HUGE economic pressures combined with ruthless credit card companies: about to be bankrupt AGAIN what should I DO? I was barely making it, paying around 500 bucks in credit card minimums, but I have not missed a payment in husband’s last two and half years of un/under-employment. I am not late with any payments now but as you will see that is soon to end……
Today a credit card company really screwed me to the wall, raising my interest rate by 10% to 28% and jacking up the minimum payment, and the expected minimum payment was $150 more then I thought it’d be around $370.00. I have never been late or missed a payment but the balance is high. I pay $200.00 minimum on one other credit card and $75 on another. I was already drowning now they have sent a tsunami over me.
It has been a miracle I have kept them paid this long, it has taken selling ebay, and more, but I am dug deep in the hole and see no way out.— $17,000 in debt and they have just made it worse and now impossible.
The descent into major debt began with, the fact his working class salary did not keep up with prices, him getting laid off of a job-economic–a year of unemployment there, and then us moving here for him to get a job which he lost within 3 months. They told him, he was not a “good fit”- but this could have kept the debt manageable–it was less back then. I am disabled, get a check, and in no shape to work as of now, though I am doing what I can to regain health. Medical expenses are a huge part of the picture as well.
His chances of being able to work a normal job again, [this is long and complex story in itself] are minimal, he has never made great money, and field is falling apart, and he does side work from home such as freelance and transcribing. {BTW Yes, the relationship is under severe stress and the credit cards are all in my name}
Does anyone here have any suggestions? Is this the time you just fold your cards and realize you are bankrupt? Only around $1900 comes into this household a month, {22,000 a year combined} with 715 going for rent, so that should tell you how tight things have been.
I can with clear conscience say I didn’t buy anything unnecessary with the cards. They just made it hard, raising interests rates and payments as much as they possibly could. It is like I was punished for making on time timely payments. I will never touch a credit card again, why didn’t I learn my lesson the first time? Anyone reading this just don’t touch them. I bought nothing but groceries, gas, medicine and car repairs on them. I buy everything used even clothes on ebay, and make cabbage soup. Frugality has its limits.
I’ll take any ideas and/or advice. There doesnt seem to be much help out there, and all the credit help agencies want money themselves.