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I had a heart attack several years ago. I’m a single mother, and there isn’t any other income supporting my family besides mine. As a result of my heart attack, I had to take a considerable amount of time off of work. My debts quickly spiraled out of control due to my lack of income and my medical expenses. Credit cards were soon maxed out, and my tiny savings account was closed due to lack of funds.
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Even before the global financial crisis rose up, I have been very concerned about being debt free on my own. Being a single mother of three, I have this thought of using several credit cards in order to provide my children’s needs. Furthermore, I was also struggling to pay for my mortgage and my car loan too.
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Several years ago, my husband lost his job and we quickly found ourselves swimming in debt. Our credit card balances began to increase. My husband and I soon discovered we weren’t able to make the credit card companies’ minimum payments. We thought up ways to decrease our average monthly interest payment for our credit card balances; one trick we tried was to open new credit card accounts and transfer the old accounts in order to take advantage of the lower APRs. Unfortunately, this trick didn’t work for very long; the new credit card’s interest rates would always increase after their short period for the introductory interest rate.
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Most of us seem to turn to the internet for information about “filing for bankruptcy” whenever we find ourselves facing financial trouble. We seem to want to find the fastest and quickest way to put an end to all that financial trouble we have caused ourselves.
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