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Credit Card Debt
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I'm new here. Sharing my story. Possibly a bit different then most here. I hope to offer some encouragement.
Well, first of all, I have always had good credit. So much so that the credit extended to me had far exceeded my income. From 18-27, I racked up $7k in credit card debt. My brother gave me $7k to pay it off. Nice of him, but I didn't learn my lesson. Over the past 5 years, I have racked up another $16k in credit card debt. At times, because of a low paying job, I used them just to survive. I used them to pay for school. And I was just irresponsible and used them to go out and party too. Well, lesson definately learned this time. I exceeded my credit limits, which dropped my FICO score. Not good. No extra cash or gifts to pay them off this time. Consolidation interest rates not an option. Even though I was over-extended, I still have rates of 4.99-9.99%. Filing bankruptcy was not an option because I wasn't behind on anything, didn't want to ruin my FICO even more, and they would have taken away my car that I own free and clear. (It wasn't worth it to sell the car either.) It was make or break time and I NEVER thought I could live without my credit cards. But, as traumatic as it was, I cut them ALL up. It has been a little over 4 months now. I have not used a single credit card. I have not gotten a new job or a raise. I have not borrowed any money. I have made my minimum payments on each card and a little extra on one card. I HAVE SURVIVED!!! I'm not maxed out anymore. My interest rates are still good. My monthly payments have gone down by $75. And all of my basic needs are being met-bills paid, gas in the car, food on the table. I haven't gone out to dinner, went clothes shopping, partied with friends, or taken a vacation in 4 months. But, it's worth it. I can see the light at the end of the tunnel. I know I can do it. I keep telling other people-CUT THEM UP!! You will survive. Posted on 06/22/08, 02:06 pm |
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Why was going to credit counseling not an option? I owed $16,000.00 dollars and just qualified. They saved me thousands of dollars in interest and I have just one and one-half years to be debt free.
I think it is neat that you are doing it on your own. The credit card companies were going to double my minimum payments and it made it impossible to pay my credit card bills in full every month. 
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for me, it wasn't an option because sometimes when you use credit counseling, it still goes on your credit as "slow pay". i've never been late on a payment in my life. (don't ask me how) so i didn't want the counseling to reflect badly on me. i really was (am) stuck between a rock and a hard place-good credit, just too much of it. if it had been any other situation, i probably would have taken the fastest way out-bankruptcy.
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Good for you! You must be so proud of yourself. It's not easy and that's why you deserve to feel good about yourself. It will be worth it in the end.
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thanks. and i am proud of myself. but, i still have a long way to go.
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Good for you. I have the same problem and I have made a strict schedule to follow to pay my bills and not buy andthing I don't need. I have 7000. Most of it is medical and when I lost my job for 5 months. I had to survive on unemployment and credit cards. I am selling some gold jewelry that i haven't worn in years. I have a very big walnut tree on some lots that i own and i am sell it. You have to do what you got to do to survive a financial crunch.
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You inspire me to work harder at not using the cards!!!
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