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I am new to this forumn, let me try to explain our situation without getting into technical information. By the way i am a new poster here. me and my wife are in a combined CC debt amount of aproxamately $860,000 and have 4 outstanding auto loans amounting to approxamately $300,000. The auto loans are fine, we are able to make the payments on them, mortgage is paid outright, however at this time we were denied for a HELOC thru citizens bank due to outstanding CC debt. We need to some how consoidate this debt, I am not sure what we should do, it is just getting out of hand, every month the payments are going up, and its going to get to the point where we cant afford the minimum payments. should we go chapter 13? i have no clue any advice would be great
With over one million dollars in consumer debt and a paid off home, I can only assume that you have a fairly high income.
Would it be possible to reduce how much you spend each month and get yourself rolling UPhill instead of DOWNhill?
Welcome.
Can you give us some insight into your financials?
Like CC Utility to Credit Limit
There was a really good post a few days ago that someone did. It helped to give some advice.
I believe the credit limit is 2.5m, we tranfered ALL of our personal consumer debt over to our business card from Chase. The inerest is 7.9 and has been open for over 10 years I believe, it is just out of control at this point. Every month we think we get ahead something else hits us like our kids college tuition, etc.
@ineedhelpasap wrote:I believe the credit limit is 2.5m, we tranfered ALL of our personal consumer debt over to our business card from Chase. The inerest is 7.9 and has been open for over 10 years I believe, it is just out of control at this point. Every month we think we get ahead something else hits us like our kids college tuition, etc.
Boy, do I understand THAT!
My household is currently going downhill financially as well...ours is planned tho, and we've got changes coming later this year.
Do you have a monthly budget? Are you sticking to it?
Are there any investments you can cash in/out to bring down you overall balances, thereby reducing your minimum payments? The interest you are paying out is probably equal to or greater than what you are earning. I'm not suggesting dumping everything, just enough to make things managable.
It sounds like you have not missed any payments yet.
Can you give a better description of Income, current monthly financial obligations? Are the vehicles for personal use?
Is the entire 860K on one card or spread out? If spread out can you break it down a bit?
@ineedhelpasap wrote:I am new to this forumn, let me try to explain our situation without getting into technical information. By the way i am a new poster here. me and my wife are in a combined CC debt amount of aproxamately $860,000 and have 4 outstanding auto loans amounting to approxamately $300,000. The auto loans are fine, we are able to make the payments on them, mortgage is paid outright, however at this time we were denied for a HELOC thru citizens bank due to outstanding CC debt. We need to some how consoidate this debt, I am not sure what we should do, it is just getting out of hand, every month the payments are going up, and its going to get to the point where we cant afford the minimum payments. should we go chapter 13? i have no clue any advice would be great
With that level of debt, *I* certainly wouldn't be asking an internet forum for advice. And if I did, not this one, where these levels are way outside most people's experience. Go to a financial advisor or bankrupcy lawyer.
@longtimelurker wrote:
@ineedhelpasap wrote:I am new to this forumn, let me try to explain our situation without getting into technical information. By the way i am a new poster here. me and my wife are in a combined CC debt amount of aproxamately $860,000 and have 4 outstanding auto loans amounting to approxamately $300,000. The auto loans are fine, we are able to make the payments on them, mortgage is paid outright, however at this time we were denied for a HELOC thru citizens bank due to outstanding CC debt. We need to some how consoidate this debt, I am not sure what we should do, it is just getting out of hand, every month the payments are going up, and its going to get to the point where we cant afford the minimum payments. should we go chapter 13? i have no clue any advice would be great
With that level of debt, *I* certainly wouldn't be asking an internet forum for advice. And if I did, not this one, where these levels are way outside most people's experience. Go to a financial advisor or bankrupcy lawyer.
I agree. You need to fiind someone who can dig into the details with you and you shouldn't be doing that on a public forum. I also agree with Focused. You can start looking at investments (or other assets) you can liquidate to begin to pay down the debt.
+3
Longtimelurker, Focus and Sailor
Welcome to the forum
While we are glad to have you join us the scope in which you seek advice is far beyond this forum and what you need to seek is trained professional advice.
Best wishes that it all works out positive for you and your family