Lots of debate on Snowballing

The credit card company contiued to up my creidt limit. I should have stoped it a long time ago, but did not think that I would get this far into debt. When I lost my job, I took a cut in pay and had to put gas and groceries on credit card. That really hurt me. I got depened on the card for these items to make my other bills and not can not pay the credit cards.

This is what I'm talking about when I say the credit card companies allow this to happen. They are so anxious to up credit limits and offer new lines of credit they never think about what it's doing to their customers.

This is the approach that I am taking. To me, getting a consolidation loan is just another debt. I mean its great in the 'short term', in that you have everything under one umbrella but once you do that, as said, your credit starts to improve and you're able to go out and acquire a whole new set of debts while still paying on your old debts. Been there, done that. Did a second mortgage on our home to consolidate debts and turned right around and got right back in it. We are still paying on it! We definitely won't go back and do that again. Its a hard row to hoe once you turn around and get back in debt all over again and still have the other to pay too. And I hate to say it, but its down right stupid. I can say this, cause I did this. This is me that I'm talking about, in the mistake that I made. It was one of our dumbest moves! But I'm sure alot of people are in the same boat. I would feel differently if we had of took the second mortgage to put a new roof on the house or new roof on my car, and did some fixing up in the home repair department, but to do what we did and then turn right around and get back in debt all over again, was not smart!---and my house still needs repairs. We are on the down hill side of this now but if someone askes me what I think about it, I say RUN!!! We're still kicking ourselves over this one!!!! Its better to pay your debts off on your own, that way, they're done and out of your hair! You might tell yourself that you won't get back into debt but chances are, you will. Also, if you have to work hard and scrap to pay your bills off, then most likely you will think twice before going out and doing the same thing all over again.

just my opinion here (JMO) Shirley

Shirley,
I did the same thing, only it was a personal loan, not a mortgage. I don't own a house to morgage! Anyway, Once my debts were paid under the loan and my credit improved I went right out there and got more debt. Oh, if I knew then what I know now!

I heard that!!!! But we're living and learning, right? If you make a mistake and learn something from it then it wasn't a total loss. And maybe now we can come in here and talk to others about the mistakes we made and maybe stop someone else from making the same mistakes. Shirley