Well that's it, walking away from debt

[Anonymous]

Rae Strang = bring strange.

Very odd rehabbed iphone

[Anonymous]

OP, you need to look at your situation realistically. Declare bankruptcy. Banks and the financial industry have no problems screwing over consumers because "it's just business!" Stop the madness, file bankruptcy, and start anew. Don't be emotional about it. It doesn't make mathmatical sense to keep trying to pay it off.

[Anonymous]

actually i havent tried consumer credit counseling. maybe they can help

[Anonymous]

Anonymous wrote:actually i havent tried consumer credit counseling. maybe they can help

I've read those services are usually a scam. I think it was consumer reports where I read it? Maybe Dave Ramsey? I don't remember where, but maybe check the dave ramsey and susan what's-her-name websites for some help first?

[Anonymous]

If you have student loans, stop paying those for a while. Nobody is going to repossess your education. I took an evening job but that was such a grind I only kept it up for about 4 months and that was before I had kids. With kids, it's probably too much. Talk to any lenders involved and make arrangements to restructure your debt. I went to consumer credit counseling and they kind of laughed because they said they see so much worse. I also cut up my credit cards. Things I thought were necessities when I had the card turned out to be luxuries. Create a strict budget and stick to it.

[Anonymous]

With regard to your credit card debt, that is killer. You have a mortgage loan so you could get a home equity loan to pay off that cc debt. That's the main thing-getting rid of your cc debt. And see if you qualify to refinance even though you're under water. There are programs for that, check into it to see if you qualify.

http://www.bankrate.com/finance/refinance/refinance-options-when-you-re-underwater-1.aspx

It doesn't sound to me like you've done all your due diligence before considering bankruptcy. That should be your last option. It will impact your credit score and your spouse's for 6-7 years. That's a long time and will cause you to have to pay more to borrow money. Not a great long term option in my view if there's a way to avoid it.

[Anonymous]

Some banks also offer REDUCTIONS of mortgages if you are under water - call your mortgage company and see. Most credit counseling services that charge are money-making operations -- can't say that all are ripoffs, but many are. Call the consumer services division of the county/city where you live and see who they recommend. I know Montgomery County used to have a lot of free services.

[Anonymous]

Anonymous wrote:Some banks also offer REDUCTIONS of mortgages if you are under water - call your mortgage company and see. Most credit counseling services that charge are money-making operations -- can't say that all are ripoffs, but many are. Call the consumer services division of the county/city where you live and see who they recommend. I know Montgomery County used to have a lot of free services.

Yes good point-I mentioned above using a credit counseling service. It was through MoCo and was free.

[Anonymous]

Anonymous wrote:I had to walk away from debt about a year and a half ago. Thought about bankruptcy, but so far just stopped paying. My life is so much less stressful. I know it's a shitty thing to do, but I had no choice. I lost a job, the engine went out in my car that I still owed money on, had to move to be closer to mass transit etc. It was an extraordinarily stressful time, but things are getting better. Was able to get a place to live in exchange for childcare, working now (though not consistent hours) and for the first time I am able to save a little. I completely understand where you're coming from, and can't imagine how much worse it must be for a person with kids and a mortgage. Good luck op. You're definitely not alone.

It may be less stressful now, but all those missed payments and unpaid debts will haunt you in a way that bankruptcy wouldn't. I would never advise someone to just stop paying if they have any hope of living a financially stable life in the future.

[Anonymous]

Anonymous wrote:With regard to your credit card debt, that is killer. You have a mortgage loan so you could get a home equity loan to pay off that cc debt. That's the main thing-getting rid of your cc debt. And see if you qualify to refinance even though you're under water. There are programs for that, check into it to see if you qualify.

http://www.bankrate.com/finance/refinance/refinance-options-when-you-re-underwater-1.aspx

It doesn't sound to me like you've done all your due diligence before considering bankruptcy. That should be your last option. It will impact your credit score and your spouse's for 6-7 years. That's a long time and will cause you to have to pay more to borrow money. Not a great long term option in my view if there's a way to avoid it.

Don't you need equity in your home to get a home equity loan?

[Anonymous]

Anonymous wrote:

Anonymous wrote:With regard to your credit card debt, that is killer. You have a mortgage loan so you could get a home equity loan to pay off that cc debt. That's the main thing-getting rid of your cc debt. And see if you qualify to refinance even though you're under water. There are programs for that, check into it to see if you qualify.

http://www.bankrate.com/finance/refinance/refinance-options-when-you-re-underwater-1.aspx

It doesn't sound to me like you've done all your due diligence before considering bankruptcy. That should be your last option. It will impact your credit score and your spouse's for 6-7 years. That's a long time and will cause you to have to pay more to borrow money. Not a great long term option in my view if there's a way to avoid it.

Don't you need equity in your home to get a home equity loan?

Never get a home equity loan to pay off credit card debt. The reasons are multifold:

1) You're trading unsecured debt for secured debt. Don't put your house at risk, especially if you might run up those CCs again.
2) Cost you closing costs, etc. to get a Home Equity Loan. Run you near $1,000.
3) The interest on the home equity line isn't tax-deductible if your pay off CC with it.

[Anonymous]

Run, don't walk, to bankruptcy attorney. If you can't handle your debt, you need to get help.

We have bankruptcy laws for a reason.

[Anonymous]

turning tricks could be an option.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:With regard to your credit card debt, that is killer. You have a mortgage loan so you could get a home equity loan to pay off that cc debt. That's the main thing-getting rid of your cc debt. And see if you qualify to refinance even though you're under water. There are programs for that, check into it to see if you qualify.
http://www.bankrate.com/finance/refinance/refinance-options-when-you-re-underwater-1.aspx
It doesn't sound to me like you've done all your due diligence before considering bankruptcy. That should be your last option. It will impact your credit score and your spouse's for 6-7 years. That's a long time and will cause you to have to pay more to borrow money. Not a great long term option in my view if there's a way to avoid it.

Don't you need equity in your home to get a home equity loan?

Never get a home equity loan to pay off credit card debt. The reasons are multifold:
1) You're trading unsecured debt for secured debt. Don't put your house at risk, especially if you might run up those CCs again.
2) Cost you closing costs, etc. to get a Home Equity Loan. Run you near $1,000.
3) The interest on the home equity line isn't tax-deductible if your pay off CC with it.

I wasn't actually thinking about the interest deduction and you're right, personal interest is not deductible. I was just thinking about the low rate. But they may not be able to get the loan. In which case try a personal loan. Anything to get out of the outrageous interest payments that cc debt causes.

[Anonymous]

Anonymous wrote:Run, don't walk, to bankruptcy attorney. If you can't handle your debt, you need to get help.

We have bankruptcy laws for a reason.

They exist as an alternative to debtor's prisons. It's not a walk in the park and they won't discharge all your debt.