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 Veritas
Registered: 04/15/05
Posts: 11,088
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 Consumer Credit Counseling 
#7834817 - 01/05/08 11:33 AM (5 years, 4 months ago) |
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If you are in debt & sinking fast, I strongly recommend contacting CCCS. For a small fee (@$25 last time I checked), they will review your budget, figure out what you can afford to pay each month for your debts, then negotiate low or no interest & smaller payments with your creditors.
Seven years ago, I was getting in to real trouble with credit card debt. Having learned from my mother to spend beyond my means & hope that I'd have the $$ in the future (somehow), I was accumulating more debt every year.
When my second son was born, I had an AHA! moment, and realized that I was creating a negative future for myself and my family. I called CCCS for an appointment, and dealt with the scary experience of cutting up all of my credit cards in front of the counselor. 
Once the interest rates were lowered or eliminated, my monthly payments actually started to reduce my debt! I was so encouraged by this that I found ways to pay more and more, and managed to put $1200 towards my debts within the first four months while staying current on all my other expenses.
Fast-forward seven years, and I am consumer debt-free, despite experiencing a divorce & my ex refusing to pay his share of our debts OR any child support for our two kids. The only way that this was possible was with the intervention of CCCS. If I had continued to pay such high interest rates, with most of my payments going towards interest, I would still be in debt.
Paying interest = slavery
Earning interest = financial freedom
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