How much debt do you carry? I suffered through debt consolidation and then succumbed to bankruptcy after being in debt to the tune of $90k +.
I accumulated this debt when the banks handed out credit like candy, allowing me to regularly come near maxing out my credit line and then conveniently giving me another $2-3k limit bump. I would keep spending, and this across all of my credit cards at the time. Add in the personal loans I had taken from lending club to "consolidate" my debt and I was pretty F'd. I could always afford to service my debt cause I lived at home but then I got married and moved out and suddenly I had a real cost of living to keep up with and this sank my ship. It was very hard on me and my new family. My wife didn't quite know what she signed up for cause I hadn't been 100% honest with her going in about my finances. We spent a lot of money furnishing our apartment. It was a real blow the first time my problem reached a head when during checkout at the grocery store my maxed out credit card was declined. There began the long series of sleepless nights, phone calls, creditors, collections, lawyers and lawsuits, asking my parents for help, etc. After a chapter 7 bankruptcy filing its finally all behind me. I now have a new credit card, car loan, car lease, etc. I'm recovering quite gracefully. I don't carry more than $1k in credit card balance at any given time ever and my bills are manageable again. But it has haunted us with high interest rates, bigger down payments, and forget about a mortgage any time soon. We'll be renters for the foreseeable future. Trust me people, get your debt under control and don't fall into this trap. With credit as tight as it is these days hopefully people will be better protected from their own devices. You're better off. - Fox _______________________________________________ Devils-notes mailing list [email protected] http://lists.deviltracks.net/mailman/listinfo/devils-notes
