Six Figure Debt

This spring has brought no relief to our situation.  Currently we are in default on all credit cards and can’t even seek settlements because our basic living expenses far exceed our income.  I’ve had zero luck even getting a job interview and my wife is getting interviews but so far no offers.

To make matters worse, our small business, which was growing nicely in January, February and March has come to a near dead stop.  I don’t know if it is just a cycle or if our customers have just stopped spending money.  I hope it is a cycle but at this point I am losing hope that our customers will return.

I haven’t written anything in a few days as I was anticipating news on my wife’s job prospects, but as of Friday we hadn’t heard anything about the job.  My wife thinks she nailed the interview so we are hopeful.  This job could change everything for us, including a move to a new area of the city to be closer to her job.

Both my wife and I have been looking for full-time work to supplement the income we earn from our new small business, a fulltime job would help because it would provide Health Insurance so we don’t have to take money out of the company to buy our own as we grow, it will also allow for a regular paycheck when business is slow.

Even though I am still not working, I’m unemployed for the first time in my life and can’t believe how difficult it has been to even get a call back on a resume’, I am continuing to service the sizable debt that we have built up over the last few years.  Click here to read how we got where we are and how we are going to return the family to profitability.

Besides the financial hardship of dealing with being unemployed there is also the psychological aspect. I’m finding it hardest to deal with being unemployed psychologically. I can’t keep my mind off the “good old days” when I was a slave to corporate America and miserable, but now I can’t think of anything else but finding employment and becoming a slave again.

It so interesting to watch TV and see people out and about living their lives while I sit here sinking deeper into my financial abyss without any apparent prospects for the future. Frankly at this point I don’t see how our lives will ever improve. Feels like we are doomed to a life of debt and underemployment.

Since my last post I still haven’t met with an attorney about my potential personal bankruptcy. I know I will NEVER be able to pay off my debt but I am still torn between bankruptcy and pay-off. I’ve been hauling this debt around for some time now but I don’t just want to walk away from it.

I am first going to attempt to get a better job and increase my income. I want to make one last stab at paying off my debt before I just give up.

Sadly I have been taking my own advice regarding employment and have been looking for it.

I was downsized a couple of weeks ago and have been scrambling to find employment.

The loss of my job was unexpected and obviously my family and I are in no position to take our time looking for work as you can imagine.

I have several really nice offers on the table, but none that would pay me the salary I was making with my last employer.  We aren’t panicing yet as we have several sources of outside income but debt repayment will be severly hampered as I decide what to do with my career next.