Tired of being a debt slave

May 17th, 2012 by Questions

Excellent site thank you :). Hopefully you can steer me in the right direction. I Gross $5500/m (clear $3500/m). Wife income is $0. Our house worth $270K, current mortgage $220K (in both our names). Mortgage payment and taxes is $1150 per month. Mortgage now up for renewal. No other assets. We have $75K in credit card/line of credit debt (mostly “joint”). Keeping up with debt but living check to check and struggling. The debt doesn’t go down. We have one child. Any help would be appreciated. Thank you for your time.

Posted from: Ontario


One Response to “Tired of being a debt slave”

, A licensed trustee said:

You’ve started out the right way – ask questions, lots of questions. I can’t tell you what you should do without a lot more information (and that’s not really what the sire is about…)

The next step, after your internet research is to contact a professional in your area. It can be a banker, a qualified credit counselor, an accountant, or a trustee in bankrutpcy. There should not be any charges for these meetings – if someone asks you for an up-front fee it is time to go and see someone else.

I suspect, the solution that will make the most sense will be a consumer proposal, but do all your homework so you find the best fit for you and your family.

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