I had written to you a while back but could not find my original so am writing again. i am struggling really hard, i went from having no credit cards until 1999 to having too many, never made a late pmt. but because i was no longer working, disabled, started getting credit cards to live on. in 03, after selling everything i could just to pay minium pmts., i filed chapter 7 bankruptcy with the help of a paralegal and all were dismissed but somehow, ended up doing the same thing again. i’d like to think i’m not stupid but i sure feel like it now, i have over 10,000 in credit card debt, am barely making the minimum pmts. and finance charges are so high, balances are barely coming down. my dream is to not use them anymore, pay them down by 2013 when my bankruptcy comes off my credit report BUT, on the income i have, i don’t see a way. what happens if i just stop making my pmts. all together? i am living in affordable housing as of just last month, have no assets but a 20 yr. old car. i ‘just’ paid this months bills, never late as always but have no money and i see balances coming down maybe 30.00 on each. i kind of feel like i just threw a bunch of money away. thanks.
After reading my background, what would ‘you’ do in this situation?
So sorry to hear about the cycle you are in. The easy advice would be just to say stop spending money you don’t have. I have a few questions that I’d like for you to answer in the comments section below.
What keeps drawing you back into this cycle?
What kind of stuff do you spend money on that lands on the cards?
What do you do for a living?
Are you underpaid for what you do?
Do you have a lot of stress in your life?
Do others consider you to be depressed?
Do you have any kind of emergency fund or savings account at all?
Stopping payments really isn’t an option here. The last thing I’d want to see is for you to be sued, lose and have your wages garnished. Let’s see if we can’t get you headed on the right path.