I am recently separated from my husband in 2007, I had to run to another state for protection, and without a job i started charging and charging. So now I have $25,000. in debt and no job. I am 1/2 owner of the condo i am in, but cant take a home equity cuz I am not divorced totally yet. I cant afford the $700. a month payments….what should I do.
I cant afford the $700. per month payment……..can i negotiate it down, since i will have to default if i dont get it reduced.
I certainly understand how you got in this situation and I’m sorry about it. Getting out of this debt situation isn’t going to be pretty but once it’s over, it’s over.
My biggest concern before we tackle the debt is that you have no job. Once the credit cards are cut off, and they will be, how are you going to care for yourself? What’s the income plan?
Historically situations such as your own often wind up in bankruptcy. Without any reasonable expectation that you will be able to repay and with income only sufficient to take care of yourself, it is doubtful that any money will be leftover to repay this debt.
These accounts will continue to build the balance up as long as you can’t pay at least the minimum payment and creditors are not interested in reducing your balance to give you a chance.
If you are not able to pay these credit card bills you will wind up in collections. I want you to know that is coming but don’t make any payment promise you can’t keep. If you have to say that you can’t make a payment right now, that’s fine. It is what it is.
Instead of using energy worrying about the debt, take that energy and try to find a job first. Income is the critical component in your solution.