a debt settlement sales person, please explain this comment

        “if they are a legal company they cannot charge you upfront costs or a monthly fee for their services”

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