credit card problems
Date: Wed, 09/29/2010 - 07:53
Hi all,
I am a natural born US citizen and have been living in the Philippines for about 20 years. I have 9 dependents and six children in school from grade one up to second year college. (we are putting a relative through school also) About 3 years ago I began a negative cashflow condition where my expenses were more than my income. Even with severe budgeting I could not balance my budget. So I had to offset the shortage with my USA credit cards by using them to buy groceries and basic necessities. I had/have extremely good credit as I have not made a late payment in 30 years and have no negative reports on my credit record.
However I am reaching a point where making my minimum payments is becoming more and more difficult because many of the credit card companies have been raising my minimum payments (raising the % from 1% to 2%) and I am now faced with around $2400.00 a month in minimum payments. I have around $82,000 in credit card debt from 5 credit card companies. (the cards are from the largest USA banks)
I no longer have any assets in the USA and am a permanent resident here. I may reach a point in the near future where I cannot pay the minimum payments and am wondering what my options are and what the consequences could be. I am not going to feel good about becoming delinquent on my payments, but I may have no choice. I don't know whether to contact my credit card companies and tell them that I am reaching the point where I cannot make the minimum payments and see if they might have a plan to help. Or...?
If I can't make my payments anymore is there a good chance that they would try to collect my debt here in a foreign country? I dont have many assets here.
I am mostly just trying to get by until I can get my minimum Social security payments (at age 62) in 3 years. My concern of course is keeping my family intact and providing the basic necessities and keeping all of the kids in school. I have some rather severe depression about my financial condition and have a hard time fighting away the gloom associated with my deteriorating situation.
Thank you,
Philip
I am a natural born US citizen and have been living in the Philippines for about 20 years. I have 9 dependents and six children in school from grade one up to second year college. (we are putting a relative through school also) About 3 years ago I began a negative cashflow condition where my expenses were more than my income. Even with severe budgeting I could not balance my budget. So I had to offset the shortage with my USA credit cards by using them to buy groceries and basic necessities. I had/have extremely good credit as I have not made a late payment in 30 years and have no negative reports on my credit record.
However I am reaching a point where making my minimum payments is becoming more and more difficult because many of the credit card companies have been raising my minimum payments (raising the % from 1% to 2%) and I am now faced with around $2400.00 a month in minimum payments. I have around $82,000 in credit card debt from 5 credit card companies. (the cards are from the largest USA banks)
I no longer have any assets in the USA and am a permanent resident here. I may reach a point in the near future where I cannot pay the minimum payments and am wondering what my options are and what the consequences could be. I am not going to feel good about becoming delinquent on my payments, but I may have no choice. I don't know whether to contact my credit card companies and tell them that I am reaching the point where I cannot make the minimum payments and see if they might have a plan to help. Or...?
If I can't make my payments anymore is there a good chance that they would try to collect my debt here in a foreign country? I dont have many assets here.
I am mostly just trying to get by until I can get my minimum Social security payments (at age 62) in 3 years. My concern of course is keeping my family intact and providing the basic necessities and keeping all of the kids in school. I have some rather severe depression about my financial condition and have a hard time fighting away the gloom associated with my deteriorating situation.
Thank you,
Philip
With that amount of debt, bankruptcy may be your best option.
With that amount of debt, bankruptcy may be your best option.
I agree to what the HOF member has advised. It's the best and th
I agree to what the HOF member has advised. It's the best and the only option for you.
