gonna fall--- sadly

[Lucylu]

Hello, my first post-

      We have a small rural RE office-- since 06 we started to see a decline-- had no cc dept. at the time other than mortgage and equipment loan for farm-- kept waiting for the market to come back, blindly hoping that this was a temp slump...things continued to decline-- we started to ring up CC dept...at this point we have about $30,000 and about $33,000 equipment (for the building up beef business we had-- due to $$need we have had to sell many cattle) up to now we have squeaked by and I have in recent months negotiated with CC to reduce rates which most have- but they are now autos take outs out of my checking-- we will not be able to pay them anymore as of 2-3 weeks from now- winter is coming, commissions continue to be near non-existant..our credit scores are good- high 600's-low 700's (before the increase in CC dept- had for the first time in our lives in the low 800's) 

     I cannot sleep at night, I feel like this fall we are about to take wipes years of hard work to get out of the past irresponsibility and take care of our finances...I am scared, so scared- any advise on anything by knowledgeable people will be greatly appreciated..we cannot refinance (not sure if I would want to anyway) at this point I believe in NO dept (except maybe a mortgage) ..and if I just had the chance to make some $$ in this **bleep** economy, I would pay everything off and start building wealth as Dave Ramsey would preach (do believe in 85% of his teachings)...wish I could get a low interest loan to consolidate, but my dept is too high and about to go down further now....any ideas?...and how long will it take to come back someday....Thanks

[Anonymous]

Sorry to hear about your situation. Have you contacted your creditors to try and negotiate a possible payment plan with lower interest rates?

If you list your creditors people here may be able to give you specific advice on how to proceed for the best outcome.

[Lucylu]

Hobo,

 Thanks for yr reply...yes I have negociated with many of my creditors-- (CC)

  chase- my husbands is down to 6%- but we will not be able to keep up payments-- may have to change my checking account to stop auto agreemnet -- then interest rates will soar again....

  capital one- -- several-- not too good of rates

  HSBC-no luck

discover- down to 12.9% (big deal)

 CNH capital---- could use some tactic advice on this one...we will be 30 days late on 8/5-- maybe i am just a hopeless optimist but I hope with a couple of things I am working on, I may have a couple of fairly good commissions within a month and 1/2 -- shame to get alot of blimps on my cc before that..but I have been praying hard not to worry so much. although sometimes at night I wake up with terrible anxiety and cannot go back to sleep.

                 Thanks again for yr reply