| ClearPoint |
| | 12/16/09 at 04:52 PM | Reply with quote | #1 |
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Perhaps it's the old adage "Out of sight, out of mind" that causes many consumers to ignore the fact that they have debt, and still spend on credit cards. Regardless, many consumers dig themselves into a hole and don't know how they will get out. Does this sound familiar? Share your story with us and tell us how the debt management program is helping you.
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| Jessica |
| | 01/08/10 at 11:22 AM | Reply with quote | #2 |
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| For years I prided myself in never having debt. Then we had our first baby, and it was clear that we couldn't afford all the new costs, so I just began charging. I figured we'd catch up eventually. But we had a second child too. The costs of preschool and a sitter were crazy, but we limped along, because my husband and I both wanted to stay in our careers. I knew that, long-term, that would be a good decision, and it has been: he's doing well now, and I've held onto a good job through this recession. But once I began charging things like groceries and diapers, it was a short mental leap before I began charging vacations ("We need the break! And we have to see the grandparents!"), Christmas presents, more clothes than we really needed, etc. I became blind to the statements as they rolled in, and kept moving the balances around to the newest low-interest rate card. Then there came a time when I began missing payments, not just because we had little money, but because there were just SO many cards. More than I could count without looking up the paperwork. I had my breakdown moment one August day when I finally tried to calculate what we owed, and realized it was something more than $40,000. I called Clearpoint, and was full of shame and loathing as I went through the balances with the consultant, but bless him, he was non-judgemental. He assured me that while I got myself in the mess, I could get it out of it in five years. I cried a lot, but then dug in and got started. We stopped the vacations. The kids, thank goodness, are now in public school, and we only need the sitter 9 hours a week. My husband is earning more and we throw all of it at our debt. We're a year and a half into our DMP, and now I love getting the statements in the mail, because the balances are always going down, not up! It's such a feeling of relief. Final note: when I hear about all the credit-card reform that President Obama is putting into action, I get angry at those credit card companies too. I put myself into debt, but they certainly didn't help with their enormous fees for being a day late, or the fact that I was always paying down lowest rates first. Anyway. Here's to things getting better. |
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| Maggie Walsch |
| | 01/08/10 at 08:11 PM | Reply with quote | #3 |
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I was in the same situation, and my credit card bills were out of control. By the time my American Express card got to a collection agency it was more than 50% interest and late fees. I tried a few scams they didn't pan out but then I came across http://www.CreditCardDebtNegotiator.com and they negotiated my card down and I only paid 17% of the balance due. The banks are hurting too, so they are willing to take what they can get.
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