No. of Recommendations: 0
Hello again:

A couple of weeks ago I started a lengthy thread about my particular CC problems called "Get me off this crazy machine". Very briefly, I'm a 34 year old overwhelmed with $60K in CC debt, has a $250K 401K, and is considering chapter 7 BK.

Many Fools asked me to tell them how I managed to get my self in to such a mess. I had to leave town on business and promised that I would answer after June 4th.

I just got back last night. I don't anticipate getting a couple of free hours the next two weeks to compose a well written explaination. I will though. I need to do this to force me to come to grips with this debt.

I browsed the messages on this board this morning. One fool described how his CC problem grew so large. I couldn't have described the process better. He mentioned that having multiple CC's allowed him to raise his monthly living expenses to eat up all montly income. Numerous small "emergencies" charged to the cards over the last 5 years built up to some very serious debt.

In general, I got in to this much debt the same way. My "emergencies" are unique to my family of course, I and won't bore you the details here.

I would like to thank the fellow Fools for making this forum possible. Knowing that I can discuss my problems and get sold ideas and encouragement has given me a ray of hope of achieving a debt-free future.
Print the post  

Announcements

UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement