Friday, July 24, 2009

IN DEBT AND DROWNING.......

So the credit card companies are out to get me. They have jacked up interest rates, lowered my available credit, and are taking up any extra money that I was using to feed my pets and myself. I am falling apart and do not know what to do. I have tried tons of loaners, banks, and even relatives. No one can help me. My debt to income ratio is so out of whack. I call one card to talk about helping me – they automatically lower my limit which alerts the credit report agencies to look like I have maxed my cards out. Then all the other cards FREAK out and start lowering limits, jacking up fees…….which has put me in a hole. I do not know what to do. I worked for a non-profit for over 10 years so I do not make that much money. At the end of paying bills & credit cards I have $200 dollars left to live off of each month. I put 40 bucks a week in my truck just to get to work …… so you see – no money even left to eat off of.

Where did this debt come from you ask? Well – when I was younger I was engaged and planning to get married. BUT close to the date he came clean about sleeping with ANYONE who would let him and we broke it off. We had put so much stuff on my credit agreeing to pay it off together and he left me with it all. I have NOTHING to show for it either. Then after all that fun I had a roommate bail out on me to help her family with finances and she left me with a $1000 rent to pay on my own (non-profit worker at the time). So I used my credit cards to pay for rent. Helping out friends along the way by loaning money…. I am now WAY in over my head.

I have been told NO MATTER what I do…. DO NOT use a credit consolidation company. That nowadays they are ALL scammers. So do I claim bankruptcy? I have a second job right now pulling in about 300 bucks extra a month. My FT job is pretty good pay. I sell things on ebay …. But what do I do now? If you have any really good suggestions please let me know. Either comment ….. or email me at
erinmelt10@aol.com

Not into becoming a stripper,...........I believe winning the lottery is not something in my fate..........and ….well I can’t be a hooker-just not in my personality. So what do I do?

10 comments:

RileyScott said...

Well the good news is that in 5 months the credit card agencies will have to stop all that bullshit.

A new law passed that gets enacted in jan-feb of next year. That's why the CC companies are doing this to people like you. They are doing it while they can.

Some tips-DO NOT CALL THEM! this only creates the cycle that you've explained. They are all in panic mode right now. Go to MSN.com, and in the financial section, they have MANY articles on this.

Just remember, bankruptcy destroys your credit for 7 years. last resort!

Kris said...

I'm in the same boat.

Lookin' at bankruptcy.

~Tom~ said...

Actually don't believe that bankruptcy destroys your credit. Yes it is on your credit report for 10 years (not 7) but isn't your credit already destroyed? That is why you would look at bankruptcy to begin with.

Check your email for more on this.

Born with a big mouth! said...

tom - thanks for the email!! Looks like tons of people are in the same boat right now too!

Kimberly said...

The rule is to pay off the smallest debt and work from that...at least it sounds easy.

Brian in Mpls said...

Same thing happened to me quite a while back in 2005 I got divorced and stuck with a huge stack of debt. Had to file for BK but it wasn't as big of a help as I thought it would be still had to pay most of it back and it has been hard no problems suck like financial ones...

Been almost 4 years now and I have one more to go for freedom and I cant wait :) I hope you are doing ok with this and if you ever need help or advise give me a buzz.

I am an expert now at going to court with credit card companies I defaulted on..lol

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