I do not have enough money in the bank or make enough money to pay off my credit card debt. I am stuck with high interest rates and high minimum monthly payments that I can barely make. There is no relief in sight. I got in over my head with credit card debt, when I used my cards to pay my daughter’s medical bills.

It appears that the only solution is to stop paying those debts and save my funds for emergencies. I will need a plan to deal with debt collectors and collection attorneys and to repair my credit.

In my Internet search for answers to my debt problems, I have come across a lot of main stream web sites and articles that preach budgeting and financial planning. I DO NOT have enough money to do that, and apparently millions of other people do not either. But, no one talks about the reality of nonpayment of credit card debt in the main stream media.

Until recently, I thought I would just have to take a blind leap of faith and wonder what would happen. I read an interesting blog by someone in my predicament. He had stopped paying his credit card debts because he could not pay them. Then he decided to make the best of the situation and attempt to eliminate credit card debt by not paying it. He had also spent a lot of time researching that option on line, with mixed results, apparently. That is, until he discovered an e-book for sale called the Credit Card Debt Survival Guide, which was written by someone stopped paying his credit cards and searched and actually found answers to how to deal with the credit card companies, debt collectors and debt collection attorneys. He sold me. Long story short, I went and bought the book. It has what I need and saved me a lot of time.

Bankruptcy is the elephant in the room in this blog. It is a shame to have to file for bankruptcy protection from unsecured credit card debt. Apparently the 2005 bankruptcy law changes make it harder to get protection from credit card companies, if you are in bankruptcy. Plus, your credit is ruined for 10 years, as opposed to a maximum of 7.5. Fortunately I can stop payment and use available consumer laws, if I need to, to eliminate my credit card debt.

Tagged with:

Filed under: Uncategorized

Like this post? Subscribe to my RSS feed and get loads more!