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Dual debt family woes


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Posted by No Hope Left (67.240.146.1) on March 02, 2003 at 17:06:34:

Sad scenario...

Husband $40k in CC debt
Wife $45k in CC debt

Parents lost their jobs and almost lost their homes so husband and wife took huge cash advances to bail them out.

Husband and wife can't pay and haven't been able to since November. We were able to manage them for two years until they all noticed our debt amount and raised interest rates. CC's are calling everyday but we don't talk to them anymore since they refused to hold our interest rates - they are all over 20% now.

We have received one CA letter so far.

We live in SC. We both have average jobs. We have a mortgage that is current with $25k in equity. We have one car with a lease that is also current.

What do we do? What should we expect? What happens when someone gets sued? We had perfect credit for a dozen years so we don't really know how to work the system.

I would appreciate any advice you all have to offer.


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