logo

Debtconsolidationcare.com - the USA consumer forum

Forums
  • Latest topic

Not a lot of people like to share how they got into debt...but i will

Date: Fri, 10/31/2008 - 14:25

Submitted by bernieadams
on Fri, 10/31/2008 - 14:25

Posts: 143 Credits: [Donate]

Total Replies: 4


I noticed this forum was a bit bare so here is my story. When i was 20 i decided to buy a house with a friend of mine as an investment (bad idea). We rented this property out to his brother's who neglected the property and didn't pay the mortgage or water bill ($2000 i had to pay). That was only the begining of my poor decesion making...i got great credit for being a first time home buyer so i instantly got $10k in credit cards and maxed them on a lot of useless stuff (most of which i no longer have). The monthly payments seemed managable so i kept spending getting another $5k in debt. The bottom fell out recently when my job security flew out the window with the housing market. I was forced to get a new job to make more money to support my current bills. Other situations caused trouble such as two auto accidents for me and my fiance as well as having to break both of our apartment lease's resulting in thousands of dollar's in fee's. We recently have been taking care of her disabled brother who can't walk and her niece (2 years old) because her mother is not a very good parent and her father is in jail. To say the very least it has been hard and our mortgage is two months behind now and i've stopped paying any and all of the credit cards i have because of this. Im hoping things get better, but its highly dependent on this shakey economy and my companies success (because im in commission based sales).


thanks for posting this information...part of getting out of debt is realizing how you got there! we appreciate you sharing your story. I too have stopped paying my credit cards for now in order to try to catch up on my mortgage (also 2 months behind! - I am terrified they are going to start foreclosure but have heard they won't do that until at least 90 days behind)...I got into debt after a divorce and 6 Payday loans that put me even further in debt ...now I am working on the PDLs and at least trying to not let the mortgage go further behind....after the PDLs are paid I hope to catch up the mortgage ....again, thanks for sharing...we are not in this alone :)


lrhall41

Submitted by cheek.la on Fri, 10/31/2008 - 17:57

( Posts: 86 | Credits: )


cheekla - focus on paying the mortgage FIRST! Repaying the PDL's should not be THE first priority - your mortgage should be. You can pay the PDL's over time...if you lose your house you will be in deep do-do!

PLEASE PLEASE PLEASE...take care of basic needs such as housing, car, work, and food first...unsecured debt can be settled/resolved over time.


lrhall41

Submitted by desperatelyseekingsanity on Sat, 11/01/2008 - 15:16

( Posts: 1129 | Credits: )


desperatelyseekingsanity...thanks for the input. I have been paying my PDLs and paying at least one payment per month on my mortgage. I can't just let the PDLs go unpaid because they will keep trying to deposit the checks and I'll be back in the red on my checking account...I finally have control over it again :) I have made agreements with the PDLs and with the mortgage company for repayment so I think this is working out well...money will just be very tight over the next 8 weeks.....


lrhall41

Submitted by cheek.la on Sat, 11/01/2008 - 17:43

( Posts: 86 | Credits: )


[quote=desperatelyseekingsanity]cheekla - focus on paying the mortgage FIRST! Repaying the PDL's should not be THE first priority - your mortgage should be. You can pay the PDL's over time...if you lose your house you will be in deep do-do!

PLEASE PLEASE PLEASE...take care of basic needs such as housing, car, work, and food first...unsecured debt can be settled/resolved over time.[/quote]

Sound advice!


lrhall41

Submitted by unclewulf on Sat, 11/01/2008 - 22:20

( Posts: 3172 | Credits: )