I want to state that I was all for bankruptcy and my wife was not. We went to debt management and are now doing that
want to state that I was all for bankruptcy and my wife was not. We
went to debt management and are now doing that. BAD MOVE
I owned a bussiness for 7years and dumped about 250,000 intoit. It
closed and I lost everything. But before it closed I was using my
personnal credit cards to pay bills. I owed at closing 56,000 in credit
card bills. I drive a 87 volvo with 243000, my wife a 92 honda with
324000, and up until this year 2 kids in college. So I'm not living the
rich life.
I have a good job and so does my wife. The problem is my credit is
really bad. Its so bad that when we had a storm that FEMA ( the ones who
help when you lose alot,back by the federal gov) turned me down because
they said I had no way to pay the money back. I went to the bank and
tried to get a new mortage loan, about 25000 extra to lower my monthy
pay back to credit cards, my rate is 10.5% so about 7.5% would save me
about 300 a month. I could use that money to lower debt. No way my
credit was bad.
We went with debt management and after a long process we would have
53.00 amonth extra. We could live with that because my son would be out
of school in a year and that would help alot.
The year is up and no extra money that I can see. We got a year
statement from debt management. Surprise, we still owe three credit card
co's more than we started. Sears, those sh_ts, charges us 20 a month
late fee and 23% interest because if the payment is one day late to them
were late. Our payment comes out the 15th and debt management sends the
checks. Sears could care less that we have no control over the sending
date. So we have paid them over 600.00 and owe them 300.00 (approx) more
than when we started.
I'm sorry this is so long but I wanted you to know why if I did it again
I would choose bankruptcy. Its seven years but so is debt pay back. Our
credit would be bad either way but we could live alittle better. We
wouldn't be living from pay check to pay check. Plus when its done its
done. We still get phone calls on debt management.
Its to bad that in this country that all the money goes to the very
poor, which we should help, the very rich and other countries. The
MIDDLE class, that pays the bills, gets it in the butt.
-Debt management can help many, and should be looked at first. However, in
many cases, it is simply a waste of time and bankruptcy is the far better
option.
-Question: Surprise, we still owe three credit card
co's more than we started. Sears