What should I do?
Date: Fri, 11/14/2008 - 19:40
So we're only bringing in about $300 a week and have $20,000+ in credit card debt. Well since last month we haven't been able to make any credit card payments. So my phone is ringing off the hook and I'm really scared to answer but now they are starting to call my family and I've had it! We DON'T have the money to make any sort of large payments right now. I could swing $50 bucks or so but even that is pushing it right now! What should I do?
I have cards that are late with: 2-Discover, 1- Washington Mutual & 1- Bank of America.
Any adivce would be really helpful! We don't want to file bankruptcy! This is the first time we have EVER been late with a payment to a credit card. Our credit score went from 825 to 650 in two months time! The stress is overwhelming! Its amazing how credit wise you can fall apart in a month!
Thanks for your time
Niki
Wow! I had cards with all of those creditors, and they never ca
Wow! I had cards with all of those creditors, and they never called my family! I would advise you to talk to them and explain your situation. Tell them that you want to get caught up, but right now your money has to be used for essential living expenses. They will pressure you, and some of them may offer to put you on a temporary hardship program. But in my experience with those creditors, they will all want monthly payments of at least 1% of your outstanding balance, even on a hardship program. Since you can't afford that, just be firm, and don't commit to payments that you can't make. Unfortunatly, they will keep calling. Of the creditors you have, I found Wamu to be the most aggressive at calling almost daily. BofA and Discover only called about once a week or once every two weeks if I talked to them and explained the situation when they did call.
Hopefully, none of them will decide to sue you, and your husband will get a better paying job so that you can get caught up on everything. Good luck!
IF they are getting to your family, you must realize that they a
IF they are getting to your family, you must realize that they are doing everything in their power to scare you into giving them the money that you do not have. The truth is they understand that basic living essentials are going to come first...if it comes down to feeding your family or paying your credit card bill... they arent stupid, your going to feed your family. But as long as they are bugging you they are doing there job. Just hang in there... talk to them and keep talking to them, and tell them you will do what you can, when you can, in the amount that you can, you cannot do anymore then that... you cant give more money then what you have. Its just not feasable. keep us posted!
