What would you recommend?
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What would you recommend?
| Thu, 01-15-2009 - 1:56pm |
I have five credit cards, totaling around $55,000.
| Thu, 01-15-2009 - 1:56pm |
I have five credit cards, totaling around $55,000.
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Norma,
I could tell this has been on your mind lately. I am not surprised you posted your numbers. PLEASE, do not feel bad.
I am not as good with the numbers as some of the other posters. What I do see is that you need some breathing room for groceries & gas. It must be incredibly stressful. I realize you have pinched every possible penny. It might be time to consider other big options. It depends on how long you want to wait on hearing about your husband's job opportunity(I am thinking about you guys!)
Some things to consider?:
1. I am not sure I understand the truck situation? Is selling it not an option even at a loss? Or if your son is still using it, could he not help with the payments even just for now? Does he know you charge gas and food? What about your other vehicles, do you own or lease? Could you sell and downsize for a smaller payment or something better on gas or both?
2. I know this is hard.......(have you considered moving?)I know you love your yard and animals, I hate to even mention it. What about a small house that still has a garden? The expenses would not be so high for feed and you could sell your tractor to help out. Or could you tap some home equity to pay off a debt to give you enough money left over for necessities.
3. Or could you tap some home equity to pay off a debt to give you enough money left over for the things you need every week?
All hard things for me to say. I wish you luck and patience.
K
Norma,
My heart goes out to you. Although it might not seem like it you are able to pay your bills and able to get by. That is an accomplishment all in itself.
Any way you would consider asking your son if he can pay half the auto loan right now? I KNOW you feel that parental obligation to take on the car because of the loss he incurred in the failed business but right now you need to move past that guilt and explain things to him. If you want, tell him when things change and you can help again with the car you will. For now, that must be a few hundred dollars you can use for debt and/or tractor payment doubling to get out of that payment by the end of 2009.
IMO - if you call the c/c companies and ask them to lower your payments b/c times are tough the WORST that can happen is they say no. It's worth a try. It's not going to hit your credit report to simply call and ask. If you do and they won't work with you - then you at least tried. If you call you might be surprised. Times are tough out there - this is NOT news to the c/c industry. I'm sure they'd rather receive some payment from you out of good faith then have your account in default.
Hugs to you!
Thanks for your suggestions.
Norma
"Patience is the best remedy for every trouble"- Plautus
Actually, if you call the cc companies, the worst they can do is decide you're a bigger credit risk than they thought and they may then decide to raise your interest to the tune of 30% or they may decide to shut down your credit lines all together.
All my best,
Danni
Question:
All my best,
Danni
Hey Danni,
Thanks for responding.
Norma
"Patience is the best remedy for every trouble"- Plautus
Norma - you didn't default on our credit card, you opted out.
All my best,
Danni
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