Before i begin, I do NOT wish to have ANY solicitations from those who are in any financial offerings!
With the economy going down the drain over the past 2.5 (+/-) years, I turned to credit cards to keep cash flow going and am now in considerable debt.
My business has seen a reduction in sales close to 100k per year for the past 3 years... (777k in 2006, 324k this year and in looking at my current credit card debt, I am just damn tempted to stop paying all of them and would see a 50-60% 'raise' so to speak in the cash flow.
I have never been late, never payed less then twice the minimum... but this is just wearing me out to the point where I could care less that I have a credit rating of 745.
As a test, I called one that has a little higher rate than others and told them that with the economy, I was strugling a bit and was told there was nothing they could do... Well, if they cant... I CAN !!
In the morning I will talk to my bank and get her thoughts... but I know what I would like to do.
#1. "RE: Credit card debt" In response to Reply # 0
Been there, done that. My ONLY regret is that I didn't stop paying sooner. I should have stayed in my home until they physically removed me, while collecting a small paycheck-although small, without all the payments it seemed MUCH bigger! If you can, make any large purchases NOW with your 745. Pay off your car! My car was just repoed and now I have no credit to get to work even if I had a job. I am too old (or smart) to worry about credit recovery. I do not plan to use credit ever again. I too was not irresponsible with money or my payments, the economy ate my business, and what happened after that was completely out of my control.
I can tell you this, after years of worrying and struggling, the weight that was lifted off of me when I made that decision, I cannot even put into words. I would rather be content with no credit than the opposite! Cole
#2. "RE: Credit card debt" In response to Reply # 0
I understand where you are at, but you have a 745 credit score, if i were in your shoes I am not sure i would want to risk that, if you take a look at what can happen to your credit score when you stop paying those cards you are putting yourself in worse financial place. If your score drops below 640 you will not ever be able to refinance your home or even purchase a new home. I understand you maybe frustrated I know you dont want any solititations but I am here to help as a finance consultant i may have options for you that can make the situation better, we should take a look at the whole picture not just the credit card issues, what is your business, is there a way to supplement what you are doing to make it easier. I am a stranger wanting to become a true friend, I want to help you
#3. "RE: Credit card debt" In response to Reply # 2
I fully understand where your at and your frustration. I did not and do not have credit card debt. But I am in serious debt. I lost my job to downsizing a year ago. Took on a job that paid me slightly more then unemployment. We have struggled for the past year, are wayyyy behind in our mortgage payments.
I just started my new business a few months ago. Fortunately it's one that I don't have to have inventory or purchase inventory. It's slow going, but it's building again and I'm standing on God's Word that it will turn around.
I agree that with a 745 credit score, (since credit scores are a very important part of our lives) I would not jeopardize it. Take the few minutes to listen to your other replier. He just might have that answer that you need.
My score is way below 745 so I have no way in which to refinance my home. I have to keep plugging on as I've been doing and building my business and believing that I can get out of this deep financial hole.
Keeping you in prayer!! Naima Lynah East Coast Green Energy