The dominos are about to start falling:(

iVillage Member
Registered: 07-06-2007
The dominos are about to start falling:(
Thu, 03-26-2009 - 2:46pm

Hi all -

DH and I have credit card minimums WELL above our ability to pay - but thought we could put off the question of BK for a few months by just paying by transferring balances from one card to another. (We no longer spend any money on the cards)

Last week I used one card to pay off two others by balance transfer. I put in the request on their website, which has never been a problem before.

I just got a letter in the mail saying that the balance transfer was denied due to our debt/credit ratio. This has never happened before - things for us, and for the CC market in general, are changing.

So now that those two minimums cannot be paid via balance transfer, I fear the spiral has begun. We will contact those cards and apply for a hardship program, but how long will they put up with us paying $100 of a $500 minimum payment (that's what we can afford).

What a scary feeling.

I've been doing so much soul-searching in the last couple of months. There are definite market forces (we lost money on the sale of a house that should have been very profitable, my husband's bonus was slashed, our CC reduced our line of credit - automatically putting us over-limit and dramatically increasing our monthly minimums) that we could not control, which put us over the edge. But we would never be ON the edge were it not for years and years and years of living a fantasy, being so irresponsible with money that I fear our children will suffer.

It's kind of a terrible place to be. My husband has contacted three attorneys to talk about this. But I just feel the walls closing in on us, fast.


Community Leader
Registered: 03-17-2003
Fri, 03-27-2009 - 7:38pm
Hugs Amanda.

Community Leader
Registered: 03-17-2003
Sun, 03-29-2009 - 7:08pm
violation reported.