Considering Bankruptcy
We have an average monthly income of $3400. My husband and I pay $800 a month just to meet the minimum payments on our credit cards. We also pay $600 a month to our mortgage (includes tax and insurance) and $180 for our van (three more years to go, owe about $3000 more than it's worth.) I pay $100 for student loans and another $40 for a general loan. We have two kids, a two year old and a 10 year old.
We stopped using our cards over 12 months ago, but it just seems like we can't get the balances down. For every $100 I send in only about $30 goes to paying down the balance. I was two days late about 8 months ago on one card, that interest rate shot up to 30%. Now all of our cards are at 28% to 31%, even though that was the only time I was EVER late. I've called all the CC and asked to have the rates lowered, but they tell me no. They only offer to up the limit on my cards because of my "good payment history"
I don't know how we are going to make it this winter. Our heat last year was about $200 a month. Our electric averages $150! I need dental surgery and have to come up with $400 somehow as a down payment to cover what our insurance does not. Our van needs about $400 worth of repairs but we just don't have the money right now. Our stove (20 years old), dryer(15 years old), and microwave (10 years old) all broke down in May and we are still trying to catch up after paying for new ones (without credit!) We are going to need a new snowblower this year and we found a good used one for $250 but again, we don't have the money.
My DH is working 80 hours a week. If he didn't bring home overtime we would only make $2500 a month and I really don't know how we could eat. Thing is, the jobs are starting to dry up, so we may face that situation soon. I've applied for six jobs and not one will pay enough to cover the cost of gas and daycare. I've sold everything I can sell to put toward these cc's, but feel as if we are getting nowhere.
If we didn't have to pay these cards we would have money to save, heck we would never have to use another cc again!
DH does not want to file, but right now I just can't see how we can get out of this mess. Are we good candidates to file?
We stopped using our cards over 12 months ago, but it just seems like we can't get the balances down. For every $100 I send in only about $30 goes to paying down the balance. I was two days late about 8 months ago on one card, that interest rate shot up to 30%. Now all of our cards are at 28% to 31%, even though that was the only time I was EVER late. I've called all the CC and asked to have the rates lowered, but they tell me no. They only offer to up the limit on my cards because of my "good payment history"
I don't know how we are going to make it this winter. Our heat last year was about $200 a month. Our electric averages $150! I need dental surgery and have to come up with $400 somehow as a down payment to cover what our insurance does not. Our van needs about $400 worth of repairs but we just don't have the money right now. Our stove (20 years old), dryer(15 years old), and microwave (10 years old) all broke down in May and we are still trying to catch up after paying for new ones (without credit!) We are going to need a new snowblower this year and we found a good used one for $250 but again, we don't have the money.
My DH is working 80 hours a week. If he didn't bring home overtime we would only make $2500 a month and I really don't know how we could eat. Thing is, the jobs are starting to dry up, so we may face that situation soon. I've applied for six jobs and not one will pay enough to cover the cost of gas and daycare. I've sold everything I can sell to put toward these cc's, but feel as if we are getting nowhere.
If we didn't have to pay these cards we would have money to save, heck we would never have to use another cc again!
DH does not want to file, but right now I just can't see how we can get out of this mess. Are we good candidates to file?
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