Interesting article on a debt and potential bankruptcy situation

[njguy1972]

This was on msnbc.com today. I think many of us can relate to the situation this person is in.

$60,000 in debt, and nothing to show for it
Faced with a pay cut, Sacramento woman works to whittle down balances

http://www.msnbc.msn.com/id/31325093/ns/business-personal_finance/

[Minnymouth]

Yes a lot of folks can "relate" to this story, I'm sure...............
Debt has a way of creeping up without you realizing it and the extra fee's they are sneaking in on your accounts adds up FAST.
When that "rollercoaster ride" starts............. its downhill all the way!!

[NickJ2000]

Its amazing how debt can sit there and stare you in the face but not really realize how bad or big its gotten till it hits you all at once.

[njguy1972]

what is scary is that when times are good they give you low interest rates on your cards. When you lose a job or the credit markets tighten your interest rates sky rocket and minimum payments can double.

You wonder why so many people are in deep debt situations. The banks get bailouts and the consumers get bankruptcy, debt settlement, and bad credit.

[falken]

what is scary is that when times are good they give you low interest rates on your cards. When you lose a job or the credit markets tighten your interest rates sky rocket and minimum payments can double.

You wonder why so many people are in deep debt situations. The banks get bailouts and the consumers get bankruptcy, debt settlement, and bad credit.

I missed a payment on my amex card and my payment went from $500/mo to $1400/mo. Well, no way I could *ever* pay them agian.
I think banks want you to default.

[Boysmom]

So can relate!

[Lajazz947]

I missed a payment on my amex card and my payment went from $500/mo to $1400/mo. Well, no way I could *ever* pay them agian.
I think banks want you to default.

You know, the same thing happened to me with AMEX and I told them " if I can't you pay the previous minimum what makes you think I can pay three times as much"?

What makes me even more mad is that I sent them what I could in good faith and it was literally like throwing money away.

Wish I would have found this forum earlier.

Absurd.

[falken]

\What makes me even more mad is that I sent them what I could in good faith and it was literally like throwing money away.

Yes, many people that make mistake. If the minimum payment is $2000 and you send $1999.99 as far as they are conserned you didn't pay anything. If you can't pay the $2000 they don't want anything.