lots of cc debt-- what to do

iVillage Member
Registered: 03-26-2003
lots of cc debt-- what to do
2
Thu, 07-26-2007 - 2:51pm
Hello! I have been visiting this site for a few years and never had the guts to post and ask for help. For me my wake-up call was a collection agency calling with legal action threats. My dh makes a good living but we have so much cc debt we can't make ends meet. We are current on our house and car, we have a student loan payment that I'm 3 months behind on, but I still make payments every month. The problem is the credit cards. We've been with a DMP for 2 years now but it just doesn't help, we have several cards not on the program because the payment was so high I couldn't afford to put them on, its been prety much a juggling act for me for the past couple of years, what cards I pay what month and what ones I don't. We are current with utilities and we have to eat, I buy groceries first and then whatever is left goes to bills. We've been living paycheck to paycheck for years. What should we do, for the most part my dh is clueless, he knows that we get calls everyday all day from the cc and thats about it. We have 3 kids and summers almost over pretty soon we'll have to start paying $100 a month for preschool, and dance tuition. If you do bk do they allow you to pay for those kinds of things? I'm not smart on any of this stuff, I really don't understand bk at all, what you have to do, what you pay, what do they take away? Could you loose your house and car? Do they make you sell your house for a cheaper one? I need help and advice. I was about to sit down and start calling some of the cc that are really behind and try to work out something with them so they don't go to collections and then not pay on others. Please can anyone help me? Thank so much in advance.
iVillage Member
Registered: 02-19-2003
Fri, 07-27-2007 - 5:19pm

Hello and welcome to the board! I'm so glad you decided to post, it helps so much talking about things, getting advice from those that have been there and to see that you are not alone in your debt. I'm not much help, but we have some very knowledgeable people on the board that will give you their advice soon. Hang in there!


 

Kerri Kerr
Sr. Community Moderator
Home & Garden | Food
iVillage.com

iVillage Member
Registered: 04-04-2003
Sat, 07-28-2007 - 3:33pm

You won't loose your house or car if you decided to file for bankruptcy against the credit cards. Years ago my father filed for bk against the credit cards and a relative of mine, he and his wife were in the same boat as you and your H and they finally decided to file for bk,.....and they still have their car and house. You're not going to loose the car or the house if you decide to file for bankruptcy. Bankruptcy protects you, truth be told. I too have had my fair share of credit card debt and it spiraled out of control, but I finally have a hold on it now.

What you can do is gather up all your financial statements, your cc statement and the like, and talk to a bk attorney. The first initial consult is generally free, but confirm this first before hanging up the phone w/him or her. I'm sure that others out there will chime in as well. But that is my two cents worth :-) Hope that helps!