Drowning in debt and need advice
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| Wed, 05-14-2008 - 8:41am |
I’m almost 30 years-old and I have about $15,000 in credit card debt that accumulated in the last 5 years. During these years I’ve been either under-employed or unemployed and have used the cards for basic living expenses like car payments, insurance, dental, food, basic clothing, etc. I’m frugal and don’t charge anything except necessities. No fancy clothes, vacations, restaurants, hair salons or the like. Looking back, I wish I didn’t ever charge anything at all, but when you have nothing and you’re broke and on your own, you do what you can to survive.
I’ve never made a late payment on any of the cards. The only late payment in my credit history is one late car payment earlier this year. I have 5 credit cards with fairly high limits (Discover, MC, Visa, Amex blue, Amex gold). Only 3 of then have balances:

Hi Katie,
A huge cyberhug on its way.
Thanks so much Peg for your advice. I'll have to think about getting some consulations. I'm hoping to somehow avoid bankruptcy unless it's my very last resort. I have 16 year positive credit history with only one 30-day late payment. I've paid off all my student loans and two car loans
Do you work for this "Homegear" Web site/company? You seem to be pushing it on us.
Mary Jo
Ok, first and foremost, take a deep breath and relax... You are much more than the sum of your debts...
Let's look at your problems from a different perspective. You have spelled out what you CAN'T do. Let's see what you CAN do. Don't dismiss these suggestions out of hand - just give them some thought with an open mind and bring your own options out that will work for you.
1) Is there a way to move your employment to your house? What is stopping you from doing this?
2) Can you carpool to a job? Can you ride a bicycle? Could you buy a used motorscooter to ride instead of a car (at least to get you through the next several months).
3) Is public transportation an option? Have you checked the public carpooling sites for options?
4) Can you look for a new line of employment that would allow you to work from home? Some ideas include: transcription (typing), web site design and maintenance, computer tutoring, home child care, home sales parties (tupperware, avon, mary kay, etc.), growing vegetables and herbs to sell (many of these can get to a harvestable size very quickly). Also research homesourcing companies, which allow you to act as inbound customer service / sales agents from your home.
5) Can you
Wow. Those are definitely some things to think about. I will have to go through the list and see what things would be possible in my situation. It's hard to see things clearly when you're going through things so I appreciate your perspective and advice.