Ok here's my situation..just looking for opinions.I am over $9,000 in debt with credit cards...?

Question

i also pay a gas bill,electric bill,internet and cable bill and cell phone bill.I am wayyy overdue on doctor and hospital bills also.I have a 7 month old and cannot afford a baby sitter so I only work 30 hours a week at $9 an hour.I supposebly make too much for food stamps.I am married,but my husband has to pay the $700 rent and gas,car insurance,and he owes a bunch of credit cards too.He too only makes $9 an hour and gets 36 hours a week if he's lucky.Well,we can almost pay everything but have been late on the rent and sometimes we just don't buy food.Everyone keeps telling us to file for bankrupcy,but I really dont what to.What do you think we should do??Thanks

Answer 1

If you're making monthly payments on your credit cards, try going to a bank and getting a debt consolidation loan.  They pay the credit cards off and often cut your interest rates in half.  A lot of the time they also let you tell them how much you can afford to pay them every month.  It may take longer to pay the credit cards off but you aren't getting slammed with high interest, and it leaves you more money every month to put towards other things such as rent or other bills.

Also, check with your hospital to see if they have a financial aid program.  Sometimes they cover most or all of your expenses depending on your income and bills.

Answer 2

Not filling bankruptcy is a good decision. As bankruptcy will remain on your credit report for mare than 10 years and if the individual is listed as having filed for bankruptcy, it results in a 160-220 point deduction on their credit score and if a delinquent account is added to the individuals credit file, 70-120 points are subtracted. During the period of bankruptcy and after bankruptcy you would face difficulty in getting loan, purchasing and leasing and building your credit.

So its best to pay off your debts as it is not the immediate solution but you can expect your credit score to raise may be in few years. If you are not able to manage your debts you can always go for a debt consolidation company. They can help you paying off your debts by contacting your creditors and negotiating on your behalf you reduce your debts upto 50%. After that they would provide you with an affordable debt management plan wherein you have to pay only one fixed monthly installment.

Hope this answers your question

Here is the source of a debt consolidation company named http://ezconsolidation.com for your reference.

Good luck..

Answer 3

First of all, this happens to lots of people from all kinds of backgrounds so don't feel like you are alone in this situation or that it makes you a bad person.

This is a temporary situation that you will get out of. It's humiliating and embarassing to deal with now but it will get better.

The frist thing to do is to look at your finances and make a budget. Figure out the difference between what you make and what you need to pay day to day bills.

Cut all expenses you don't need: cigarettes, car loan, cable tv, etc. There may be help for your medical bills. Check with the organization you owe the money to and see if there are any groups in local gov't that can help.

Try to avoid declaring bankruptcy but if you must, then do it but make a solid plan so that you don't end up in the same situation again.

Best of luck to you!

Answer 4

pay the entire money as soon as posible, the interest is very high.

Answer 5

Okay, seriously, knock it off. $700 a month for rent is completely insane for a couple only making $9 an hour each. One of you need to switch to a night shift job and you both need to be working full time. If your really thinking about filling bankrupcy, you really need to make some sacrifics instead.  Besides it would be a waste to file bankrupcy for $9,000. You could be in the exact same spot next year, but with a bankrupcy mark on your back. I feel for you, but you should have known better. Theres plenty of ways to save money and not dramatically changing your lifestyle. A few months ago I switch to a single provider for my phone, internet and cable. Granted I have a landline now, but I'm only paying 100 bucks a month for all three. Thats what I was paying for my cell phone alone. Good luck..

Answer 6

You have to start thinking S-M-A-R-T. What kind of cutbacks can you make? For example: I drink bottled water. Now at $1 a bottle on something that covers over 65% of our planet is not smart. So I bought one of those water filters that s***w into your faucet. I have bottles that I refil over and over again. I take them to work. Do you have a lot of small appliances around that house that are always on? I cut my electronic bill almost in half by unplugging all the clock radios and night lights. I also bought some of those florescent bulbs that look a lot like a regular bulb. These things use 80% less electricity than regular bulbs. You would be surprised, but these small things add up. I know I was spending money on the water filter and energy efficient bulbs but these things will pay for themselves in a month providing they pertain to you. If you really need the money right away start cutting back on your food costs. Romain noodles cost a dime and they taste just as good as campbells chicken noodle that costs $130 a can. Ok no chicken in romain noodles, but you are probably just missing about 4 tiny pieces of chicken. Put a brick inside your toilet 'chamber'. You will use a little lesser water each time you flush..Before you know it you will be ahead. Wanna be creative? Find yourself leaving lights on? Buy a motion sensor switch, the lights will turn on when you enter the room and will turn off (by a set amount of time) when you leave the room. I have one, they cost $15 at HomeDepot. So remember you have to start thinking S-M-A-R-T! Yours truly seahorsehawrey.

Answer 7

I think if you are that far into debt then you don't need cable or the internet. That's money that can go to food, credit card bills, and savings. Tell your husband to find a better job. One that allows 40 hours a week or more. Do you and your husband both have cell phones? If so couldn't you share one? Get rid of all the unnecessary stuff!!!!!

Answer 8

Well glad to see you're atleast making an effort to deal with your issues rather than sticking your head in the sand. There's a couple of things you might want to try to make your financial load lighter:

1. Applying for better jobs, that hourly rate is not sufficient.

2. Move to a cheaper apartment or shared acommodation w/utilities included

3. Consolidate your credit card, doctor and hospital bills.

4. Go to your local food bank and/or community assistance. You have a young child so they are likely to help you out, especially with your low income.

5. Is it possible to split day and night shifts with your hubby so you can work longer hours while someone is still with the baby?

Good luck

Answer 9

15 years ago I filed bancruptcy.  So, I can certainly identify w your situation.  Looking back on things.  I regret filing bancruptcy.  You might want to look up "Consumer Credit Counseling" in your local area.  They will set you an appt for free to look over your financials and make suggestions on how yall might want to proceed.  Best Wishes

Answer 10

GET RID OF THE CREDIT CARDS FOR ONE!!