Credit Counseling /Debt Reduction

[Robert Maxwell]

Most of what you said is true, although it is not a crime to stop paying your creditors. It's usually breach of contract, though, which allows the creditor to sue. A lawsuit is usually a last resort for a creditor, though. The end result of a lawsuit will be a court judgment, and if you don't make good on paying it the creditor can submit a writ of attachment and garnish your wages. This part is actually easier than it used to be (for creditors.)

 

[ThunderAeroI]

I like everyone's feedback and I'd consider my debit load to be 'significant' to a point that my monthly payments are being charged right back onto the card to keep the budget afloat. So i'd say I'm headed to the brink at some point. I don't have a primary job that will allow me to have secondary job very easily. I work crazy schedules and have to be available 24/7.

I have read the Dave Ramsy stuff and I have a budget, but the current credit load is significant that it is taking valuable monies from the operations budget hurting how the family can operate.

What would be helpful to me is to consolidate the loans into a smaller payment than my current payment to all my cards to allow for some breathing room in the budget.

 

[Scout101]

If your budget is such that you're adding the same amount of debt every month that you're paying off, there's problems with it. Needs to be drastically reduced. For example, what have you cut back on recently, or sold to get closer to staying afloat? How much does the internet connection you posted this cost you each month?

Could go on with that a while, but the short version of the statement is that your current budget is no good. Time to stop thinking about the things you want, and cut it down to just what you NEED.