No. of Recommendations: 0
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.
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