Interesting CNN Article on Credit Card Woes
I just read an article over at CNN on increasing credit card defaults. This article really hits home with me, although the way we got into our situation is different than those with the mortgage woes. As I reported early on, our debt has been the result of our decision to focus on our younger daughters medical problems over our financial situation.
Regardless of you we arrived at where we are, I feel that if we do not rein in our debt, then we will be heading towards the where the subject of this article is. We are trying our best to keep our head above water and have decided to consolidate the debt into a home equity loan before it gets too late. Our hope is to even out the budget and eventualy save a extra. Those extra savings would go towards a paying the HE loan off earlier.
We did not want to go this route, because it kills our home equity, but we feel this is the best way to stop the bleeding. I will report on our loan process in the future. Wish us luck!
Filed under: Finance and Investing
