Unable to pay my credit cards after the loss of a great paying job

March 31st, 2009 by admin

I worked for Worldcom and went down with the ship when the company became bankrupt in 2003.  I lost a great-paying job of 8 years and my entire stock portfolio was in the company.  My $401,000 salary and another $100,000 in shares were gone overnight.  To make matters worse, my wife and I had just purchased our first home 30 days before the layoff hit and our third child was born a month later.  I hit bottom after not finding work for almost a year in a soft telecom job market.  Thankfully, I eventually found a pretty good job.  By then we had used up all of our savings for the house payment and were a month behind on the mortgage when I got the job.  We were $30,000 in debt and I was very shook up when I searched the internet for debt assistance.  We are currently enrolled in a credit card debt settlement program.  We are not out of debt as of yet but well on our way. 

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