Re: Huge CC Debt - Advise Needed
[ Follow Ups ] [ Post Followup ] [ Credit Forum Index ]
Posted by Prune Man
(65.161.188.11) on September 26, 2003 at 11:34:37:
In Reply to: Huge CC Debt - Advise Needed posted by Hopeless in TX on September 26, 2003 at 09:43:24:
At this point you're going to have to make decisions and start protecting yourself and your family. Fact:
Your bills are too high to pay. If you refinance with a consolidation company you still have a risk if your salary is reduced more or, godforbid, you lose your job and have to rely on the pitance that TX unemployment allows. Instead of many small bills you can't pay, you may end up with just one big one you can't pay. At least now you get to pick and choose who to pay or not. You need to seriously consider Bankruptcy. From what you state it doesn't seem as if you have anything to lose. If your son is over 18 make sure his car is in his name. Sounds like you are an average guy so unless you and your wife are driving expensive cars you have nothing to lose with a bankruptcy. Also, some may disagree with me here but if you are not making enough money to pay your credit debt you need to make sure you are not reducing your savings. Some people sell or borrow from their 401K or retirement funds to pay credit bills expecting that things will improve in the futre. This is a big time loss for those whose salaries do not improve. In my opinion it's better to quit paying some bills than to sell my retirement (but that's my opinion). If you already know you can't pay off a CC than why keep throwing money at it? Bad debt is Bad debt, and the CC companies don't really care if you sold everything you own to make payments if a time comes that you can't pay any longer. Also consider debt in your name vs. debt in your wife's name. If the debt in your wife's name is lower than the debt in your name, you may wish to keep her bills paid on time just in case you have an emergency and need a credit line (but if you file BK in TX it will involve you both). Good luck!
Follow Ups:
Post a Followup
|
