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  1. #1
    Join Date
    Jul 2006
    Posts
    2

    Default Planning for Potentially Serious Financial Trouble

    Let me begin by saying I have excelent credit now. Alot of it.. and over the past 20 years I have never missed a beat or payment. Our household income is roughly 150k per year.

    I just heard rumors that the comp my wife and I work for may go out of business. If this happens we will loose approx 60k of income. When and/or IF this happens I will not be able to pay all of my debts.

    I have no REAL assets as I owe on everything.
    No savings to speak of other then a 401k which I have two loans on already.

    House is financed at 90% at approx $270k
    New car 30k
    Revolving and Credit card debt at 90k
    No other real assets.... another older car, household items, etc...

    What are my options. I am really starting to get worried about the future.

    How long would it take before everyone comes after me for not being able to pay all my revolving accounts.

    Help....

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Planning for potentially serious financial trouble

    Start looking for alternative employment. Check with your creditors to see if they offer insurance to cover the minimum payment during periods of involuntary unemployment.

  3. #3
    Join Date
    Aug 2006
    Location
    Southern Cali
    Posts
    6

    Default Re: Planning for potentially serious financial trouble

    If your credit is good at this point there are loans in which you can refi for a low minimum payment. The 1% minimum payment loan is a good loan if you know how to use it in your benefit. Most people want these loans after its too late. Email me if you need more info. Best wishes.

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