A Better Way Out Of Debt

i filed chapter 7 12 years ago and was doing a lot better w/ my credit card debt 'till I got divorced. He is such a deadbeat that now I am stuck with a 40K + credit and loan balance. I did not want to file chapter again and decided to go into a program. The first 4 months was really rough. the creditor calls did not stop. i have been in the program for 10 months now and have had two cards resolved. I have three more to go. I am a single mom and am just happy I was able to find something that worked for me.
tamparuth tamparuth
7 Responses Jul 12, 2010

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i am from india & dont know much about the western concepts. 1stly feel proud & confident that you are going to get over this problem. austerity is a pleasure in itself. bannana & milk, toasts for breakfast.peanut buttr or cucumber sandwiches for you & your kids for lunch.cabbage broth with a piece of meat from the butcher + bread for dinner. hamburgers once a week for all. a drink for you daily for all your efforts to bear all. keep your head high. "WE WILL OVERCOME" That was my school motto. be friendly with a friendly neibhour. organise going for picnics insted of parties with a group<br />

tamparuth - You should stand with pride. Getting out of debt is never easy. You are going down the right path.

I lived in Wisconsin when all this happened and there they CAN garnish up to 80% of your wages if they receive a judgement. For a person who doesn't have a job or assets I agree. They have nothing to lose, but that was not my case. I had a decent job where I made enough to stay afloat, but not much else. Plus it's just the right thing to do. You can't establish credit without credit cards, but too much of them w/ high balances will drive your score down too. I am just happy I am starting to see the light at the end of the tunnel. At the very least, I am better off than I was 10 months ago...

I agree and disagree. <br />
Well done for coming this far and working through your problems.<br />
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Now, I live in the UK and if we do not pay what we owe they will give warnings and they will be more than happy to make arrangements for you as person to try and sort out your problems and pay what you must. But, if you don't pay they get very upset and they can take away your possessions and if you have children they can even get social services involved. <br />
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One main thing to remember is that credit cards are BAD news. They may help you when you need the help but if you sit down and calculate what it cost you over a year you will flip out. Credit and credit cards are designed to offer us convenience but what actually happens is that it draws us into this credit trap very few people can escape from. One of the main rules for building wealth would be not getting caught in the credit trap. There are ways of using the leverage of credit to your own advantage and to create wealth for yourself but you need to be free from this trap before you can create a working plan. <br />
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Don't lose heart, as long as you know where you are working towards you will be fine and you will definitely be better off afterwards.<br />
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Good Luck

To you and the millions of others who find themselves firmly pinned to the financial mat for the forseeable future. Here is the best advice possible - DON"T PAY! What can they do to you? Virtually nothing. They borrow the money at "0" percentage, loan it out at rates up to 49%. Do they need you to succeed - hell no. Bush changed bankruptcy to try and extract more money after trying to work out arrangements w/creditors. If the creditors were interested they would have made the effort before you got to bankruptcy hearings. Your credit score will not improve due to your efforts to pay back the balances. Your credit score started going to hell when you couldn't pay your bills and won't improve until you pay some of the bills in reasonable time standards.