We worked out our monthly expenses....in the red. (credit, loans, pay)

[debtmonger]

Think necessities first. The house is way more important that the cc's. Food, House payment, utilities, transportation and insurance should come before the cc's.

Incomes don't always keep going up, this is why you should always keep this in mind when buying a house, car, and other major purchases. Always think of worse case possibilities.

You will take a ding on your credit score. Look for part time jobs to help pay off the cc's. Maybe sell a car or two. Once you get the cards paid off in full, I would cancel them. Never use cc's as a financial crutch. They bite back.

[Darrow]

Originally Posted by oz in SC

Job loss about 11 months ago for wife,shorter hours for me,we went from close to $90,000 to $56,000.

The reason is has taken this long is because we were using C/C's for certain expenses and basically hoping either our house or our property in NC was going to sell....neither has happened and at this point our home here in SC is worth $30,000 less than we owe due to dropping in value.

That is so sad, it's a big pay cut...but $56,000 is nothing to sniff at. You definately do not have the income for 2 households - as you know. Look into a short sale. Your FICO score should not dictate your life's decisions. This is serious and you've got to dump a house. I recommend a very good-easy book called the total money makeover by dave ramsey. you can read it in a day or two and start listening to his radio program. it can be downloaded everyday. Good luck my friend!

[booker_one]

Originally Posted by oz in SC

True enough.


We have few if any junk expenses,internet I guess and cable TV.
Side jobs is a little more difficult to come by right now.


Well...there IS bankruptcy or simply not paying.

geez....thanks for screwing the rest of us over that do things right. why would you just not pay? tell your wife to get a job whether it is at McDonalds or whatever. pay your bills. pay your house first. you do not want to be homeless but have paid off credit cards do you? your house is your most important payment.

[texdav]

No fir4st he has to qaulify for bankrupsy which is not waht it uase to be like.

[oz in SC]

Originally Posted by debtmonger

Think necessities first. The house is way more important that the cc's. Food, House payment, utilities, transportation and insurance should come before the cc's.

THIS house is the cause of our problems actually...and we could if necessary move to our land and live in our unfinished place there.

Incomes don't always keep going up, this is why you should always keep this in mind when buying a house, car, and other major purchases. Always think of worse case possibilities.

We did to some extent,that is why we have over a years worth of food and have our other place,things just happened much faster than we thought.

You will take a ding on your credit score. Look for part time jobs to help pay off the cc's. Maybe sell a car or two. Once you get the cards paid off in full, I would cancel them. Never use cc's as a financial crutch. They bite back.

My truck is paid for,wife's vehicle is not but is of course worth less than we owe...it is a Chevrolet.The cards are all being reduced to the balance and that is fine.

We have set up an appointment with a Bankruptcy Attorney for Thursday.

[oz in SC]

Originally Posted by booker_one

geez....thanks for screwing the rest of us over that do things right. why would you just not pay? tell your wife to get a job whether it is at McDonalds or whatever. pay your bills. pay your house first. you do not want to be homeless but have paid off credit cards do you? your house is your most important payment.

Your welcome.
If you are so foolish to think the banks and C/C's won't ********* over anyway then that is your problem....

Wife already works.

House is the cause of our problems,mainly the high second we took on to pay back our debts...you know,being responsible.

[booker_one]

Originally Posted by oz in SC

Your welcome.
If you are so foolish to think the banks and C/C's won't ********* over anyway then that is your problem....

Wife already works.

House is the cause of our problems,mainly the high second we took on to pay back our debts...you know,being responsible.

perhaps you should buy Dave Ramsey's book. your high second was not a good decision.

[oz in SC]

Originally Posted by booker_one

perhaps you should buy Dave Ramsey's book. your high second was not a good decision.

The second WAS at the time...no-one anticipated the collapse of the housing market( and everything else as well) and IF things had held together another few years we would have paid off $75,000 in five years....

Sorry if I sounded snarky,this is certainly NOT what we had hopes for.

[debtmonger]

I'm sure that this is not what you had hoped for. There are many things in life no-one can anticipate. One thing is for certain, the more you increase your debt, the more your risk goes up.

If the house is the problem, you got to do whatever it takes to sell it, even at a loss. Good luck to you.

Originally Posted by oz in SC

The second WAS at the time...no-one anticipated the collapse of the housing market( and everything else as well) and IF things had held together another few years we would have paid off $75,000 in five years....

Sorry if I sounded snarky,this is certainly NOT what we had hopes for.

[booker_one]

Originally Posted by oz in SC

The second WAS at the time...no-one anticipated the collapse of the housing market( and everything else as well) and IF things had held together another few years we would have paid off $75,000 in five years....

Sorry if I sounded snarky,this is certainly NOT what we had hopes for.

no problem....i took no offense. good luck with everything. i hope it works out for you.