Hyperventilating right now

[creditgone]

So, I just did an overhaul of our bills. We are officially about 70K in debt. 55K being credit cards the rest is a personal loan and car loan. I new it was bad but not this bad. Our debt is more than we make a year. A lot more. I can't believe we are still current on everything. I don't even know how we do it every month. We have nothing to show for it. Just 6 years of living and trying to juggle everything. Just needed to vent a little. Acknowledgement phase...check. Now off to the next phase.

[outoffunds]

I am with you! I have no idea how we have been managing being upside down almost 900 dollars a month! This is the first month we cannot make our bills. I met with a lawyer last week for the first time and am so thankful I found this forum. It is going to be so great to learn to live within our means and do this credit card free. Good luck to you.

[BobMango]

So, I just did an overhaul of our bills. We are officially about 70K in debt. 55K being credit cards the rest is a personal loan and car loan. I new it was bad but not this bad. Our debt is more than we make a year. A lot more. I can't believe we are still current on everything. I don't even know how we do it every month. We have nothing to show for it. Just 6 years of living and trying to juggle everything. Just needed to vent a little. Acknowledgement phase...check. Now off to the next phase.

That was actually the hardest part for me, sitting down and actually calculating my real position. Once that was done it was a no-brainer.

[DeadManCrawling]

Wanna see something even more frightening?

Figure up how much money you have paid in interest on those debts since their inception.

And how much you would pay altogether IF you paid them off at your previous rate.

THAT will send you to cardiac arrest, and make you wonder what the hell is wrong with a society that allows such demonic credit arrangements in the first place.

[creditgone]

I am with you! I have no idea how we have been managing being upside down almost 900 dollars a month! This is the first month we cannot make our bills. I met with a lawyer last week for the first time and am so thankful I found this forum. It is going to be so great to learn to live within our means and do this credit card free. Good luck to you.

This is our first month we may not be able to pay. I have been coming on this board for awhile but now it seems like its real.... and scary.

[creditgone]

That was actually the hardest part for me, sitting down and actually calculating my real position. Once that was done it was a no-brainer.

This was the hardest part because now it becomes real. I was kinda guesstimating how much debt we had was too scared to actually sit down and do it to the penny. I was off by like 25K. On the bright side, we can now come up with a game plan.

[creditgone]

Wanna see something even more frightening?

Figure up how much money you have paid in interest on those debts since their inception.

And how much you would pay altogether IF you paid them off at your previous rate.

THAT will send you to cardiac arrest, and make you wonder what the hell is wrong with a society that allows such demonic credit arrangements in the first place.

I know..soo scary. I did notice that the credit card companies put a little chart on the statement telling you how many years it will take you to pay off it you pay the min. or if you pay over the min. Most of my cards said like 23 years. They also list the interest you would pay over the time period. This must be part of the new mandatory stuff they have to include on them now.

[creditgone]

Wanna see something even more frightening?

Figure up how much money you have paid in interest on those debts since their inception.

And how much you would pay altogether IF you paid them off at your previous rate.

THAT will send you to cardiac arrest, and make you wonder what the hell is wrong with a society that allows such demonic credit arrangements in the first place.

In the end filing bankruptcy is probably the best idea for you. If you qualify for Chapter 7 the process is rather painless and you will get to start over in approximately 90 days. Then rebuild your credit and start over!

Miami Bankruptcy Lawyer
Fort Lauderdale Bankruptcy Attorney

I dont know if we will be free in 90 days. We have to save up for the lawyer.

[feelingnutsy]

Hi---creditgone---this breakdown is indeed based on the new credit card
laws---and as a pre-bk-decision counselor said---after calculating what I
was paying on the credit cards in particular---you paid them for the items/
services long ago---and now you're chiseling on interest---which is the truth.

[brendamc67]

Creditgone: Good luck. My husband and I are facing the same issues. We have about $80,000 in credit card debt (about $20,000 more than what we make in a year), and nothing to show for it. Most of our money went to buy pills, food, gas, animal care and other "small" necessities (our biggest personal expense in the last two years was $600 for a TV at Sears which, ironically enough, we paid off using our savings before the 0 percent interest ran out). I know that feeling of panic. I have been lurking around, asking a couple of questions and now feel a little better about the process. We are below the median for our income and after figuring out what our living expenses will be when we do right by ourselves healthwise, our animals vet wise and in other ways, I am confident we are going to show a -$300 in the expenses. For all of these scary, stupid things that are going on in our lives, you know what makes me feel the best: We are not alone. There are others who have gotten sucked into this credit vortex. Once we're discharged, I am going to be glad not to have another credit card ever, ever, ever again. So many people say: You need to rebuild your credit. OK. But not with a credit card. I will never hold another of those little plastic demons in my hand when I have good old fashioned cash to offer.
Phew ... done... I feel better. I hope you will too, soon!!

[frogger]

Congratulations! You have taken the first step towards rebuilding your future.

You've seen the debt, you've run the numbers, and now it's time to make a BUSINESS DECISON on what to do with your finances.

Good luck.