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I read somewhere if you owe more money than you make in a year there is no way to get out of debt. Is this true? I have been in debt for a long time. I make a good salary but I have never managed my money well. Every time I thought I would go under I found another credit card or loan to keep me going. I was getting by making minimum payments but last year I lost my job. I found a new job but took a 25% paycut.
All my credit limits are maxed out. I survive by making minimum payments, alternating who I pay late and charging expenses when I have any room on a card. I have cut expenses every way I know. My work schedule makes a second job virtually impossible.
I make $56,800 and I owe $65,000(not counting my mortgage). I had a session with CCCS but it doesn't seem like their plan does much for me. I am around $300 a month short of being able to live and make my minimum payments. I know if I keep charging I will never get out of debt but I don't know what to do. Is my situation hopeless? Any suggestions will be greatly appreciated.
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