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What now?
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Posted by Too Stressed (208.14.104.221) on September 16, 2002 at 15:49:24:
Last year around Christmas my husband and I decided that we were tired of barely making ends meet and decided to research what we could do to help us get out of debt. Near the end of January on a Friday my husband’s boss walked into his office and told him that it was his last day. My husband’s office was in St. Louis and his boss was located in Chicago, so it wasn’t like his boss walked down the hall to give him the news. So with a sorry they cut your job and two weeks severance pay my husband was now unemployed. Our focus change from how do we get out of debt to how do we pay any of our bills. Seven months later my husband has finally found a job but the salary is less than his previous job. While he was unemployed we were able to pay all of our bills for five months but the last two we were unable to pay our credit card bills. Because my husband’s new job makes less money we cannot afford the credit card payments. We have $30,000 in credit card debt and are not sure what we should do. We own a house but have no equity in it because we also have a home equity loan from a previous try at getting out of debt. We do not want to file bankruptcy if we can find a different solution. We went to CCCS and they were only able to reduce our total monthly payments by $170, which will not help us at all. We are looking at debt settlement but we don’t really know that much information about it. Has anybody on the board been through it and is willing to talk about it? What is good about it, and more importantly what is bad about it? Are there any other possible solutions? Thank you in advance for any help.
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