Do you realize what got you into the problem in the first place? Too much debt. I know I'm sounding like a broken record every time I post, but you must first come up with a spending plan to get yourself living with in your income AND to determine what you can afford to spend on debt reduction. Once you know what you can afford to spend on debt reduction, you then need to come up with a plan on which debts you are going to pay and how much. You then take that plan to your creditors. They won't be talking to each other, so you just go to them and tell them what you can afford and even show them the plan. The car lenders will be tickled to death if they are the ones you are going to pay, but don't expect them to quickly negotiate with you. I don't believe in bankruptcy, but it sounds like you are a candidate for that. I agree with disneysteve in that you need to downside everything including cars. I too drive a 2003 truck that has 111,000 miles on it. It is a top of the line truck and I'm one who has never driven a car more than 4 years, but I decided it was ridiculous to spend the money on a new car. I intend to drive it another 3 years. It is cheaper to maintain then to buy a new one. We all WANT things we don't NEED. Figure out what you NEED and then downsize. What about public transportation? That is another option.
|