Re: Financial Bind

From: Christy Rohrig <christy@netwiz.net>
Subject: Re: Financial Bind
Date: Mon, 22 Jun 1998 08:07:17 -0700

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Jack,
    Call a consumer counseling service ASAP.  They may be able to work with you and
the credit card companies to restructure your debt.  Credit card companies don't
like this, but they hate bankruptcy more.  Next step, start living within your
means.  Somehow you have managed to accumulate $60k of debt.  Look at what type of
things you're buying.  Maybe you shouldn't eat out as much?
    I have always used my credit cards as a cash management tool.  For me this
means not spending any more than I can manage to pay off COMPLETELY.  (Credit card
companies don't like this either, since they make their money on interest.)  I
don't eat out every day and if money were tighter, I would probably brown bag lunch
more often.
    Good luck working through this.  Don't put your house in jeopardy by
refinancing again.  Work on the spending side and see consumer credit counseling
services in your area!

- -Christy


> Date: Fri, 19 Jun 1998 10:43:52 -0400
> From: Jack <jack@mailzone.com>
> Subject: Financial Bind
>
> Hi -
>
> I have found myself in a very bad financial situation and would like
> suggestions from anyone who may wish to help.
>
> Two years ago I found myself, at age 47, retiring from the U.S. Federal
> Government on a disability.  This disability does not prevent me from working
> at all, so I did not qualify for Social Security assistance.  I am married,
> with 2 children in college.  The debts we had accumulated prior to my
> retirement were significant, but at that time I was getting 60% of my former
> salary and managed to do okay.  After the first year, my annuity was reduced to
> 40% of my former salary and slowly the debts began to increase.  I should
> mention here that the money for our kids' education was set aside by their
> grandparents over the years, so that is not a real problem at this time.
>
> Anyway, the credit card debts have built up to a very high number and I've
> already cashed in both my 401k and my IRA.  My home has a very good mortgage on
>	.
>	.
>	.
>	.
>
> Any thoughts or suggestions?
>
> Thanks,
> Jack
>






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