Full debt settlement solution for Karen in Las Vegas. Her debt had swung out of control and she gives details on the reasons for her debt and of course which debt relief solution she chose.
“Las Vegas – Where My Debt Is In Lights For All To See.”
Karen’s Personal Debt Story in Video
$20000 –> $140000 Unsecured Debt (Intro)
This is the debt settlement case file for Karen G. from Las Vegas Nevada. She started with $20000 in debt as a young woman going to university, but now she’s married and has unsecured debt for close to $140000. Her and her husband only have $7000 in home equity at the time of her financial crisis. So really they few options to get out of their crushing debt.
As you will see below in the video and in the case file below, Karen and Carl we really in a financial pickle. I mild way of saying they were screwed. This is very typical in that hard times always come along eventually and we need to be in a financial position to deal with it. In this case they were unprepared. Nothing to be ashamed about for sure because it’s about as common as the common cold.
We did manage to help Karen and Carl get on the right path towards financial solvency again. It took some creative planning and also some hard decisions by them as a family. We’re happy to say that they are now on their way to in a much more secure financial situation. Sometimes it takes and outside source to help couples solve their money problems.
* How Did You Find Us: Yahoo search
* May We Publish Your Story? Yes
* What Debt Service Are You Considering? Debt Settlement
* Ever Claimed Bankruptcy? No
* If Yes, What Type? None of the above
* Have Collection Agencies Contacted You? Yes
* Any Repossessions? No
* Residence? Own
* First Name and Initial: Karen G.
* Age: 43
* Visa Card Debt? $18,443
* MasterCard Debt? $13,673
* Amex Card Debt? $6,034
* Other Credit Card Debt? None
* Personal Bank Loans? $43,000 consolidation loan
* Vehicle Loan(s)? $35,000 for Toyota Venza
* Mortgage Debt: $380,000
* Student Loan Debt? $31,000
* Other Debts? Owe parents $25,000 and utility company $750
* Mo. Payment You Can Afford? $370
* City/Town/Area: Las Vegas
* State: Nevada (NV)
* Credit Score(s): 601 Experian, 598 Equifax, 583 TransUnion
* Main Bank (won’t contact): Nevada State Bank
Income Sources: Karen’s Debt Relief
I work as a teacher in Las Vegas and I have been there for over 13 years now and my husband was working in construction also in Vegas and he lost his job a year ago and he hasn’t had any luck finding work. I have good references for my job and I feel that I am secure with my income that I have stated above to be around $3900 a month. Now my husband is looking for work but no luck so far and we really need to get out of this mess fast. I know that it will be better if my husband had a job but we really need to get some help now and at this point we are looking towards the debt settlement with our creditors because we just don’t have any cash on hand to pay back the money we owe.
“And the lesson today is HOW TO SPEND.”
Work History Detail
I have worked as a teacher all my life and I worked for three different schools in this 13 years. I am in no way worried about losing my job or my income. I went to University of Nevada (Las Vegas) and I have strong ties to the community here in Vegas. My husband also has strong ties to the community in Vegas and I am confident he will also be employed soon. It’s just a matter of time. Perhaps we should have waited until he had a new job before we contacted anybody with our debt problems. However at this point I think we have to act now.
Main Reason for Debt Settlement
I suppose the main reason we got into debt was because my husband lost his job and we no longer had the monthly income to pay down all the bills we were responsible for. I know that we didn’t handle this very well as far as planning for a rainy day goes, but I suppose we are also not alone in being in this kind of big debt. We never thought that he would be unemployed and we certainly didn’t think we would be in a situation like this. We have three children and we need to try and maintain their life as well. Unfortunately my credit scores aren’t very good and I have a 601 score with Experian and I have a 598 score with Equifax and also of 583 score with TransUnion. This isn’t helping us at all. We need to find some kind of debt settlement plan that we can live by and hopefully won’t damage or credit any further. I have arrears with one of the utility companies here for $750 on top of that.
2nd Reasons for Debt Settlement
The second reason for our debt is simply bad planning for the future and not having any kind of nest egg ready in times of trouble like my husband’s unfortunate unemployment. We never did listen to anybody in our family when he came to financial planning and now we find ourselves in deep debt with no way to pay it all back. On my teacher salary I just don’t have enough left at the end of the month after deductions to pay down all of our bills.
“Rainy days don’t have to suck..”
Extra Information on Debt Forgiveness
I want to be upfront about our situation as far as our debts go. I have a student loan debt of $31,000 and on top of that I owe my parents $25,000. I already mentioned the utility company and I have some other debts as well. I just want to be upfront about all of my debt I have a visa card to head of $18,443 so far and a MasterCard debt of $13,000 and rising. I have an American Express card with $6034 owing. I also have a consolidation loan with the Nevada state bank $43,000. I have a $35,000 loan for my Toyota Venza. I really think we need a debt settlement in our situation because there’s no way we can pay back what we owe in total.
Please consider helping us quickly as we are desperate right now and the stress is extremely bad for us. It’s bad for our entire family and my husband feels terrible about his situation and not having a job. He is suffering from depression now because of his unemployment and he doesn’t feel like a complete man anymore. We need to somehow protect our credit rating and at the same time pay back the creditors some money that we owe them. I just don’t know the best way to go about this and we really need your help to get this under control as soon as possible.
We feel like we are drowning in debt and it is time that we get some relief because we don’t know how much we can take this anymore. it’s affecting or sleep in a big way and our children too. It seems like our dream of living a happy American life has turned into a nightmare because of our bad planning, Big spending and lack of foresight. Please get back to us soon!!
20000 – 140000 Dollar Unsecured Debt Conclusion
We will get into Karen’s debt problems in specific detail in regards to her credit card balances and her family status. But first we want to discuss her situation which is so common for young families were struggling with an unemployment issue.
Her husband Carl became unemployed from the construction industry in Las Vegas and this has really put a burden upon them as you can read by her testimony. They need some debt relief as soon as possible and you can tell by her tone that she is desperate at this point. Karen is a schoolteacher and has been one for over a dozen years. She loves her job and she is extremely secure as far she knows. However having a secure job is not the answer all the time if you have extremely high interest debt. Like I said above, we will get to her specific credit card balances. She has a mortgage to contend with and she also only has $5000 in on my 40 which means she doesn’t really have any kind of assets to use as security on her debt.
She has a car loan for $35,000 and I believe it was a Toyota Venza or something like that. Either way it’s another expense and responsibility she has with the Toyota dealership to make her payments. If the stress wasn’t high enough now to add to that she’s behind on a basic utility payment for their power on the house. I believe it is about $750. The reason she came to us was because she didn’t really know what to do and she needed to educate yourself on possible debt settlement ideas.
Any kind of relief at this point would be huge for her. Her husband Carl is in a real bad place because of his high anxiety due to his unemployment and their deep debt. She discusses how much stress they have and how they feel hopeless and helpless Karen I have tried to get a bank from the Nevada state bank where they have their main accounts but they are all out of luck right now.
They already have a $43,000 consolidation loan from before through their bank and it doesn’t look like they will give them any more money to consolidate anything further. So I guess we certainly understand the situation and your humble narrator knows perfectly well what this feels like. They’re getting phone calls in the middle of the night from creditors and collection agencies asking for money and I just don’t have the money to give. It’s important for all concerned to remember that these are just temporary setbacks in life and it’s nothing to get hung about. I know that sounds easy to say hard to do but really if you look at it it’s just temporary. There is a way out for them.
So for Karen and Carl in Los Vegas they had three children ages seven, three, nine. Because of their family of five they had certain expenses that were just unavoidable through the years. Here’s the breakdown of her credit card debt. Her visa debt was at $18,000 approximately. Or MasterCard that was almost $14,000, and her American Express was around $6000.
She had a consolidation loan with the Nevada state bank for $43,000, and a $25,000 debt to a family member. She also had student loans for $30,000 approximately and that was the main crust of her debt. I know that that much debt doesn’t seem like it’s really that bad in the long run but if you don’t have any assets or equity to leverage yourself on and you don’t have the income any longer to make payments on this doubt it is overwhelming. And Karen’s example she ended up getting a debt settlement set up with all of her credit card companies and she also managed to get a debt relief program for her remaining debt.
This will be her consolidation loan, vehicle loan, and student loan. I suppose that the moral of the story is like so many other stories here at DebtFiles.com – really it comes down to bad luck and bad planning. When times were good Karen and Carl should have been saving up a rainy day fund and they should have seriously considered not accumulating so much credit card. Sometimes there is a fine line between overwhelming (stressful) debt and manageable debt.