Scared out of my mind

[Blackadder]

I'm new here so please forgive me if I seem to rant on. I actually decided that I needed to file 2 weeks ago after a big CC company increased my rate by 4%. I think the only reason they did that was because their bailout was not big enough. I was never late on any payments, but kept charging the necessities in life like car insurance, gas, food etc. I finally realized that this cycle would never end. The CC companies were alway happy with the 10K plus I gave them a year on interest alone. I feel bad for having to go through this, & reneging on my promises but at the same time I need to save myself and my family. Hoping to go for a 7 but probably will be a 13. How is life during a 13? Do you feel owned by the trustee or is it just another person to pay?

If anyone reads this, thanks for listening.

[Flamingo]

Welcome! First, educate yourself on Chapter 13...go to the Chapter 13 forum and review all the "stickys" in the forum which will answer a lot of your questions.

The reason your CC company increased your interest rate is because they saw what you were doing and not paying down the bill. They knew you were in trouble so to protect themselves they raised your rates, which they can do at anytime if you read the information you obtained when you got the credit card. It would come to the point that you would eventually run out of credit or you would start robbing Peter to pay Paul with any other credit cards with available cash that you might have.

[Blackadder]

The real wake up call was when I figured out that at this rate I would retire in 30+ years with $0 or nip this in the bud and get my life back on track. Worse case is 5 years with the 13 which is a lot better than being 67 with $0. Too bad I always have to learn my lessons the hard way.

[Trixie007]

As do we all apparently! Welcome to the forum.