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StephenSa · 11-24-2004, 08:59 AM

Its true, the credit card companies would rather see you go bankrupt and not pay the debt so they can write it off than work something out with you. I got myself into trouble with crdit cards. I'd made payments for almost 8 years, never late. I paid off some cards and canceled them. Then I got hit with some big expenses, moving to another city, some major car repairs, dental bills and the like. I was already tight from foolish spending and these things put me over the edge. I started getting behind on payments. With late charges and over limit fees on multiple cards my total monthly payments were more than I made in a month. I sold some things to try to catch up but it was just bricks in the Grand Canyon. I got more behind. I called all my creditors and tried to cut some sort of deal where the card was canceled or frozen and I could get a lower rate. Still paying the bill, just not such heavy interest. No go, they would not deal. OK, I then asked if they could cancel the cards and at least wave the over limit and late fees so I could physically make the payment. Again, no go. It was all or nothing. All they could do was refer me to a credit counseling service. I WANTED to pay the debt. I was doing my best but I couldn't pay them more than I made in a month at a full time job. I went to a reputable credit counseling company. The best payment plan they could come up with left me ten dollars a month after BASIC living expenses and making the credit payments. This would go on for five years. This left no money for car repairs, clothing, any medical bills, emergencies, anything. I thought about it and knew that living that tight in five years something would come up that would blow the budget and payment plan. I then decided to declare bankruptcy. I didn't want to, I wanted to pay the debts but I was left with no choice. Do I feel guilty? I'm a little bothered by it but at 20 to 21% interest on my credit cards they easily got their principle back and them some, I just defaulted on their interest. I made some mistakes and learned from them. I will never have more than possibly a small gas credit card again. Funny thing, shortly after my bankruptcy was completed I started getting offers for credit. They specifically target bankrupticies since they know your salary and know you now have no debt. Once you get out they try to pull you back in. Never again though, never again.

11-24-2004, 08:59 AM	#13 (permalink)
StephenSa Psycho Location: Dallas, Texas	Its true, the credit card companies would rather see you go bankrupt and not pay the debt so they can write it off than work something out with you. I got myself into trouble with crdit cards. I'd made payments for almost 8 years, never late. I paid off some cards and canceled them. Then I got hit with some big expenses, moving to another city, some major car repairs, dental bills and the like. I was already tight from foolish spending and these things put me over the edge. I started getting behind on payments. With late charges and over limit fees on multiple cards my total monthly payments were more than I made in a month. I sold some things to try to catch up but it was just bricks in the Grand Canyon. I got more behind. I called all my creditors and tried to cut some sort of deal where the card was canceled or frozen and I could get a lower rate. Still paying the bill, just not such heavy interest. No go, they would not deal. OK, I then asked if they could cancel the cards and at least wave the over limit and late fees so I could physically make the payment. Again, no go. It was all or nothing. All they could do was refer me to a credit counseling service. I WANTED to pay the debt. I was doing my best but I couldn't pay them more than I made in a month at a full time job. I went to a reputable credit counseling company. The best payment plan they could come up with left me ten dollars a month after BASIC living expenses and making the credit payments. This would go on for five years. This left no money for car repairs, clothing, any medical bills, emergencies, anything. I thought about it and knew that living that tight in five years something would come up that would blow the budget and payment plan. I then decided to declare bankruptcy. I didn't want to, I wanted to pay the debts but I was left with no choice. Do I feel guilty? I'm a little bothered by it but at 20 to 21% interest on my credit cards they easily got their principle back and them some, I just defaulted on their interest. I made some mistakes and learned from them. I will never have more than possibly a small gas credit card again. Funny thing, shortly after my bankruptcy was completed I started getting offers for credit. They specifically target bankrupticies since they know your salary and know you now have no debt. Once you get out they try to pull you back in. Never again though, never again.