Unable to pay back debt because of interest?

Please don%26#039;t answer with %26quot;You should have been more responsible.%26quot; No sh*t. lol.

I got myself into a lot of debt. Mostly credit cards (after a layoff and a breakup, I had to live on credit for a while).

They were a couple hundred each but I stopped paying even the minimum a year ago on all of them and now they are ridiculously higher because of interest.

That and I am upside down on a %26quot;lemon%26quot; car that I bought by about $9k.

Im pretty sure my debt is now around $30k or more including the car.

Oh, and an eviction which I assume is running about $2400.

What do you do when the interest makes it impossible to pay back debt?

Unable to pay back debt because of interest?

Contact the creditors and try to lower the interest or see if they will remove the interest. Sometimes they will b/c if they know they%26#039;re not going to get anything b/c they feel something is better than nothing.

Unable to pay back debt because of interest?

You might want to learn from your experience and grow up. You cannot operate as you have done in the past, and your credit rating will remind you of that each time it is checked.

I have good credit. But I earned it by controlling myself, limiting myself, thinking before acting. Don%26#039;t think for a secons that I got all I wanted when I wanted. I had to sacrifice.

And all people with good credit have been where I have been. And when you grow up, maybe you%26#039;ll get to go there too.

Unable to pay back debt because of interest?

I have never had bad credit, my parents taught me to always pay in cash, and save your money. No credit cards...I think you should think of going to consolidate your bills, or go bankrupt...but learn from this. And you may think of getting two jobs..call who you owe money and work with them. Don%26#039;t run from them...

Unable to pay back debt because of interest?

You need to find a better paying job, or a second job to make more money to pay off your debts.

If you haven%26#039;t paid on those credit cards over a year ago, they should all be in collections by now. Give them a couple more years and you%26#039;ll be able to settle them for about 25%. That is IF the collection agencies don%26#039;t sue you first.

Since you haven%26#039;t been paying anything on the credit cards, you should have had plenty of money to pay off that car. But since you are getting evicted, it sounds like you continue to live beyond your means. Maybe living in that car for a while will help you get your finances under control.

Unable to pay back debt because of interest?

Well, you are not the first to get into this situation, nor will you be the last. Living on credit cards, we are making a promise to pay, perhaps hoping that some good fortune will allow us to do that... who knows we might win the lottery.

But people who pay most of their living costs via credit cards (I am one) rarely stop that when they have an interruption in the incoming cash flow. Few people will stop to think that the interruption may last long enough to get them into really deep water.

Your credit status is shot as of now, so what you need is the ethical way to deal with this.

A credit counselor will likely contact your creditors and propose that you pay off 100% of your principle and no interest. They will propose this with a schedule of payments that you must meet. In consideration of this you will forgo any option to apply for bankruptcy.

You will not be a bankrupt when you complete your deal, and your credit will repair itself over time.