Absolutely Desperate: Need Some Help
Date: Thu, 10/23/2008 - 17:27
My family and I are absolutely desperate and need some help.
We are currently behind and 40k in credit card debt. The thing is, I am not sure if it is the cost of living in Los Angeles that is killing us our what? A nice chunk of our credit card debt was used to pay off things like the electricity bills, etc.
I make 42k a year and my wife makes 15k a year. We currently owe more than we make, and things fall behind. We have tried to juggle bills as much as we can but we are being crushed in this middle class crunch.
Currently, no one will loan us any money because our debt to income ratio is bad. We dont own a home, have NOTHING in our savings account and have two boys (10 and 5 years old). Our future to put it mildly, is very bleak. My wife and I do not want to file for bankruptcy as it will just about kill any chances of owning a home someday. About 5 years ago I did a debt settlement plan that helped, but it injured my credit, and the harassing phone calls were brutal. My wife also does not want to do a debt settlement.
I have looked at peer to peer personal loans but even got turned down for that! prosper.com is no longer accepting applications and lending club turned me down.
We are trying to be frugal, and 3 nights a week we are having Top Ramen for dinner.
Please anyone, is there an answer here?
I just dont know what else to do.
We are currently behind and 40k in credit card debt. The thing is, I am not sure if it is the cost of living in Los Angeles that is killing us our what? A nice chunk of our credit card debt was used to pay off things like the electricity bills, etc.
I make 42k a year and my wife makes 15k a year. We currently owe more than we make, and things fall behind. We have tried to juggle bills as much as we can but we are being crushed in this middle class crunch.
Currently, no one will loan us any money because our debt to income ratio is bad. We dont own a home, have NOTHING in our savings account and have two boys (10 and 5 years old). Our future to put it mildly, is very bleak. My wife and I do not want to file for bankruptcy as it will just about kill any chances of owning a home someday. About 5 years ago I did a debt settlement plan that helped, but it injured my credit, and the harassing phone calls were brutal. My wife also does not want to do a debt settlement.
I have looked at peer to peer personal loans but even got turned down for that! prosper.com is no longer accepting applications and lending club turned me down.
We are trying to be frugal, and 3 nights a week we are having Top Ramen for dinner.
Please anyone, is there an answer here?
I just dont know what else to do.
Bankruptcy will NOT kill your chances of getting a mortgage. In
Bankruptcy will NOT kill your chances of getting a mortgage. In some ways, BK will put you in a better position to get a loan in the future, provided you keep you nose clean after the BK.
Do the settlement or just let them charge off until you can sett
Do the settlement or just let them charge off until you can settle. Forget your credit - get your life together and your debt to income ratio rebound.
