What should I do with my debt situation
Date: Mon, 08/13/2007 - 17:11
Don't own a home. Have no functioning credit, cards or anything.
Have 29K in credit card debt.
1) $6,306 Joint CC with ex, but my debt. Paying but 2 months back now. It's not a real CC anymore, just a debt.
2) $2,257 Single CC, drops out 11/2008
3) $14,677 Single CC, drops out 2/1/2009
4) $5,935 Single CC, drops out 5/1/2009
It isn't realistic that I can pay the debt, I only make $34K and struggle to meet rent, child support, etc.
Debt #1 I'm paying out of respect for my ex. Divorce decree only stipulates that I can't declare bankruptcy and dump it on her. Not paying and debtor going after her isn't covered (foolishly on her lawyer's behalf). But I'm not going to do that.
Payments to any other debt will reset the SOL clock.
Couldn't get a consolidation loan from a bank, and consolidation agencies wouldn't take basket cases would they? It seems that credit counseling is way past relevant.
Should I just wait 2, 3 and 4 out? It's a drag, but it seems the best way for me. I'd like to do better, but I can't see how it would work. Bankruptcy might have been something 5 years ago, maybe excluding the joint account, but seems like it would be a worse idea than usual now.
Anyone have any advice?
John
I feel your pain John. I am in a similar situation with credit c
I feel your pain John. I am in a similar situation with credit card debt. I'm also in at about 20K. I think it's cool that you are paying on the joint cc. I, myself, have chosen to wait my debts out. The SOL on mine will be up for most in about 2 more years. The worst part about it is trying to get a loan or anything financed. I have to always get a co-signer and that makes me feel so dependent. Mostly, I just try to not have to get financing on anything. You have definitely come to the right place. There is a great deal of knowledge in this forum. I encourage you to do some google searches for different topics relavent to your situation and see what others have done. Also, someone should come along shortly to offer advice. Good luck to you. :-)
