@Insoc wrote:
@Anonymous wrote:
@Insoc wrote:
Filing BK was the best thing I ever did, I never thought I would say that but I had CC debt that was burying me, wife lost her job during the downturn, I had several jobs losses and lost of income and made more money 6 years ago than I'm making now. I researched BK in 2007, Chapter 13 was my only option, I dreaded having to pay back funds 3 to 5 years after reading the horror stories some people had to deal, with, running out of money to live on so I passed. In retrospect I wish I filed back then, as what I lost in money paying my credit down, or should say attempting to pay down was massive.
I investigated again in 2013 after having another job loss, and was hired in between so was planning a 13, then I lost my job again and filed a 7. It's been 14 months since Discharge and I'm in the process of rebuilding, lived off of debit cards and cash only. Learned to live without a lot of things and cut back, just the way it is. I just got my first CC since discharge and I plan to be extremely careful with it.
Everyone's situation is different, but all I can say is dont' delay filing because the interest rates on debt for many will never ever be able to be paid off unless your expenses are reduced and/or you come across a large sum of money.
What got me was I had 20+ years of credit history, never late, paid on time just had way too much debt, UTL was too high. I had a rough time getting many lenders to help me out with the APR. I had one creditor laugh at me on the phone when I requested a APR reduction to help me out. I heard her laughing with someone else on the line at me. I was like, enough of this!
I appreciate the thoughts and advice.
Luckily I had good enough credit that balance transfers really helped and with some good money management and a high enough income I'm positive I can overcome this.
Phil Annony
Good luck, not to be blunt but I too thought the same way in 2007. I then had a salary of $60K/year, which went up to $85K/year a year before filing in 2013, total debt was all credit card $35K roughly. My expenses and APR just got too high, I was unable to pay off the debt fast, would have taken me 20+ years using some calculators and I would have paid an insane amount of interest and had no available credit or great scores since utilization was too high, with that you won't get better APR rates or offers.
The extended job loss and wage decrease sealed my fate, but in reality I will have a better credit score and be debt free with better APR rates in due time and slowly will rebuild my credit, not looking to have the $50 to $75K in available credit I had on my CCs of past.
If you are able to due strict budgeting and have good postiive cash flow, it's a lot easier but often easier said then done as unexpected expenses, home, car or medical can derail that train in no time.
I was running out of money at the end of the month, everyones sitatution is different based on your total expenses.
Luckily, I have yet to miss a payment, or been in a position where I could not make a payment. I understand unexpected bills come up as we go. I'm hoping I can make it through the middle of novemeber without another unexpected bill. By then I should have received my 2K check from my family, and my girlfriend should be at a steady income. Her first full check from the new job is not until 11/3. I just spent what little savings I had on a sick pet, who unfortunately still passed away.
There is no way to predict what will come in the future, but as of now I see no reason why I can't get out of this hole I'm in. If something does come up along the way, car, medical etc... I will only see it as a temporary road block. After the 2K and my minimums are applied for november I have 464$ a month going to my debt over the minimum payments. so if something does happen hopefully it will only postpone me a month or two.
I have 78K in total credit plus the personal loan. My utilization is about 38% I think I can still come back from this. Maybe I'm being too optimistic. Time will tell.
Will keep updating!
