what would you do?

dcrabb · #1 (**permalink**) 06-10-2010, 11:21 PM

Hello,I am under water/minus $500.00 for my family budget.This is the same amount of my three visa minimum payments.I would rather not pay these and pay and keep my house payments current even though it has decreased 30 % in value.
I have been using my Emergency account to keep current on all bills I claim.
I have called all Visa Accounts and the help they are giving me is about $50.00 dollars less per month than they are today.This is not what I call help satisfied.My visa Companies will just ream me for late fees,Fico score destruction and alot more. Yes I am very nervous.
I just cannot do this anymore and am at the mercy of GOD.
This could be for several years forward as my paychecks have had no raises for the last three years.No luck for the forseable future my income will get healthy.
WHAT WOULD YOU DO?

sapphirecapital · #2 (**permalink**) 06-11-2010, 03:10 AM

a lot of things missing here, whats your credit score? how much is the mortgage and whats the value of the house? etc etc., whats your age? no second job?

Sure you let the cc payments be for a while and then re-negotiate, beside the credit file, remember anything they let go is taxable income. If you let them be for 2 years the usually waive all the extra fees etc and be happy to get a little bit.

resrev · #3 (**permalink**) 06-17-2010, 05:48 PM

Ok first of all if your drowning and coming up negative every month. Then credit should be your last concern. Now I would agree with you on who you should pay. Always stay current on your house payments before your credit cards. What are your Unsecured debt amounts (Credit cards, signature loans, repos if any)? Secondly if you take your unsecured debt payments out how much do you have left over at the end of the month.

tdls17 · #4 (**permalink**) 07-03-2010, 03:58 PM

Resrev is correct. If you get behind on house payments, the lender can eventyually seize your home - the collateral. They have a 1st secured claim.. Keep the secured lenders happy.

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