I am in way too much

I am in way too much debt....SUCKS....these gas prices have killed me....my wife is attending school to become a nurse, so she quit her job to go work full time... The loss of her income, although not alot, made a difference. I have over 50k in credit card debt right now, and have little choice but to at least seek debt relief, whether that be through debt restructuring or bankruptcy. I am real embarrassed about it. I make alot of money, but I spend more which is VERY STUPID...Oh yeah, and I am an Accountant by trade.....go figure!!

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  • Don't be so judgmental! That's common these days, especially in this economy. I would take public transportation to save on gas. Don't spend what you don't have. Keep your wife in school, you'll get more income after she graduates. If possible, schedule a consultation with the credit card company(ies) necessary to see if you can work together to create a solution.

  • Legit sure, but an accountant who can't keep his own finances is not someone I would like to be counting my money. He admits he is being stupid and I agree.

  • ^ A little judgmental, aren't we? Lots of people have circumstances they can't control. Not everyone gets in debt because they're irresponsible. And who's whining? Sounds like a legit confession to me.

  • You can't figure seemingly, but #1- stop spending what you don't have #2, keep your wife in school. Nurses will work when you can't. #3 Quit whining.

  • That is not uncommon right now. . .look at our economy. If I were you, I would focus on paying my mortgage before anything else. I know that not paying credit card bills can lead to bad credit, but what is your alternative? I am in a tough financial spot right now too, so I can understand how you feel. It is scary and frustrating, but you have to be strong right now. You have your wife's future nursing career to look forward to, and that will bring much more income into the house. Try to stay away from bankruptcy as that will seriously mess up your credit, instead try cutting back on things that you can without. Ride public transportaion to work to save on gas, and try cutting out every thing that is not a nescesaty like vacations, going out to eat, and maybe even your cable or internet for a while. When you create some breathing space, adhere to a VERY strict budget, and do not try to live outside your means, even when your wife becomes a nurse, stay on that budget!!! If you can't afford your house, downgrade! There are ways to get out from under your debt, but you must be very careful how you spedn your money and extremely strict with the budget.

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