How do I deal with this debt?
December 20, 2007 8:00 PM Subscribe
So do we just stop paying our credit cards?
posted by anonymous to Work & Money (36 answers total) 9 users marked this as a favorite
We're majorly in debt. Like 50% of our yearly income. Figure $66,000 ish.
It's all credit card debt.
We pay around 25% of our current income to simply cover the minimums.
As of now, we can afford this, but it kinda fucks our spending. At times we have to spend a touch on credit cards to make ends meet.
This is coupled with living overseas and having a fluctuating exchange rate. Debt is in dollars, pay is in pounds.
We're current on everything, never been delinquent.
Our finances might be changing, putting us into a position where we can pay a much smaller fixed amount towards credit card debt.
Essentially from $2000 a month for cards to <$500 a month.
We physically won't have any more and if exchange rates change, 500 will be a stretch.
This new opportunity is potentially very good, and I need to get out from under this crazy amount of debt..
How do I unfuck myself? Credit counselor? Bankruptcy? Is this any different because I'm overseas?
Will these people even talk to me if I'm not overdue?