Comments on: Reader Question – Were Our Minimum Payments Ever More than Our Income? http://www.bloggingawaydebt.com/2007/04/reader-question-were-our-minimum-payments-ever-more-than-our-income/ Our Journey to a Debt-Free Life Sun, 21 Mar 2010 12:23:03 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Jack B http://www.bloggingawaydebt.com/2007/04/reader-question-were-our-minimum-payments-ever-more-than-our-income/comment-page-1/#comment-52626 Jack B Fri, 25 May 2007 00:27:00 +0000 http://www.bloggingawaydebt.com/2007/04/reader-question-were-our-minimum-payments-ever-more-than-our-income/#comment-52626 Been there, done that! I had several months whereby I wasn't able to pay some of the minimum monthly's on my credit card &/or store credit cards. This really hurt & put a huge strain on my wife who was pregnant at the time. It was really very stressful and at the time I remember thinking that I could still work it out myself & that this was just a small rut we were going through. I'm not sure what it was but one day I woke up & realised I needed help.. that my pride wasn't worth sacrificing my marriage (my wife had stopped talking to me apart from the essential things like "take out the trash"!). I could go on about this for ages but the big point to this comment is for us American men who let ego stop them from seeking help! If I had done this several months before I would have saved literally thousands on interest & it wouldn't have taken us so long to fix our credit afterwards. Been there, done that! I had several months whereby I wasn’t able to pay some of the minimum monthly’s on my credit card &/or store credit cards. This really hurt & put a huge strain on my wife who was pregnant at the time. It was really very stressful and at the time I remember thinking that I could still work it out myself & that this was just a small rut we were going through. I’m not sure what it was but one day I woke up & realised I needed help.. that my pride wasn’t worth sacrificing my marriage (my wife had stopped talking to me apart from the essential things like “take out the trash”!). I could go on about this for ages but the big point to this comment is for us American men who let ego stop them from seeking help! If I had done this several months before I would have saved literally thousands on interest & it wouldn’t have taken us so long to fix our credit afterwards.

]]> By: maureen http://www.bloggingawaydebt.com/2007/04/reader-question-were-our-minimum-payments-ever-more-than-our-income/comment-page-1/#comment-38166 maureen Mon, 30 Apr 2007 20:10:18 +0000 http://www.bloggingawaydebt.com/2007/04/reader-question-were-our-minimum-payments-ever-more-than-our-income/#comment-38166 Good idea, Sam - - I have found that creditors can actually be very helpful in these cases. They can't make the debt go away for you, but they would much rather help you proactively than have to send your debt to collections. Good idea, Sam – - I have found that creditors can actually be very helpful in these cases. They can’t make the debt go away for you, but they would much rather help you proactively than have to send your debt to collections.

]]> By: Fellowes http://www.bloggingawaydebt.com/2007/04/reader-question-were-our-minimum-payments-ever-more-than-our-income/comment-page-1/#comment-38101 Fellowes Mon, 30 Apr 2007 19:08:16 +0000 http://www.bloggingawaydebt.com/2007/04/reader-question-were-our-minimum-payments-ever-more-than-our-income/#comment-38101 I'm getting dangerously close to the point where the collective minimums are exceeding my income after my basics i.e. rent, utilities, etc., are paid for. This is exactly why I am trying to negotiate with my creditors at this point. I don't want to fall behind in the near future and want to maintain my credit history as much as possible. I'm hopeful that given my payment history and my intent to avoid Credit Counseling and/or Bankruptcy, my creditors will work with me. I’m getting dangerously close to the point where the collective minimums are exceeding my income after my basics i.e. rent, utilities, etc., are paid for. This is exactly why I am trying to negotiate with my creditors at this point. I don’t want to fall behind in the near future and want to maintain my credit history as much as possible. I’m hopeful that given my payment history and my intent to avoid Credit Counseling and/or Bankruptcy, my creditors will work with me.

]]> By: Sam http://www.bloggingawaydebt.com/2007/04/reader-question-were-our-minimum-payments-ever-more-than-our-income/comment-page-1/#comment-38081 Sam Mon, 30 Apr 2007 15:02:11 +0000 http://www.bloggingawaydebt.com/2007/04/reader-question-were-our-minimum-payments-ever-more-than-our-income/#comment-38081 Perhaps the reader could call their credit card company and explain the situation. Maybe they can offer them a lower rate or something. In my experience if this is the only way they are going to get paid, they are more than willing to help! Perhaps the reader could call their credit card company and explain the situation. Maybe they can offer them a lower rate or something. In my experience if this is the only way they are going to get paid, they are more than willing to help!

]]> By: Chris http://www.bloggingawaydebt.com/2007/04/reader-question-were-our-minimum-payments-ever-more-than-our-income/comment-page-1/#comment-38080 Chris Mon, 30 Apr 2007 14:59:05 +0000 http://www.bloggingawaydebt.com/2007/04/reader-question-were-our-minimum-payments-ever-more-than-our-income/#comment-38080 How did you manage to pay for food on the credit card while still making the minimum? Credit card minimums are SO low you end up mostly just paying the interest, so was your balance rising? I can see why credit cards can be such a black hole. How did you manage to pay for food on the credit card while still making the minimum? Credit card minimums are SO low you end up mostly just paying the interest, so was your balance rising? I can see why credit cards can be such a black hole.

]]> By: Matt http://www.bloggingawaydebt.com/2007/04/reader-question-were-our-minimum-payments-ever-more-than-our-income/comment-page-1/#comment-38065 Matt Mon, 30 Apr 2007 11:06:34 +0000 http://www.bloggingawaydebt.com/2007/04/reader-question-were-our-minimum-payments-ever-more-than-our-income/#comment-38065 having your minimum payments just covered by your income or worse still not even covered by your income is not a very happy place to be in. Scrambling to make ends meet is never a good way to live your life. I've been in both situations as well as where my minimum payments were what I made plus I was maxed out on pretty much everything. At that point you have to juggle your payments on your cards only to have to use them again. Its a very stressful situation to be in. having your minimum payments just covered by your income or worse still not even covered by your income is not a very happy place to be in. Scrambling to make ends meet is never a good way to live your life.

I’ve been in both situations as well as where my minimum payments were what I made plus I was maxed out on pretty much everything. At that point you have to juggle your payments on your cards only to have to use them again. Its a very stressful situation to be in.

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