With all the medical conditions in my family and the worry that goes with it I have had a very bad time with my finances. I took a test called Bills IQ and made a 76 on it. I was in major trouble or soon would be. My major concern is buying a house I could not afford. When we bought this house our finances was great and I did not have a thing to worry about. Then my husband lost his job we got behind and did the stupid thing let our house payments get behind. Debt consolidation was not a factor we could use at that time because our Credit card debt was outrageous. Debt relief for us meant not having a power bill that was over $200.00.
We asked our mortgage company for Debt help and all they said was sorry....your debt to income ratio is too high, I told them but that is why we need to Consolidate debt, but to no avail.
The mortgage company then referred us to Credit counseling. We even considered Bankruptcy. But we did the credit counseling and learned they can help you get your finances under control and the interest rates knocked down to just about nothing. You paid them a monthly sum and they took care of the rest. This allowed us to catch up our mortgage and saved us being on of the percentages of foreclosures you now hear about.
If there is one thing I learned it was not to get in this mess again. We are now secure and happily secure knowing we can pay our mortgage. 
Select Visions
News, Entertainment, and Blogging
Tuesday, July 29, 2008
My Buyers Remorse A House I Cannot Afford
Posted by Select Visions at 1:13 PM
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2 comments:
For people with credit card debt across multiple cards, this option is one that you should be exploring to reduce your payment burden. Credit card debt consolidation is also the fastest way to pay down your principal.
This is so true! Thank you for the addition.
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