topic Re: Here in a deep hole(Loosing Hope) in Credit Cards

Here in a deep hole(Loosing Hope) ((((((UPDATE))))))

BearsAndTurtlesRtheBest — Wed, 21 May 2014 03:30:06 GMT

Our CC debt is stuck dads hours got cut back, My days got cut back sisters hours got cut back due to schooling. See no hope except going BK, Its very frustrating Im not enjoying life at this point it really sucks what can we do?

Re: Here in a deep hole(Loosing Hope)

BearsAndTurtlesRtheBest — Sat, 19 Apr 2014 06:07:19 GMT

Is there a way my parsnts could get a $24000 Loan from One Main Financial? and include HHI?

Re: Here in a deep hole(Loosing Hope)

BearsAndTurtlesRtheBest — Sat, 19 Apr 2014 06:07:57 GMT

Or my sister?

Re: Here in a deep hole(Loosing Hope)

Shogun — Sat, 19 Apr 2014 06:10:52 GMT

The interst from them would be pretty high.

Re: Here in a deep hole(Loosing Hope)

BearsAndTurtlesRtheBest — Sat, 19 Apr 2014 06:14:30 GMT

More like $27000 and Shogun that doesnt matter at this point since we already are.

Re: Here in a deep hole(Loosing Hope)

Pupeitmeister — Sat, 19 Apr 2014 11:11:12 GMT

Bears.

This is something that we will need a bit more info on to see about helping

With all of the new accts, are any on 0%?

IMHO three months of minimum payments then a regroup and paying down everything trumps the long teem effects of bk

You do not need to have perfect credit all the time, uti wise. You just need it when needing to app

Just from a few hours getting sliced, that can be recovered. Dont think bk yet. It will cause more harm than good at this point based on current notes

Check out the cc payoff challenge thread. You are not the only one rethinking card usage

Good luck!

Re: Here in a deep hole(Loosing Hope)

Kenny — Sat, 19 Apr 2014 11:44:00 GMT

Best of luck! I hope that you guys don't have to go the route of BK. I would do the minimum payments for as long as humanly possible until you get back on your feet.

Re: Here in a deep hole(Loosing Hope)

TiggerDat — Sat, 19 Apr 2014 13:15:34 GMT

Well I think it would be best to do two things. Pay off whosevers debt is the least and pay the minimums on the others as long as you can.

Re: Here in a deep hole(Loosing Hope)

BearsAndTurtlesRtheBest — Sat, 19 Apr 2014 14:42:35 GMT

From the new accts onlt 2 have a balance BofA AMEX $1090 0% APR for 12 months, and Hyatt $1,200 15.99 APR

@Pupeitmeister Yes Its $30,000 in CC debt paying @ 24.99 in APR. We arent working all our hours so basically all our checks are going to mininum payments since with do also have 2 auto loans and a mortgage.

Re: Here in a deep hole(Loosing Hope)

BearsAndTurtlesRtheBest — Sat, 19 Apr 2014 14:44:10 GMT

@KennyRS wrote:
Best of luck! I hope that you guys don't have to go the route of BK. I would do the minimum payments for as long as humanly possible until you get back on your feet.

Thanks Its looking hopeless we are going to go out next week to see what a bank can do.

Re: Here in a deep hole(Loosing Hope)

BearsAndTurtlesRtheBest — Sat, 19 Apr 2014 14:45:23 GMT

@bernhardtra wrote:
Well I think it would be best to do two things. Pay off whosevers debt is the least and pay the minimums on the others as long as you can.

Yes the thing is that all our checks are going towards minimum payments, auto loans and a mortagage its one thing or the other.

Re: Here in a deep hole(Loosing Hope)

stillirise — Sat, 19 Apr 2014 15:02:35 GMT

@BearsAndTurtlesRtheBest wrote:
Our CC debt is stuck dads hours got cut back, My days got cut back sisters hours got cut back due to schooling. See no hope except going BK, Its very frustrating Im not enjoying life at this point it really sucks what can we do?

I have had some hard times like that too. If there is anyway possible try to avoid the BK. I think that avoiding that is what helped me get back on my feet faster. It wasnt easy...I had to work two full time jobs more than once. "If you cant find a good job get two bad ones." If the job market is bad in your area, try looking outside of your city or state. I even applied to jobs over seas. No one would hire me I think they were hesitant to hire women for some areas. I got lucky and found a job in another city but still in my home state. I used the relo money to get my house out of foreclosure in my home city. Then I rented a room in the other city and worked there for a year. 365 days and 3 hours later, I resigned and went back home to find a job. I found two and I worked both for nearly two years. Thinking outside of the box saved me. It was really tough but I avoided BK, foreclosure and reposession. My credit wasnt great but I think it was better than it wouldve been if I incurred any of the above. Sometimes it cant be avoided but....if you can.

Also, you can investigate the possibility of a peer lending group.

Prosper and Lenders club may provide the cash until something comes thru?

I hope this helps...good luck to you.

Re: Here in a deep hole(Loosing Hope)

eagle2013 — Sat, 19 Apr 2014 15:06:46 GMT

@BearsAndTurtlesRtheBest wrote:
From the new accts onlt 2 have a balance BofA AMEX $1090 0% APR for 12 months, and Hyatt $1,200 15.99 APR
@Pupeitmeister Yes Its $30,000 in CC debt paying @ 24.99 in APR. We arent working all our hours so basically all our checks are going to mininum payments since with do also have 2 auto loans and a mortgage.

Bears, there are a lot of good reasons to consider BK - this isn't one of them, at all! It's roughly $30,000 in debt and 4 working people. This debt can be paid down, and eventually off. If you get a loan to pay off the CCs, you'll still be in the same situation with an additional tradeline (if you can even manage to get that amount).

First thing is first - are these even your tradelines? If not, and you feel obligated to help eridicate this debt - you and your family must seek additional employment. Most of us have been there having to work second and third jobs, and this is your reality at this point. At least one person's extra job will over the minimum CC payments, and everything else outside the absolute BARE necessities will go to the CCs.

Pupeitmeister has a fantastic thread, the great cc payoff challenge that you and your family should definitley read and take advice from.

http://ficoforums.myfico.com/t5/Credit-Cards/The-GREAT-CC-Payoff-Challenge/td-p/2689987

Best of luck to you.

Re: Here in a deep hole(Loosing Hope)

Creditaddict — Sat, 19 Apr 2014 15:13:39 GMT

yeah I agree BK isn't a package deal... If 1 of you had $30k in debt and that income by itself could not pay then maybe we could talk about bk but it's 4 different people (maybe your parents could file together if married) but your sister and you would have to file alone... bk is anywhere from $800-$2000+ dollars to file and go through lawyers!

I believe you just got most of these cards too so not only would I not go applying at any bank for some sort of loan I would not one financial this either.

If minimums is all you can do right now, then that is fine and hopefully your hours come back to the money you all were working and can start paying the debt down but cut these cards up if you maxed them already.

Re: Here in a deep hole(Loosing Hope)

pdog661 — Sat, 19 Apr 2014 15:16:03 GMT

Hi - I am sorry to hear you are going through a rough time.

First off - Never lose hope. We are talking money here - Please do not lose site that money is only money.

Can you supply me with more information and answer the following questions?

1) Can you supply the month gross income for all parties in the household that can contribute to debt reduction?

2) Can you supply your month car payments, total owed, and estimate value?

3) Can you supply me your monthly mortgage payment requirements

4) Can you supply me all of your fixed monthly expense outside of the above mentioned - cable, cell phone etc

5) What are the minium payments on all of the cards within the household.

6) What are the credit card balances and interest for each individual card.

We can worry about variable exepenses once we review your fixed expenses.

What are your current tax deductions set to for your payroll?

Re: Here in a deep hole(Loosing Hope)

mnavas — Sat, 19 Apr 2014 16:03:55 GMT

Hey Bears! Im sorry to hear your family's having financial distress again for so many credit obligations. I really hope this doesn't lead you guys to file BK. The best thing your family can do at this moment is to contact all the creditors and see if theres a way they can help you out. A lower monthy payment + a lower interest rate would be the best approach. Don't lose your hope my friend. Your family can get out of this!!!!!

Re: Here in a deep hole(Loosing Hope)

youngandcreditwrthy — Sat, 19 Apr 2014 16:06:25 GMT

If this is the case, then why have you been posting about all the new approvals since you've been on this board?

something is not adding up.

Re: Here in a deep hole(Loosing Hope)

youngandcreditwrthy — Sat, 19 Apr 2014 16:14:31 GMT

I didn't mean to sound negative, but my question is real.

I understand how tough credit card debt can be to get rid of permanently, but BK is usually not the way out. The key to longevity credit wise is to pay low rates on any debt you have.

Greece got in the position it did because of overborrowing at high rates. High APRs will bankrupt you.

Re: Here in a deep hole(Loosing Hope)

thelethargicage — Sat, 19 Apr 2014 16:21:55 GMT

@youngandcreditwrthy wrote:
If this is the case, then why have you been posting about all the new approvals since you've been on this board?

something is not adding up.

Re: Here in a deep hole(Loosing Hope)

Anonymous — Sat, 19 Apr 2014 16:25:42 GMT

@thelethargicage wrote:
@youngandcreditwrthy wrote:
If this is the case, then why have you been posting about all the new approvals since you've been on this board?

something is not adding up.
+1

Why does that not add up? Some people get and use too many cards, and quickly get into excessive debt (and OP was very excited about cards from a young age, probably a danger sign!) So long as they haven't been late yet, approvals might still come in.