I'm with stupid
Date: Wed, 10/04/2006 - 21:08
I started a small business selling my handmade soaps 5 years ago because I, ironically, wanted to help contribute financially somehow. I initially had a partner who was going to split the costs but after about 6 months she got really sick with MS and her husband lost his job. About a year and half into things, after plowing every penny we made back into the business, I ended up alone in the biz and already 5k in debt, because I just couldn't bring myself to pressure them to pay their half.
The rest of my story is long, tedious and makes me sound like I'm giving excuses so I'll spare you most of the details. I'll just say that my business did pretty well offline but just well enough online to keep me thinking I was about to make the Big Breakthrough to making a regular income from it. Problem was, the balances on the cards grew faster than my biz did. And because I am an idiot, I could see the hole I was in getting deeper but just couldn't seem to let go of the shovel and stop digging.
These problems have all been compounded now by having 2 kids in college, one on scholarship and one not. My son started this summer and I think that's what just finally tipped the scales over financially for me. Between parent loans for one kid that we have to pay monthly, having to help both kids with living expenses, (even though they do work) and our adjustable rate mortgage going up by $300 since the spring, there's just no slack left for me to pick up now that I need it. We're into our savings now to keep me afloat and that's disappearing fast.
Now I have 29k in business cc debts, have had some late payments so the card interest rates went WAY up and am facing defaulting on the payments 5 days from now, for the first time in my life.
1- I have tried for a debt consolidation loan from my bank but was turned down because of the late payments on my business accounts in the last 3 months.
2- We also don't have enough equity in our home since we moved to a smaller house 2 years ago to be eligible for a home eq. loan yet in Texas, so no help there.
3- I tried calling the cc companies to beg for a couple extra weeks, a little break on the interest rate, ANYTHING.. but got shut down hard.
4-I'm scared to death to try for a secured loan and risk our house.
I'm waiting now to hear from your credit counsellor but I don't know if I should keep trying for a consolidation loan or just finish destroying my credit rating by going for debt settlement and resign myself to working that @#!& job as long as my body will let me.
I am just sick with guilt over what I've done to our family credit and can't believe I was so stupid not to see what was happening before it got to this point. My husband's pretty upset with me and I don't blame him. And it makes me cry to even think about the kind of noose I'm helping tie around my childrens' necks with their student loans.
Jeez, I just re-read this and I sound whiny enough to go on Oprah. Sorry.
:oops:
Try not to beat yourself up so much. I have been there, done th
Try not to beat yourself up so much. I have been there, done that regarding my situation, and it just makes the stress of trying to deal with everything even worse.
Have you checked into changing your mortgage to a fixed rate instead of adjustable? I don't know if that is an option for you, but it might be worth checking into, and could save you some money.
As for the cc companies, if you're not getting anywhere with the customer service reps, call back and ask to speak to a supervisor. It's worth a try asking them to lower your interest rate back down so you can keep up with your payments. If they aren't willing to do that, I would be tempted to tell them that since they are refusing to accommodate you in any way to help you meet your financial obligation to them, you will be forced to start seeking help from a consolidation/settlement program. The worst that can happen is they still refuse and give you a load of B.S., or they might see sense and realize that they'll be more apt to get their money if they work something out with you directly.
Welcome :D You say you registered,but you are showing up as gue
Welcome :D You say you registered,but you are showing up as guest? Have a look at this thread http://www.debtconsolidationcare.com/forums/comparison.html it will give you some info on consolidation and settlement and comparing the two. You aren't stupid,you,like many of us, made some poor choices,and did what we knew at the time. We can only do different when we know diferent. This is the place to educate you and show you a different way of life. My son is on diablility and I called a credt card co about his account,and told them I wanted to pay,but he only has so much money-they had a hardship payment, that he pay a fixed amount for a year,and they drop the interest,and fees. You might try that,too. Hand in there,ask questions and read other topics to see what others are doing or have done to become debt free.Good luck...Karen
