Struggling to Pay the Bills

[Anonymous]

Ugh, how I wish I had learned a lesson from credit card debt. Out of a job right now and trying to get back on my feet. meanwhile, money is short and I am debating on holding off payments on the credit cards. I did this before and fell far behind and had to dig myself out of a trench, not sure I want to do it again but honestly what other choice do I have? I realize things could be much worse (I know several friends/family who are losing their houses and cant do a thing about it). My life is a financial mess.

What happens if you call creditors? Is there any kind of protection? Can they do some kind of payment plans? I know utilities and such will do that but I think I will be okay on getting those paid.

[Anonymous]

At the least make the minimum payments

[Anonymous]

Anonymous wrote:At the least make the minimum payments

I would love to be able to do that, however once done paying the important stuff like mortgage and utilities there isnt anything left.

[Anonymous]

Im kind of in your same shoes. Except stuff has.gone to collections. You can usually work out a payment plan. Granted I can't really afford those plans and am contemplating bankruptcy

[Anonymous]

Usually the minimum is twenty bucks. You need to pay those or your rates will go up and you will get bad credit. Hw many credit cards do you have that you cannot come up with twenty bucks a month?

If you are that bad off, you need to put your house on the market ASAP and move into a fire d or family members basement. Not paying the minimum on a credit card bill is idiotic

[Anonymous]

Anonymous wrote:Usually the minimum is twenty bucks. You need to pay those or your rates will go up and you will get bad credit. Hw many credit cards do you have that you cannot come up with twenty bucks a month?

If you are that bad off, you need to put your house on the market ASAP and move into a fire d or family members basement. Not paying the minimum on a credit card bill is idiotic

Do you own a credit card? The minimum is not "usually" twenty bucks. It's based on a percentage of your balance. If OP has a high balance, the minimum payment will be higher.

OP- try calling the credit cards. Sometimes they will let you skip a few payments to catch up. If not, maybe they will work with you on the payment amount. Good luck

[Anonymous]

You need to focus on the bare necessities and paying credit cards are not in my opinion. You need to pay your mortgage, put gas in your car and food on your table. That will ensure that you can focus on finding a job.

Do you have a budget? You need to cut it down as much as possible (if you haven't already) - cancel cable, no eating out, etc. etc. Do you have a car payment? That can take out a huge chunk of your budget. Look into selling your car and getting something cheap ($1k-2k) for a while. Check out Dave Ramsey's plan for getting out of debt. You can also Google "allocated budget template" which will help you prioritize what you pay. Credit cards only get paid after you cover your other necessities.

I agree with the PPs that recommended calling your credit cards and letting them know about your situation. Be frank with them. I know of people who shared their allocated budget sheet with their credit card companies to show them their situation.

[Anonymous]

Have you tried calling them and just saying "Listen, I can pay $0 or $20" You won't be the first and they may work with you.

[Anonymous]

If you are going to end up filing BK then go ahead and stop paying on them. If your goal is to stay out of BK then do whatever you can to pay the min every month. Also some cards have a "hardship" program so make sure to call and inquire.

[Anonymous]

Can you get a roommate ?

[Anonymous]

Anonymous wrote:Can you get a roommate ?

+1

[Anonymous]

Get a 2nd job -- babysit or something, or garden/odd jobs, or retail. Get enough extra $ to pay the minimum payments. If you let it all go then fine, don't pay a cent on any consumer debt and eventually declare bankruptcy.

[Anonymous]

Agree with 10:26. You need to decrease expenses where possible but also increase income. Get a night job. House-sit, pet-sit, etc.

[Anonymous]

OP, do you have any credit on those credit cards that you could use to pay groceries, utilities, etc.? If so, it may be worth paying them to avoid ruining your credit, as once you have late payments it takes a long time recover. If they are maxed and you are deciding between credit cards and electricity, then you need to stop paying.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Usually the minimum is twenty bucks. You need to pay those or your rates will go up and you will get bad credit. Hw many credit cards do you have that you cannot come up with twenty bucks a month?

If you are that bad off, you need to put your house on the market ASAP and move into a fire d or family members basement. Not paying the minimum on a credit card bill is idiotic

Do you own a credit card? The minimum is not "usually" twenty bucks. It's based on a percentage of your balance. If OP has a high balance, the minimum payment will be higher.

OP- try calling the credit cards. Sometimes they will let you skip a few payments to catch up. If not, maybe they will work with you on the payment amount. Good luck

Yes, I have had two credit cards for twenty years. My minimum has never been more than twenty five dollars.

Unless you are underwater on your house, you need to it it up for sale and move in with family or into a one bedroom apartment