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in debt due to loss of income
Posted: Apr 21, 2011
We are having to cut down spending. I lost my job due to an injury and my husband makes 12 an hour (I was the main provider making twice that). We are having to eliminate things and limit our spending, which has not been fun, but we have managed. It is now getting down to crunch time though, where other things will have to be eliminated. I already count all my pennies at the grocery store and fly into a panic when it goes over a little over budget, and keep my eyes glued to the thermastat to keep iour energy bill as low as possible. It is exhausting being this way. I am considering stopping payment on a credit card and am wondering about the repurcussions. I have never had to do this before, have maintained a credit score between 750 and 800 my entire life, however, with the loss of my income I have no choice. Has anyone stopped payment on their credit cards? What happened? Also any tips about how to cut spending or just remaining calm in this situation, im losing it, thanx.
;
I would call your credit card company and work out a payment - anon
[ In Reply To ..]plan that you can afford. Just explain your situation and see how they will work with you. I wouldn't just stop paying it, as you will reap bad consequences for a very long time with your credit scores/credit record. It takes a long time to build that kind of credit up again, and in the meantime when it is low, nobody will touch you for anything, or at least it will be difficult to say the least. I would also sign up for discounted utilities with your gas and electric. For low income families, they give a percentage off of the bill each month depending on your income and household number. If you're not already, try coupon clipping and only buy things at the grocery store that are on sale and then use a coupon on top of that for a bigger savings. Maybe get rid of cable for a while and if you have a land line, give that up. Most of us just use cell phones anyway. Also, try increasing your deductables on your insurance. You would be amazed at how increasing it to $1,000 how much you can save in a year. I'm sorry for what you are going through. Remember it will only be temporary. Try to weather the storm and hang in there. It will get better!
yes agree, some places have hardship plans sm - CrispyCritterMT
[ In Reply To ..]When I broke my arm a few years ago, I went on a hardship plan where they lowered the interest and payments for a period of time like 9 or 12 months.
I agree. Most CC companies do have a hardship plan - Backwards Typist
[ In Reply To ..]I'm on them now due to medical problems with DH and losing my usual pay due to VR, then my job. I set them all up on automatic payments so they are paid on time every month. I have 2 years to go but am hoping to get them paid off sooner.
Whatever you do, DO NOT CLOSE YOUR CC ACCOUNT! Leave it open or else your credit score will suffer. I didn't know this when all this happened to me and my score went down 200 points when I closed one CC and another CC closed the account.
You might ask - sm
[ In Reply To ..]Donald Trump. Apparently he makes it a habit of not paying his bills.
Seriously, I would check with your credit card company to try to work something out.
Tips: Get rid of cable tv (at least just keep basic), clip coupons, get all your errands done at once, try to combine credit cards into 1 if possible, eat a lot of macaroni and cheese and make caseroles that can last several days, see if you can get higher deductibles on any of your insurance policies, don't use your credit cards anymore, live on cash only, if you are in a warm area, try not to use your air conditioner, close the house up in the morning, including curtains and don't turn air on until you absolutely can't stand it anymore. If you have a basement, go there during the day. Don't go out to eat. Try to do as big of laundry loads as you can in cold water. Hope some of these help.
Well... - MT
[ In Reply To ..]I wouldn't just not pay. You would be better off claiming bankruptcy, BUT, don't just default on all loans. Still pay something on each credit card, however small it may be.
I know someone who had to claim bankruptcy, but still made regular credit card payments on what they could. When they needed the new car, they were very upfront. They said, "we had to claim bankruptcy, but we didn't default on any loans." The car company was happy to sell the car, because the people didn't try to screw anyone.
Honesty is your best policy here.
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