Is it even worth it to continue paying your credit cards on time if you’re in my situation? HELP!
Ok, so I have posted several questions in regards to my credit card debt and am still very unsure of what direction to take…I have about $ 30,000 in CC debt with two companies..Citi & Chase…recently Bank of America closed my $ 11,000 and $ 5,500 credit lines that I had..their reason was due to being maxed out on my other CC’s, although I have never been late on a single payment for ANY of my debts including mortgage and car payments . So at this point I have a pretty foul attitude b/c to my understanding creditors issue you credit so you will use it and of course repay the debt back..which I do on a monthly basis…so now apparently my existing debt is having an adverse affect on my credit and preventing me from obtaining or even keeping any additional credit so therefore I am questioning wether or not it’s even worth it to keep paying my monthly CC payments which total over $ 600. Nobody will give me a credit line or loan large enough to consolidate my bills and I am a homeowner but don’t have equity…so is CCCS or bankruptcy the best avenue for me?
I appreciate the good honest answers however I must clarify that my CC usage is not me leaving above my means using them to buy luxuary items…last year I divorced and became a single parent and also was not working for a period of time. Therefore, my CC’s were my lifeline to pay my child support, mortgage and several bills including CC bills itself. I figured I’d be better to usage up my avail. credit and atleast pay on time than to default..now I see where CCCS is probably the best action I need to take. How long is CCCS for and do they allow you to leave the program at anytime? Also can CCCS negotiate a lower payment on my car loan?