If you are feeling low and having a bad day, worried and stressed about your debt, then you might find a moment of humor out of reading the experience of the person below that had a worse day than you.

These real stories always make me shake my head and make me appreciate that while things might feel bad right now, they could always be worse.

Steve

“Today, I saw a letter from Geneseo that invited me to apply to the honors college. Excited, I wrote the required two page essay on how I am organized. I then saw the strict deadline was March 15th. My little brother thought it would be funny to hide my mail. For the past seven weeks. “

Source: daremetobecooler

Read the full article at GetOutOfDebt.org, click here: daremetobecooler

This article from the UK sadly demonstrates how debt is debt around the world.

Debt is now the number-one problem for people in Wales, new figures from Wales’ Citizens Advice Bureaux showed yesterday.

It is the first time in the CAB’s 69-year history that mortgage debt problems have become its clients’ main concern.

Mounting fuel debt and rocketing credit card, store card and charge card debts in Wales are also revealed in the 2007/08 Citizens Advice Cymru report.

To add to the misery, CAB volunteers say there is growing anecdotal evidence that despite Government calls for lenders to offer more help to householders faced with the nightmare of repossession, the exact opposite is happening in Wales with lenders becoming ever more aggressive towards those in mortgage arrears.

The report reveals that mortgage-related and secured debt loan problems in Wales have rocketed by 60% in just 12 months, overtaking benefits and tax credit-related issues as the number-one problem in Wales.

There were 105,544 debt client issues in Wales out of a combined total of 292,177 client issues last year.

And while credit card debt enquiries across England and Wales as a whole have dropped by 4% in the past year, within Wales alone the CAB has seen requests for help with credit, store and charge card debts jump by 19%.

Jonathan Edwards, head of public affairs for Citizens Advice Cymru, said: “While in more affluent areas people have been using credit cards to buy luxury items, which they are now foregoing, the situation is very different in Wales.

“Here, where incomes are much lower than those in England, people are using credit, store and charge cards to pay for everyday items, including mortgage repayments.

“We also have anecdotal evidence that lenders are becoming much more aggressive in terms of repossessions in Wales, despite all the fine words from Government about hoping for the exact opposite.

“Citizens Advice Cymru welcomes the statements made by the UK Government requesting that lenders view repossession action as a last resort.

“What we need is action to ensure that lenders do everything in their power to keep people in their homes.”

There are also growing fears for the health and safety of thousands of people in Wales who are unable to afford to heat and light their own homes.

Across England and Wales as a whole the CAB has seen enquiries about fuel debt rise by 11%.

And in Wales alone that figure rose to 16% in 2007/08, with some 3,500 people unable to pay their gas and electricity bills.

“With the onset of winter we expect that figure to get much worse,” said Mr Edwards.

Fran Targett, Director of Citizens Advice Cymru, said: “With over £1.4 trillion of debt circulating in the UK economy, the number of debt cases dealt with by the CAB service in Wales has been increasing year on year.

“The fact that debt-related cases is now the number-one issue for our clients is testament of the increasing money-related problems faced by individuals and households in Wales.”

The CAB is now campaigning for financial inclusion to be more of a priority for the Welsh Assembly Government.

“There is a clear case for financial inclusion to be pushed up the political agenda in Wales,” said Ms Targett.

“We look forward to responding to the forthcoming Government of Wales Financial Inclusion Strategy and making the case for such a structure via the creation of a National Money Service for Wales.”

Meanwhile, the Nationwide Building Society has just announced a three-year partnership with the CAB.

Its £3m investment will fund the recruitment and training of 1,300 volunteers at more than 400 bureaux over the next three years who will provide financial education training and advice on money matters across the UK.

David Harker, chief executive of CAB, said, “Nationwide’s support means that bureaux will be able to reach hundreds of thousands of clients in their local communities with financial education sessions and advice on money matters.”

Source: Debt is number-one problem for people in Wales

Other Related Articles to Read

• Searching For a Debt Consolidation Loan or Credit Card Counseling Service
• In this economy, layaway is in vogue
• Brits Urged to Deal With Their Debts. Pay Off Credit Cards to Help Economy.
• Root Canals and Appendectomy Were Expensive and Landed Me in Bankruptcy. – Ray
• I Was Told to Max Out My Credit Cards Before I Go Bankrupt. – Adrian
• Teresa Writes In And Asks “What Should I Do Next?”
• daremetobecooler
• Should I Take Money Out of My IRA to Pay My Credit Cards? – David
• Terrance Says His Debt Problems Are Worse Than Anyone He Knows
• So You Have to Use Your Credit Card In An Emergency – Personal Finnance Bloggers Question of The Week

Read the full article at GetOutOfDebt.org, click here: Debt is Number-One Problem for People in Wales

90 percent reduction
I received a Macy’s Visa back in 2005 that I didn’t even recall applying for. The credit limit was $5,000. Nevertheless, I didn’t use it until this year. I had planned a trip to Disney in Florida and wanted to use it then. I called to activate it and found out that my limit was reduced to $500. How drastic was that?!
– Patricia S.

Bruised credit scores
I am 49 years old and have been employed since 1993, when I graduated from law school. My wife and I have lived in the same home since 2000. Neither my wife nor I have any late payments on any obligation we have had over the last 10 years or more. We do, however, have a good deal of credit card debt, very nearly all of it at 4.99 percent interest or less. Our annual household income is over $90,000 and our total monthly debt payments, including my student loans, our credit cards and our mortgage, is about $2,400. My wife’s credit score was about 720 and mine about 690.

A few months ago, Bank of America advised rather abruptly that it was cutting our cards’ credit lines by a total of about $30,000. This increased our credit utilization ratio rather dramatically, and it has begun affecting our credit scores. My wife’s score has dropped by more than 50 points and mine by an even greater amount. In turn, I believe other credit issuers will begin cutting our credit limits. We just received notice from American Express, for example, that my wife’s card limit through them will be cut by over $5,000. No doubt actions such as this will further depress our credit scores.

As a consequence of their actions, my wife and I are seriously considering severing our relationships with Bank of America and American Express. Although this sounds like the proverbial cutting off of one’s nose to spite one’s face, I don’t know what else to do to express my displeasure with these companies other than discontinuing their opportunities to profit from my patronage.
– Doug H.

Bankrate.com did a story on Friday (sorry for not getting to this earlier) highlighting some of the same stuff that I’ve been pointing out here for weeks. More and more customers are experiencing credit-limit reductions and account closures. Over the course of the past few weeks, Bankrate.com readers have been chiming in with their own credit-card tales. Many of their stories will seem familiar.

Click Here for totally free debt help, advice and answers.

Read the rest here: Credit Card Horror Stories: Tales of Credit Limit Reductions and Account Closures

Other Related Articles to Read

• Soon, Where You Shop Will Control Your Credit
• Daniel Writes In – “How Can I Get Out of Credit Card Debt?”
• John McCain Has Bad Credit Card Rates
• Credit Card Companies Are Coming For You. Protect the Wife and Children.
• Sears, Home Depot May Lose 8% of Holiday Sales on Credit Limits
• YOUR VIEW: Charles Merlis
• Humor: US Solves Credit Crisis, Credit Cards
• Searching For a Debt Consolidation Loan or Credit Card Counseling Service
• Jax Is Looking to Refinance And Has Some Questions
• Retail Store Credit Cards: How Many = Too Many?

Read the full article at GetOutOfDebt.org, click here: Credit Card Horror Stories: Tales of Credit Limit Reductions and Account Closures