Frustrated

[Alice in Chains]

I know some of you read my long post a couple weeks back.

Update: My wife and I went through our finances, and have cut back in some areas. We're in over our head in credit card debt. Again, no excuses here. Yes, a failed biz on the side helped, but we were reckless no doubt.
We've considered debt settlement companies and the like, but decided to start making calls to creditors. We've always been on time, but now, with my pay cut, and our interest rates soaring, we're in trouble.

Everyone is offering us great interest rates if we close our cards, which, hey, no problem. Well, no problem but the high payments!

If I can't pay 100 a month, what makes you think I can pay 200 a month? Yes, the interest rate is low, and it goes towards the balance, I get that... but we don't have the money! Two different companies have told us to wait until our accounts go 60 days late, THEN they may have another program?

Maybe we'd just be better off waiting 6 months, and when the collection agencies call, negotiate with them?

[maat55]

I would pay food, utilities and housing first. Cut all unnecessary expenses(cable, cells, cigarettes etc.). If you cannot pay all your cards minimums, I would not pay any and save as much as possible to negotiate later.

You should get another part or full time job and sell anything you can, as well. Don't care what your friends or neighbors think, get focused on getting out of debt, as a quest. With this mentallity, you will gain ground and find peace.

[Alice in Chains]

I think that's what's going to have to happen. I know our credit will take a beating for a few years, but at this point, I just want out of debt. We are selling things now on ebay, and I do part time work when I can get it. (DJ weddings and parties.) We both have a 5 year plan mentality at this point. Get out of debt, and start over.

[peterj]

You mean part time work aswell as a full time job?

[Alice in Chains]

Originally Posted by peterj

You mean part time work aswell as a full time job?

Yes... I have a full time job, but also will DJ on the side when I can get the work. In today's economy, those jobs are getting farer and fewer between, unfortunately.

[DebbieL]

It is pretty easy to find work part time delivering pizza. With the tips it can actually be pretty good part time cash.