More Credit card settlements

I had to settle 6 credit cards recently. At the beginning of the year I ran out of money to make payments. I was beginning to use PayDay loans again and I just couldn't do that and go into the hole all over again.

I settled 3 BofA credit cards for 25%.
I settled 2 Chase credit cards for 30%.
I settled 1 Citicard for 30%.

I'm making payments and will make my last BofA, Chase and Citicard payments in November.

That still leaves me with about $47,000 in credit card debt. I'm still insolvent, no house, no assets and still living in our $1300/mo condo trying to put my 2 kids through college without them taking any student loans - I would certainly not qualify.

Anyway, I won't rest until....well....I guess I won't be resting anytime soon.

Sold another car - now share 1 car

Just a quick update. Last month we sold one of our cars. My wife and I now share 1 car between the two of us. My wife doesn't like it but financially it means we save $60/month on car insurance. Plus it helps a little with college costs.

Update: Still paying off debt

Been a while since my last post.

We sold one of our cars. Now my wife and I share one car. Takes coordinating our work activities.

My debt now stands at about $78,800 total = $9400 (end of car lease debt) + $69,400 CC debt.

I'm still working my part-time job but my yearly income is still down about $20K a year for 2009 and 2010 (so far).

I'm hoping to settle with one of my creditors for 3 CC balances. I'm totally insolvent so I'm not worried about taxes: I owe more than I have assets.

Debt status

Been a while since I last posted. Thought I'd bring this blog up-to-date.

My CC debt is now at $74,000. Last year (2009) I paid back $26,000.

We had a medical expense of about $8000 so I guess I really paid back $34,000 in 2009. That's a lot of cash. Oh well.

I'm down to a $1000 emergency fund. I'm also back to delaying some monthly CC payments. Just don't have the cash in my budget. Last year my income dropped $20K from the previous year.

Got a call from our ex-car lease company yesterday. They said as long as I can make a payment on our "end of (lease) term" balance then it - the $9,444 owed - won't go to collections. I probably need to add that $9.4K onto my total debt which would make it go up to $83.4K owed as of today. Nothing I can do about it.

I'm still working my 2nd job that adds to our overall income so that helps.

I heard Obama is going to speak tonight about helping the middle class - too bad he defined the middle class as an income level of $85K and below. I've already short sold my house two years ago, burned through my savings a longer time ago and am back to living paycheck to paycheck with two kids in college. Lotta fun these days.

Oh well, we'll see what 2010 brings.