Reality Bytes: A True Story of Unexpected Financial Change
Before:
- Two professional incomes
- A nice house in a good subdivision
- Ongoing work and professional respect from years of hard work and good professional reputation
- Perfect credit & a strong ethic to pay the bills in a timely manner
- A set of bills to go with the lifestyle
- Minimal credit card debt (under $3000)
- Savings; Plans for expanding lifestyle and choices
After:
- Due to the economy, both incomes were off 50%; Husband chose to pay his people and not take a salary (for a full year)
- A mortgage payment no longer affordable; A 2nd mortgage no longer affordable on a house that had lost $130,000 in value in the 2 years. Decided it was necessary to let the house go. Decided on a Short Sale
- Great professional reputations ; However half of the ongoing work cancelled and did not return 2 years later
- From perfect to less than perfect credit after the Short Sale; A determination to find a way to pay the bills with more bills than monthly income
- More bills than income to cover it
- Credit card debt to match the income loss
- No Savings : A new plan to put themselves back together with things as they are!
What One Determined Person Found Out
1.5 years later, hundreds of hours of research later, with a strong determination and belief …they are now almost $190,000 out of debt One step at a time, One hour at a time, and 1 day at a time they experienced that you, like them can move out of debt too!
6 Things your momma didn’t teach you:
- Your house may not be a wise investment. Renting may be better
- Your student loans can be deferred
- Hospitals can choose to greatly downsize or dismiss your debt if your income has been significantly decreased…with no foreseeable change
- You can negotiate about the amount of rent you are paying with your landlord. Some known rent is better than none
- If a customer has gone bankrupt leaving you holding the bag…you can fill out a tax form to have the loss taken off your taxes
- You can have your credit card interest rates greatly decreased and get out of credit card debt
Most people are too embarrassed about their situation, afraid to step out and ask for reductions, & not sure whether they can fill out the necessary forms to apply for the programs and options available.
You don't have to feel that way anymore!
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