Thank you so much for the advice. I’m going to try to answer some of the questions being asked:
School costs: we owe $65 dollars per child for school fees. Our oldest son has been pulled out of the regular school system and has been placed into another school to help him with his behavior. This is the school costs I was referring to. We are supposed to be paying $150 a week for this school but they are taking it down to $60 a week. It sounds great but this is still hard to come up with.
How did we get into the situation? We purchased a new home about 11 years ago. Since this was our first home and it was new construction we had to buy everything from the bottom up. We used credit cards and maxed them out very quickly. We haven’t used a credit card in years. We are literally just trying to get them paid off but doing this isn’t as easy as it sounds. Something always comes up.
Yes, 100K is a lot of money and yes, you would think we would be able to live well off of this money but we aren’t. This just proves that people who do make good money can get into trouble as well. I’m not proud of what has become of our financial situation. I know we could be living more comfortably. I also know that I have contributed to our money problems. I tend to spend more money than I need to. This is something I am working on and I am committed to changing.
I have to admit what I have been doing lately. With Christmas we have been struggling more than ever (as I am sure everyone here has experienced). We have credit card payments that are due that I am not able to pay. We are getting phone calls daily and I am avoiding them. I know this is wrong. I know I need to talk to them and try to work something out but I can’t stand the thought of doing it. Some of the people are just so rude. I decided to get a loan from this company because I like guarantees and I am a person who wants to pay all of her bills. We charged everything and it is our responsibility to pay off our debts. I think I just need to bite the bullet and start answering the phone or else I will never get a handle on our situation.
Thank you again for listening to me and for helping me work through this. I’m sorry if I offended anyone for putting down our yearly salary.
Now that someone else has broached this subject my question is on the 30K in unpaid medical bills. I would think there would have been medical insurance at a job paying 100K a year. I never had medical insurance through work but pay $300 a month for myself. My deductible is $1500 so there would be no way for me to accumulate that kind of bill.
No offense taken, Why I mentioned this is that an Oprah show I saw a few months back had high-earners who, like you, are up to their eyes in debt.
These people were earning over 100K a year, and some of them, even more.
Answer the phone. Tell them you know there’s a problem and can they help with advise? Many of them will either close the accounts, and have you pay lower, but steady payments. Others actually referred me to credit counseling and another lowered my payment for six months. Then though the payments went back up, I’d paid a lot to the principle and that helped a lot.
Having worked in the financial world, if you do consider a bankruptcy, you might suggest your husband talk to his HR department first. Some jobs can be adversly affected by a bankruptcy, although if you can prove it’s medically related it might make a difference.