Comments on: A reader makes 180k but can’t afford groceries - consolidation loan dangers

By: Sandy

Sandy — Mon, 23 Mar 2009 20:05:53 +0000

I just was researching on the internet how to get help to get out of debt. We are in a tight spot also…and my husband has cancer. When he was going through chemo and radiation we were using our savings and our cards to purchase gas, groceries, etc. We have two teenage kids in the house who also require “stuff”. Here is the issue: I called a debt settlement program and am almost convinced that is the way to go until I keep reading more on the internet. I am current on my bills but hardly have much left after paying them all. I don’t want to go in the arrears with a company….but I know we need help. Consolidation I have heard is also not the best way to go through this…
There are too many suggestions on the internet. Aside from either NOT paying the bills and putting money aside to settel, or attempting to work on a program with the creditors..what else can we do? We have tightened the budget and this is soooo frustrating. I don’t want the calls to increase….I want them to not happen.

By: Karen

Karen — Thu, 02 Oct 2008 15:39:15 +0000

Grant, thanks for your story, it gives me hope. I’m in the same situation pretty much, but only have one income and lots more debt. I guess it can always be worse! Not sure how though right now…at least my health is good and I have a job…just need to get these loans paid off!

By: J

Fri, 05 Sep 2008 11:18:43 +0000

Grant, read through past posts here and at PrimeTimeMoney. A year and a half ago we were 20K in the hole. It may not sound like much, but when you consider our combined household income is only about 50K, it’s a relative percentage. Never lose hope, but get ready to buckle down.

By: Lauren

Lauren — Thu, 04 Sep 2008 22:20:41 +0000

That is scary, it makes you think twice about wants and needs and how fast things can spiral out of control.

By: Jen

Jen — Thu, 04 Sep 2008 18:48:51 +0000

Thats incredible, I wish I made 180k!!!!!