Guess I should introduce myself ;)

iVillage Member
Registered: 03-27-2003
Guess I should introduce myself ;)
5
Tue, 02-01-2005 - 10:03am

Hello everyone!
I was so ticked off yesterday that I posted my "What's the point of paying" post below as if I had been posting here forever. Well, I have lurked for a long long long time! It just seems now that all of the debt problems are coming to a head.

In the recent past I read about someone who had around $75,000 worth of CC debt alone..(not Cl-phocid, but someone else...I almost posted then to assure that person they were not the biggest loser, lol. I have about $110,000 of PURE CREDIT CARD debt..not including cars, school loans, etc. I have always paid on time and am not behind in payments or anything..BUT due to the ridiuclous raise in rates, I am considering drastic options..

Right now I am working on a HELOC from countrywide. If that doesn't work, I am seriously considering Chapter 13. Otherwise, I see no way out of this mess. I have read all the Dave Ramsey books and have been living on a fairly tight budget and following his plan. But at 30% interest I see no end in sight :(

Needless to say, I am stressed beyond belief. Recently I have been waking up in the middle of the night dreaming about my credit cards. I am also pregnant with my second child, so you can imagine, I am hormonal mess anyway, lol.

Glad to be here and finally post. I guess I was to ashamed to do so before..
Amanda

iVillage Member
Registered: 03-27-2003
Tue, 02-01-2005 - 10:10am
Oh---sorry for posting in the wrong place! THis has NOT been my week ...
Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Tue, 02-01-2005 - 10:18am

Hello Amanda and *thak you* for posting.

All my best,
Danni

iVillage Member
Registered: 05-19-2004
Tue, 02-01-2005 - 11:54am

Welcome and hugs to you! Congrats on the baby!

I agree with the other post to be extremely careful with that loan or they will take your house in a heartbeat!
I think that is a hefty amount of cc debt on your shoulders~ and if I were in that position I would look into bankruptcy and just wipe it out. It would be a big relief for me to get rid of that $100+K and start fresh~~ esp. with baby on the way. I'm not sure what the laws are in your state but it's worth it to look into. It is totally your decision- this is just my opinion :)! Don't feel embarrassed no matter what. Remember that big corporations declare bankruptcy all the time and it's all over the news!! Then they seem to come back even stronger!! Hang in there and be strong -stay with us, and keep us posted!

~Nicki

iVillage Member
Registered: 01-04-2005
Tue, 02-01-2005 - 2:26pm

Amanda - Welcome. I am also a new poster, but have visited for some time.

My credit card card lurks around $60,000. I just recently signed up with CCCS. My DMP starts in March. I am very relieved and excited that in 5 years it will be all gone! (Hopefully sooner.)

Can I ask what a HELOC is?

Hang in there! (Lets hang in there together.)

iVillage Member
Registered: 02-25-2004
Tue, 02-01-2005 - 6:09pm

Hi and welcome. Congrats on baby #2. :) I'm sorry to hear of your situation. I know that once you have seen all your viable options you will be able to make the best decision for you.

As for being ashamed...well, let he who is not in some form of debt now or has been before, let him cast the 1st stone, lol... No shame in admitting when you need help and support :)

Welcome again and good luck. :)

P.S. walden05 A HELOC is a Home Equity Line Of Credit