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dixiecup

need someone to tell me this is ok

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Been a long time since I have reviewed this site. But recently got myself in a mess and almost pulled the trigger on a solution but then I remembered credit boards and thought I better get some opinions of the people here at credit boards.

 

I will try and make this as short as possible and not long and boring. I am actually so ashamed to even be here posting this but I am beyond knowing what to do, so here is my story.

 

Spent about the last ten years working on my horrible credit which consisted of a very low score, charge offs, collections and late payments. Had some life troubles that were unavoidable that got my credit to that point in the first place. Anyway, using the advice and tricks of this board I persisted and after several years finally was able to get my reports clean. I was so proud. But my scores would never budge above around 650. Was never able to get a credit card during this repair time but after I finally had all the bad stuff pretty well gone I was approved for a couple of cards which I intended to use for utilization to increase my score.

 

Here is where the trouble starts. The high of actually being approved is so overwhelming, you just want to keep doing it. And that's exactly what I did. That was not the problem,but actually having access to funds I had never had before was so exhilarating. I am the sole bread winner in my family and have kids, grandkids and lots of people depending on my for help and support. And so it began. When someone needed something, put it on the credit card. Grandaughter needs a new mattress, put it on the credit card, running short until payday, supper on the credit card. It was my full intention of paying the cards in full every month but anyone who has had an encounter similar to mine knows, best laid plans never happen.

 

So I am to the point of where I have about 12 cards, all of them almost maxed out. On top of that I borrowed cash at a very high interest rate for my daughter to have the gastric sleeve procedure. (which I would do again in a heartbeat, she is now free of diabetes). By now I am drowning and see no way out of this mess. And after all my hard work and no late payments for seven years, it was bound to happen, I just couldn't keep track of it all and have two late payments that I just totally overlooked. One is for a truck payment and the other a credit union loan.

 

I think the late payments made me sicker than anything else. I could barely stand the thought of it. All that work, down the drain.

 

So by all means let the flaming begin, I'm ready to take whatever anyone on the board has to dish out. No one know more than me what an awful place I am in to no one's fault but my own.

 

Now to the point where I need some advice. And really, I don't even need advice because I see no clear or easy solution to this problem..Forgot to mention I also have 140K in student loan debt which I have managed to keep in forebearance, deferment for seven years but the time has come I must start making the payment which is $800 a month.

 

I am 62 years old. Have a good job, make a six figure salary. I have a mortgage, truck payment, car payment, several other fly by night loans and the credit cards. I am current in all my payments and have never paid late except for the two I mentioned. can't get anyone to give me a consolidation loan due to the late payments. otherwise my credit report is perfect.

 

My question is this. At some point I would like to stop working and draw my social security but I don't see that happening. At least not for about ten years. I need to get this debt resolved first. I do not need another loan for anything ever as far as I can see. I have my house and transportation. I am considering going with a debt relief program. which I know will tank my credit but as I just said, I really don't see the need to ever need a better credit score again.

 

I would like someone to just tell me they think this is ok. I see no other solution.

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Are you looking for pros and cons of debt relief programs, or are you seeking recommendations for alternatives?

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I'm not sure I understand the question.

 

But I'm sorry for your mental suffering. It is hard to say no, especially to family members. Thank you for having the courage to share you story, which maybe can help someone here avoid a similar financial disaster.

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I think what I'm asking if anyone agrees that I'm at a point in my life my credit doesn't really matter anymore so i would like to see if a debt relief program could help me out of the credit card mess I'm in. Im no longer worried about my credit score because I don't plan on buying anything else or getting anymore loans at this age. I want to enjoy my later years in life just a little instead of spending every dollar I have toward credit card debt. I am making all my payments at the present time but just don't think I can swing it much longer

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You probably will always need credit, things arise ..vacations, car rental for travel etc maybe you should look into a debt consolidation to help you pay off your remaining debts owed and go from there!

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I think what I'm asking if anyone agrees that I'm at a point in my life my credit doesn't really matter anymore so i would like to see if a debt relief program could help me out of the credit card mess I'm in. Im no longer worried about my credit score because I don't plan on buying anything else or getting anymore loans at this age. I want to enjoy my later years in life just a little instead of spending every dollar I have toward credit card debt. I am making all my payments at the present time but just don't think I can swing it much longer

So what are the choices? As I see it,

1. Keep the status quo - making high payments at high interest with not much progress

2. Debt consolidation - which it sounds like you think you're not eligible for because of recent lates?

3. Debt relief - this is outside my fund of knowledge, but hopefully someone will chime in if this really helps or just makes a mess of things

4. Bankruptcy? -- but this will not eliminate that high SL debt, which will be a problem come Social Security time

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With your student loans: check into the forgiveness program, and the Income based or income driven repayment plans. They can lower your monthly payments.

With the credit cards, you've admitted there's a problem. Good. Keep making payments. Figure out what you can give up. No going out to eat, etc. Maybe trading the truck in, and getting a cheaper vehicle. It's admirable you want to help your family, but unless it's an emergency, that will have to stop. My suggestion is to put as much as you can towards the card with the highest Apr. If you have a couple low balances, and can pay them off immediately, it might help your utilization a smidge. But the biggest thing, is going without to put towards those balances. Many of us have been in this situation, and have seen the other side. With will power, you can as well.

 

Sent from my LG-M150 using Tapatalk

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You're 62 years old, a college graduate, and earning over $100,000 a year with a good job. That's a great situation.

 

Continue working, and in 10 years you'll have earned $1 million

 

You should be able to pay the student loans and the debt.

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You're 62 years old, a college graduate, and earning over $100,000 a year with a good job. That's a great situation.

 

Continue working, and in 10 years you'll have earned $1 million

 

You should be able to pay the student loans and the debt.

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Why not take your SS now? You'll take about a 25% hit, but you'll also get three years of payments you normally would forego. Do the math, it evens out after something like 7 or 8 years. Take all the SS money and apply it to the credit card debt.

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Why not take your SS now? You'll take about a 25% hit, but you'll also get three years of payments you normally would forego. Do the math, it evens out after something like 7 or 8 years. Take all the SS money and apply it to the credit card debt.

 

How does a major reduction in income help with the debt? It certainly means the OP can no longer help their family.

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To me, the solution is simple, but difficult to implement. You need to be more transparent with your family. Give that bariatric sleeve bill to your daughter. Let her know that you wish you were in a better situation, but she needs to repay you for the money you spent. Shame on you for not letting her pay for it in the first place. That comes across as harsh- here's why: You're not doing your kids and grandkids any favors. They need to know money doesn't come easily. You want them to be in your shoes in 30 years?

You make a good income. 100k is 2k a week. That's enough to handle all your plastic minimum payments with one check, I would think. So pay rent/mortgage with check 1, truck payment with check 2, student loans with check 3 (with enough left over for food for the month) and cards with check 4.

If you're getting paid every 2 weeks or monthly, do some math. Figure it out. Just stop opening your wallet for your family so often. They are taking advantage (seems that way to me) and you're eagerly letting them. Say no once in a while.

I've got a boss with 5 kids. They bleed him dry to the point where I will be out of a job, because he's so generous with his family. 3 of the 4 daughters - each got 6 months paid maternity leave. A son, thousands paid towards his divorce attorney. All legit expenses, sure. But to overpay your kids -and a year later not be able to make payroll because of it, or pay the payroll taxes... that's not being generous, it's being negligent and foolish.

 

It's time to grow up and help your family do the same.

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To me, the solution is simple, but difficult to implement. You need to be more transparent with your family. Give that bariatric sleeve bill to your daughter. Let her know that you wish you were in a better situation, but she needs to repay you for the money you spent. Shame on you for not letting her pay for it in the first place. That comes across as harsh- here's why: You're not doing your kids and grandkids any favors. They need to know money doesn't come easily. You want them to be in your shoes in 30 years?

 

You make a good income. 100k is 2k a week. That's enough to handle all your plastic minimum payments with one check, I would think. So pay rent/mortgage with check 1, truck payment with check 2, student loans with check 3 (with enough left over for food for the month) and cards with check 4.

 

If you're getting paid every 2 weeks or monthly, do some math. Figure it out. Just stop opening your wallet for your family so often. They are taking advantage (seems that way to me) and you're eagerly letting them. Say no once in a while.

 

I've got a boss with 5 kids. They bleed him dry to the point where I will be out of a job, because he's so generous with his family. 3 of the 4 daughters - each got 6 months paid maternity leave. A son, thousands paid towards his divorce attorney. All legit expenses, sure. But to overpay your kids -and a year later not be able to make payroll because of it, or pay the payroll taxes... that's not being generous, it's being negligent and foolish.

 

It's time to grow up and help your family do the same.

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Been a long time since I have reviewed this site. But recently got myself in a mess and almost pulled the trigger on a solution but then I remembered credit boards and thought I better get some opinions of the people here at credit boards.

 

I will try and make this as short as possible and not long and boring. I am actually so ashamed to even be here posting this but I am beyond knowing what to do, so here is my story.

 

Spent about the last ten years working on my horrible credit which consisted of a very low score, charge offs, collections and late payments. Had some life troubles that were unavoidable that got my credit to that point in the first place. Anyway, using the advice and tricks of this board I persisted and after several years finally was able to get my reports clean. I was so proud. But my scores would never budge above around 650. Was never able to get a credit card during this repair time but after I finally had all the bad stuff pretty well gone I was approved for a couple of cards which I intended to use for utilization to increase my score.

 

Here is where the trouble starts. The high of actually being approved is so overwhelming, you just want to keep doing it. And that's exactly what I did. That was not the problem,but actually having access to funds I had never had before was so exhilarating. I am the sole bread winner in my family and have kids, grandkids and lots of people depending on my for help and support. And so it began. When someone needed something, put it on the credit card. Grandaughter needs a new mattress, put it on the credit card, running short until payday, supper on the credit card. It was my full intention of paying the cards in full every month but anyone who has had an encounter similar to mine knows, best laid plans never happen.

 

So I am to the point of where I have about 12 cards, all of them almost maxed out. On top of that I borrowed cash at a very high interest rate for my daughter to have the gastric sleeve procedure. (which I would do again in a heartbeat, she is now free of diabetes). By now I am drowning and see no way out of this mess. And after all my hard work and no late payments for seven years, it was bound to happen, I just couldn't keep track of it all and have two late payments that I just totally overlooked. One is for a truck payment and the other a credit union loan.

 

I think the late payments made me sicker than anything else. I could barely stand the thought of it. All that work, down the drain.

 

So by all means let the flaming begin, I'm ready to take whatever anyone on the board has to dish out. No one know more than me what an awful place I am in to no one's fault but my own.

 

Now to the point where I need some advice. And really, I don't even need advice because I see no clear or easy solution to this problem..Forgot to mention I also have 140K in student loan debt which I have managed to keep in forebearance, deferment for seven years but the time has come I must start making the payment which is $800 a month.

 

I am 62 years old. Have a good job, make a six figure salary. I have a mortgage, truck payment, car payment, several other fly by night loans and the credit cards. I am current in all my payments and have never paid late except for the two I mentioned. can't get anyone to give me a consolidation loan due to the late payments. otherwise my credit report is perfect.

 

My question is this. At some point I would like to stop working and draw my social security but I don't see that happening. At least not for about ten years. I need to get this debt resolved first. I do not need another loan for anything ever as far as I can see. I have my house and transportation. I am considering going with a debt relief program. which I know will tank my credit but as I just said, I really don't see the need to ever need a better credit score again.

 

I would like someone to just tell me they think this is ok. I see no other solution.

I agree its hard to say no because you want to help your family and give them the things they want and need but you have to choose wisely without putting yourself in a bind... and especially if you dont have it this debt wont go away and Im sure they wont let you tiptoe away that easy! Try to set up payments with a debt company and let your family help if possible pay down the debt they helped make now that U need help!

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