I cant take it anymore

Date: Sun, 02/03/2008 - 21:38

Submitted by garogarov
on Sun, 02/03/2008 - 21:38

Posts: 6 Credits: [Donate]

Total Replies: 2

Hi everyone.By the way that's the first time I submit the true proportions of my financial problems.About 3-4 years ago I was working 2 jobs and was making pretty good money.My standard became higher and I was spending a lot at restaurants,bars going to vacations,trying to adopt an executive lifestyle which didn't suit my financial status.At the same time I was working hard and managed to handle my expenses.At one point I was tired of working so much,and quit one job replacing it with a part time job.later eventually I quit it and remained with 1.I worked like that for an year and that was the time when I started to fill my credit cards,which limits so far were so high that I didn't pay much attention to
the problem.Under circumstances that I had no fault of
I lost my job and stayed unemployed for 1year.I tried
to start a business but it hasn't worked well so far.The banks realized that my debt was getting serious and reduced my limits to the amounts owed.The apr's became high.A year ago I started a job with a yearly income-about 40 000$,but my debt so far is about 60 000$.I only manage to pay my minimum payments
which makes about 1700$ a month.I don't have any money
saved and some of the interest rates are 29%APR(chase)even though I never missed a payment.I tried to negotiate a reducing of my APR but they didn't agree.I consider my options now because I became a slave of the system and sure enough I payed the amount of my debt in interests so far.I'll appreciate any advices.thank you in advance.

good for you, for facing your debts head on. hmmm. from what

good for you, for facing your debts head on.

hmmm. from what you've said it sounds like your expenses far outweigh your income. i would recommend considering how much each month you can reasonably put toward your debt, without hurting your monthly finances. (meaning, don't say you can commit to 500/month when that means you'll be charging on credit cards cause you spent all your cash!) now take a look at your debts, can you make progress on them? through this site you can get a free consultation for managing your debt, it might be worth it for you to consider!

lrhall41

Submitted by BklynCatLady on Mon, 02/04/2008 - 21:53

( Posts: 19 | Credits: )

Yes the first step as Bklyn said is to face your debts head on.

Yes the first step as Bklyn said is to face your debts head on. Gather up everything and create your list of debts and min payments. Then use the free debt consultation offered from this site. Go through all your debts and see if consolidation might work for you. They help negotiate lower interest rates and/or payments. You will also need to come up with a budget so you know exactly what your rent, utilities, gas, food etc are so you know the amount you can pay towards the cards. Sometimes the consolidation payment is the not much lower than your paying now so that might not work. You can also look at debt settlement as an option. I am currently doing Debt settlement on my own and you can read about it on my blog. If you can you might want to also look at getting another part time job and just focus and getting your debts taken care of. It's tough to get it going but after a few months and seeing some progress you'll gain some steam and work on getting this debt out of your life. I'm still in the process of doing this but feel so much better everytime I can make another payment!

lrhall41

Submitted by Justina on Tue, 02/05/2008 - 22:35

( Posts: 138 | Credits: )