Hello.. And Greetings. Wanna hear my story?
My wife and I make a decent yearly income. We own 2 homes (main home and vacation home). Have 2 cars, and have built up a decent 401K over the past 5 years.
But... We are 33 grand in credit card debt. We were doing OK until some of the card companies doubled the minimum payment, and gas was starting to cost $100 a week for my wife to commute to work.
I had some unexpected emergency expenses come up last month. For the first time in 5 years I am late, and late with all 12 of my revolving debt accounts.
I decided to look into a home equity loan, or a 15 year refinance. BUT.. Most lenders can't give me a "Good" rate, or refinance at 100% equity because of our credit scores. I believe our credit score is in the mid to upper 500's.
It seems my option is to seek credit counciling. Will credit counciling make my credit score fall more? I wouldn't mind selling the 2nd home, but the 2nd home needs about 3 grand worth of repairs. I would rather complete those repairs before I sell. But again, my credit score is too low and revolving credit too high for me to get a loan to fix the 2nd home.