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I Am Barely Scooting By Paying My Bills. – Carla

I owe just under $22,000 in credit card debt. This consists of several cards ranging from $5000 down to $600. I am one month past due on my first mortgage and several months past due on the 2nd (which is an equity line of credit) Right now they are reviewing for modification of the second.

The first mortgage modification has been denied. I pay high interest on most of the cards. with my Chase cards they lowered my interest rate to 6% and automatic payments come out. I pay a total of about $700 to all the credit cards monthly, and the minimum in most cases.

I own (or pay on) a commercial rental that probably has a resell value right now of $125, I have decided that I can sell it but I want to make a profit, so I want to sell it for $170 and see if anyone bites.

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The rentals pretty much pay for building. I bought it for $95K in 2004 the year my sixteen year old died in a motorcycle accident. He had money in a trust fund from an accident he was in when he was 5. His dad died in this accident.

I used this money for the down payment, owner will carry at 7.5% . I am not sure which way I want/need to go to remedy my financial situation. I make about $2600 a month take home. the mortgage is $1155 a month. Right now I am current with all credit cards. I have eliminated the house phone, the direct TV and pay the bills before almost eveything, If I have an expense like tires, (which I just did) it throws everything off and I end up being late and paying late fees on a credit card or two.

I am barely scooting by paying my bills and I cannot get the credit cards paid down. I cannot borrow on my 401K because I already have a small loan out. I do not know if I should be doing debt consolidation, bankruptcy or what.

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I feel like I am drowning in debt and cannot get on top of it. I need guidance on how to attack my financial mess. i haven’t done a whole lot of changes as far as not paying up until now because I do not want to make the wrong choice.

I am not sure of the consequences each option will come with. Can I do debt consoidation myself? I have thought of just stop paying my credit cards and saving the money then trying to negotiate on my own behalf but not sure how to go about that and if that is a good idea. Please help with advise. Thank you

Carla

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