Card payments prior to filing
January 24th, 2009 by Questions
I am considering consumer proposal. I owe about $70,000 to credit cards. My take-home pay is $2600/mo. The credit was used to capitalize my business, which is running steadily and has been for 5 years. However, I have never been able to get out from under the debt load. The interest alone is almost $900/mo, which is really all I pay because I max out the cards each and every month, using one to pay the next, and so on. The principal amount of debt never goes down. I live frugally, and have few assets (home equity $3000, business inventory $10000, car $500). My husband`s profile is almost exactly the same.
equity $3000, business inventory $10000, car $500). My husband`s profile is almost exactly the same.
My question regards payments to my cards. I have read on your site that it is best not to use credit cards immediately prior to filing a consumer proposal. I have never had a late payment, so I would find it stressful simply to stop paying them. Should I contact them and request to skip a few payments, and file after that? What is your advice?
Posted from: Ontario