Buried Beyond Belief! (visa, mastercard, sell, interest rate)

[greggd]

Wow man!!

How upside down are you with the house?

You mentioned your purchase price 14 years ago and your current mortgage, but what is the difference in market value to mortgage?

[darstar]

I am beginning to smell something in the air

[Humanoid]

Yeah this story is starting to seem fake.

But, I know of a few people here in the golden state that are in similar situations.

[czubmeister]

Since everybody keeps talking about the DWP bill, I work out of my house and have a home office. I have a large Dell file server that has to run all the time along with my work computer. Like every other father, I have to run around the house and turn off lights and even unscrew light bulbs when the family doesn't turn off the bathroom lights. This year has been exceptionnaly hot. Probably 100+ all summer. Then the A/C condensor broke and guess what..purchased another one on a credit card. I have since cut my watering on the yard down by half. I take a significant rightoff on the business on this bill.

Water and Power Bill For the Year 2008
$700.00 Jan/Feb
$610.89 Mar/April
$743.99 May/June
$1,023.00 Jul/Aug
Can't find my last bill.

[czubmeister]

I wish this story was fake. You sure are a bad judge of poster character. As if I would spend all my time here to perpetuate a story... not to mention staying up till 2:00 in the morning trying to sort things out. I'd post my social so you can check me out but I don't have lifelock. I've layed everything out on the table here so whatever you want to believe that's fine.

to greggd, my first is 549,550.75 and my 2nd is 250,000 = 799,550
Zillow.com comes up with 678,000 but a realtor that came by a couple of weeks ago said around 750,000

[czubmeister]

Welcome to the expense of living in California. Why do you think people are moving from here. My neighbor had a 950.00 bill when mine was 1,100.00 so I know it just wasn't me. Mr cheapskate down the street had a 700 dollar dwp bill. That's the big party on our street.. comparing DWP bills.

OC Investor2.. and there is the problem that I'm trying to fix. When you have 140,000+ in credit card debt, it's awfully easy to charge a couple grand and say what the heck.. two grand is nothing compared to the 140,000... and you keep doing that over and over and over again.

I'm doing what everybody is saying to do. cut up the cards.. and the reality of this whole thing, since you guys brought everything to light, is only a day or two old and it's not so easy realize that you are broke.

[Humanoid]

How exactly did you manage to even get $140,000 in credit? How many cards do you have? Most don't offer a limit of much more than $20k. I just find it amazing that lenders even let this happen.....

Out of curiosity are you now starting to hit your credit limits? I know a few people in similar situations (perhaps not as bad...but pretty similar), they don't seem to see the giant wall in front of them. It seems so long as the credit is flowing, nothing changes. Its only when people start to max out their lines of credit that people start to realize what they've done....

[cdcdguy]

While your utility bills seem shockingly high, you will save a lot more by using less ac or heat. Turning off lights when not in use is great, but you will save a lot more by turning off the ac, or not running the heat too high(I don't knoiw what temps. you have there now).

I also think if you try, a family of 4 can get by on less than 800 dollars for food. Don't buy processed food, no eating out. And yes, it is not fun.

These things will help, but your biggest problems are your debt!You have a HUGE pile of debt, but I think you know it, and are trying to better yourself. Don't give up!

[dramamama6685]

Originally Posted by Humanoid

How exactly did you manage to even get $140,000 in credit? How many cards do you have? Most don't offer a limit of much more than $20k. I just find it amazing that lenders even let this happen.....

Out of curiosity are you now starting to hit your credit limits? I know a few people in similar situations (perhaps not as bad...but pretty similar), they don't seem to see the giant wall in front of them. It seems so long as the credit is flowing, nothing changes. Its only when people start to max out their lines of credit that people start to realize what they've done....

About the $20K limit. My DH and I receive offers for $100K limits all the time. Given that our annual gross is substantially less than this, we laugh and shred.(BTW, makes great filling for the cat litter box!)

[Karla with a K]

czubmeister I am glad to see your back,

Let me tell you realizing your situation is the first step. Many of you may not be aware this is a more common situation now days.
I have many many years in the credit industry so maybe I don't find it an "impossible there is this kind of debt situation" as many of you do.

It does happen and where some may bury their heads in the sand czubmeister is at least taking steps to change things.

That's a sweet deal you have with your brother hopefully it will help keep things afloat while you continue to restructure.

You sat down with your son now it may be time for a "family" meeting getting everyone on board to make it a family project may show them this is why we need to start paying attention to why we need to be more aware of turning out the lights, not stopping for that starbucks or fast food dinner etc.