Credit Card Debt

In preparation for our meeting with the credit counselor, I’ve been collecting our financial information.  Our mortgage statements, equity line statement, and credit card statements.  We owe a lot of money.  With the increase in our mortgage, the payment has gone from a stretch to being completely out of reach.  The credit card debt is overwhelming.  Over $50,000.

When most people hear or read about high credit card debt, their first thought is “how many toys did they buy?  How much money did they waste?”  Our credit card debt is a result of everyday living expenses.  We have bought no furniture or taken any trips.  We do not own the latest electronic gadgets.  We wait until our shoes are literally falling apart before we go buy a new pair.  The credit cards were used for car repairs, gasoline, the occasional groceries, and household maintenance that could no longer be deferred.

Were we living beyond our means?  Yes, because for too long, we didn’t have any “means”.

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