I got out of debts by taking consolidation loan and filing bankruptcy

In 2000, I took out a debt consolidation loan to pay off all of my bills, loans and credit cards.

I had racked up my debts bad, and was just 21 years old.

After the colsolidation, the only thing I needed to worry about was my new loan payment for the consolidation, and my car payment. Doable.

Well, the newly paid off credit cards made my pockets burn, and soon enough everything was racked up again.

I found myself using credit card checks to pay bills, buy gas-- whatever I needed. It got worse.

I lived paycheck to paycheck for about 4 years, fighting off bill collectors, judgements, and once almost had my truck empounded.

In 2004, I declared bankruptcy. It was the best thing I could have done for me. Luckily, I didn't have any assets to lose-- and i was still young.

Now it's 2007-- my bankruptcy has been discharged and I just refinananced my house in my own name. I have no credit cards, and really dont have a desire to have any. We pay our bills with money made-- and not with credit advances.

Me and my husband have made a better start for us. My husband does have one emergency credit card in his name that we hardly use, but it's there in case we need it.

I just wanted to share my story and hopefully I can help someone out in the process.

Great story. I like to hear stories about things turning around for people.

I filed chapter 7 in 1997. Back then they could not touch your home and we had no other assets. It worked out well for us too. Until we both lost our jobs at the same time from the same company.

Great story! Especially being so young when you first got in trouble. I know that people tink it would never happen to me but it does.

Thanks everyone for the comments. Debt can be a scary thing. I've learned from my mistakes not to ignore collection calls, or bill collectors-- they can really make your life worse.

I'm now trying to work from home, and my husband is presently working-- so hopefully everything will continue to work out for us.

Your situation has improved a lot from your past. Stick to your guns and you will never have to through those problems again. You are doing the best thing of not using credit cards. That's the most expensive cash and will put you into debts in no time. Use the cash that's available because if you have no cash to pay for the credit cards, it's of no use paying on the highest interest rates.

Congratulations! I agree with Ruby, stick to your guns. I got into so much trouble with those credit cards. Being the young naive college girl, i had not a clue that credit card companies preyed on young people. I was so proud that i had 5 cards at one time and was paying them all off no problem, until i got out of school with no job. now, finally on my way to getting back above water and hardly use credit cards! no desire to. thanks for sharing your story, you definitely give young people who fall victim to credit problems hope good luck with your work from home prospects too

Good for you Debt & Sull!! I hope you continue on your good path

Sull, your story is really inspirational and I am glad that you shared it with us. It really sounds like you turned things around for yourself.

Give a person like me-just starting out on clearing her debts-some hope. Before I asked for help it was like I was at the bottom of a ditch. Then I came here & started a consolidation program with a company-right now I feel like I'm in the middle of the pit. I can see the bottom where I was & if I look up I can see the sunlight. Debt & Sull's stories show me that you can get yourself out of the ditch and back on the grassy land.

These stories of hope make me feel better.

These posts are fron June. It is a safe assumption that these people are no longer looking at this board. Please check the dates before you post

Please look at the dates when replying to posts. This post is from 2006. When you reply to dead threads it pushes down the new ones, and people that actually need replies may lose out.

I know she does still visit this board but this is from the beginning of summer.