Tilted Forum Project Discussion Community - View Single Post - Credit card debt is unbeatable...here's the story behind it

asshopo · 01-19-2005, 11:24 AM

I was really dumb about using my credit cards from the ages of 19-21. I am about $8,000 in debt + $8,500 owed on my Ford Escort ZX2. The neverending payments are horrible and I have 2 accounts that the companies won't charge off and have served me papers over. Some credit accounts have raised interest, continued to charge interest after the account was closed, etc and some accounts have gone from a measley $1,000 to over $2,500-3,500!

I tried the re-fi thing with my house. They took out insurance and taxes. The plan was to lower my house payment for roughly a year in order to take the extra money to pay credit. Well, that hasn't happened because there isn't enough money coming in in a month to pay everything the way it should. My credit score didn't boost enough from what I had when I re-fi'ed last April and now I have to find money to pay off credit in order to boost my score to re-fi again. Meanwhile, my taxes are overdue and my home insurance is coming up in April '05. Another $2,500-3,000 I don't have just laying around.

Now, with tax time coming, I have to decide what credit accounts to pay off to boost my credit score enough to get the proper loan-to-value in order to pay off the car, allowing me to pay off the rest of the debt. If I can't pay off the car somehow, it's basicly pointless to try (not that I will give up, I will end up loosing the house and car) to do anything with my situation.

Either all that or rob a bank :-/.

I know it sounds like I'm complaining about credit card companies and expecting my house value to fix my problems, but I do realize that I started this mess. It's just once your in the mess, you don't know how to get out.

01-19-2005, 11:24 AM	#8 (permalink)
asshopo Insane Location: Michigan	I was really dumb about using my credit cards from the ages of 19-21. I am about $8,000 in debt + $8,500 owed on my Ford Escort ZX2. The neverending payments are horrible and I have 2 accounts that the companies won't charge off and have served me papers over. Some credit accounts have raised interest, continued to charge interest after the account was closed, etc and some accounts have gone from a measley $1,000 to over $2,500-3,500! I tried the re-fi thing with my house. They took out insurance and taxes. The plan was to lower my house payment for roughly a year in order to take the extra money to pay credit. Well, that hasn't happened because there isn't enough money coming in in a month to pay everything the way it should. My credit score didn't boost enough from what I had when I re-fi'ed last April and now I have to find money to pay off credit in order to boost my score to re-fi again. Meanwhile, my taxes are overdue and my home insurance is coming up in April '05. Another $2,500-3,000 I don't have just laying around. Now, with tax time coming, I have to decide what credit accounts to pay off to boost my credit score enough to get the proper loan-to-value in order to pay off the car, allowing me to pay off the rest of the debt. If I can't pay off the car somehow, it's basicly pointless to try (not that I will give up, I will end up loosing the house and car) to do anything with my situation. Either all that or rob a bank :-/. I know it sounds like I'm complaining about credit card companies and expecting my house value to fix my problems, but I do realize that I started this mess. It's just once your in the mess, you don't know how to get out. __________________ Patterns have a habit of repeating themselves.