[rogerhb]

So they are raising the interest rates to force you to default, to then go bankrupt, is that what you are saying?

Do you have any assets? Do you have any other untapped skills?
Can you teach? Are you prepared to do the graveyard shift at a gas station?
If it wasn't for the debt, would you still need two incomes?

[Jack]

Well...first of all....take a hard look at filing bankruptcy. As I understand the new law, if you're below the median income for your state, you can still file Chapter 7 and obtain full discharge of all your credit card debts. If you're above median income, you're put into Chapter 11 - but the interest on the debt ends. Also with Chapter 11, you don't lose any property.

Dead serious, see a bankruptcy attorney.

On the job front...this may sound flippant, but it isn't intended to be. So please, don't take offense. Have you considered becoming a waiter, preferably at one of the local country clubs? The wages are bad, I know - but the schedules can be flexible, and the tip pools can be lucrative. Keep in mind that most clubs charge a flat 18% of the check. Some of the waiters at my favorite spot make well over $40K.

[RacerJace]

Elijah,

What field do you want to work in? Mining, construction, manufacturing, government... etc. My suggestion would be go for one of the resource or utilities sectors like water, oil and gas or electricity. Check out this site as an example of the abundance of jobs in environmental related roles in Australia. We have a serious skills shortage over here. Especially in Western Australia and Queensland where the economie are booming with the resources sector.

Seek.com

As for your debt.. can you liquidate any assets to payout the credit card? Get rid of the car, have a garage sale, whatever, just get out of debt as quick as you can. Otherwise do as Jack said and go for bankruptcy, though that may limit your options for a while.

Good luck.

[cynthia]

This past week, Oprah Winfrey's show was a rerun of her debt diet program. I learned much about credit card companies including how to get fees waived and interest rates reduced. You will not have leverage if you've closed those accounts. Also, watch in your mail for 0% interest offers. you might find a ccc that would take over your balance giving more time to pay the principle.
One family featured ate out every day to the tune of $100. This came to $29,000.00 in food alone per year! If you've been a student, hopefully cutting costs has already been explored and you and your honey are living a no-frills life until you're employed.
Look at any assets you can sell. If you are burdened by your car and it won't hamper your ability to find work then sell it.
As an aside, I was unhappy the "experts" helping the debt ridden folks didn't suggest an alternative to the high consumption lifestyle still in place in spite of the reductcion of rampant spending.
Good Luck.
cynthia

[jdumars]

I figured I'd chime in here since I've been through some similar challenges. In 2002 I went through chapter 7 after losing my job, having my home foreclosed, etc. Jack's advice to see a lawyer is absolutely critical. In most states, there is a Legal Aid organization, and if you call them, they'll refer you to a lawyer who will give you a low-cost consultation. For me, bankruptcy was the only option I had, but for you, I'm not sure... the recommendation regarding following Oprah's "debt diet" is excellent. You do have some leverage right now, even though it doesn't seem like it. So, now on to some practical advice:

- If you do decide to declare bankruptcy, make DAMN sure you're living in a place where you'll be able to stay (and afford) for a period of years. Credit ratings radically influence your ability to find a place to rent. In my situation, I found a sympathetic building manager who helped me get a place.

- Remember that credit rating is now becoming a standard part of job screening! I got screwed badly by this... I was offered a job, gave notice at the old job, and then 2 days before my start date, they pulled a credit report and cancelled the offer. That's how I got unemployed. Companies do NOT have to tell you what their hiring criteria is, as long as it isn't discriminatory (sex, creed, etc.)

- Get a job... ANY job... and then look for something better. This is the best advice my dad ever gave me. Also remember that whatever job you have can be advanced, even if it seems like a dead end. The American job market is ACHING for workers with a strong work ethic. Get a job, work extremely hard, and promote yourself. At least you have a degree, which is better than I have!

- You don't need credit. Period. The key is to live well below your means. This requires your internal compass to be impervious to advertising, peer pressure and intimidation.

- The coming times are going to be challenging for everyone. The key is to exploit your knowledge, intellect and planning skills to provide you with some advantage. If hyperinflation hits (worse), all the money in the world is going to be useless. A good pocket knife and knowing how to sharpen it may be priceless.

- Learn the joy of simplicity. This is important now, but will be critical soon.

Hang in there!! 4 years ago I was unemployed and bankrupt. Now I am debt-free, a land owner and gainfully employed. It takes hard work and sacrifice... and a lot of love.

[Aimrehtopyh]

Speaking of tar sands: link and syncrude

[Vexed]

Great Post jdumars. Very insightful. I can't believe some employers are checking credit scores now. WTF?

[Lore]

$this->bbcode_second_pass_quote('Vexed', 'G')reat Post jdumars. Very insightful. I can't believe some employers are checking credit scores now. WTF?

[SoothSayer]

$this->bbcode_second_pass_quote('Vexed', 'G')reat Post jdumars. Very insightful. I can't believe some employers are checking credit scores now. WTF?

[drew]

Elijah, if you could get family or friends to lend you 2 or 3 k, I 'd say go to truck driving school. You will have job offers probably before you finish the school. I hate my job because it is really boring but it pays me 45k for about 45 hours a week of standing around shooting the shit and driving around listening to the radio. I do absolutely no physical work aside from driving 30 hrs per week.

BTW I have a degree too, in a completely useless field, so I find the lack of intellectual challenge frustrating, but on the other hand I make as much as many of my profs. They were simply shocked when I told them what I made (I was in my 30s when I went back to school, and truck driving paid for it).

If you take my advice you will not get easy work like I have at first, that takes some luck and more experience, but you will be able to find work anywhere. There is a shortage in Canada of 30k positions per year, and the situation is even worse in the states.
Good luck, don't despair!

[EndDays]

I said a prayer for your situation. Hang in there!

[Doly]

Would you consider relocating? If you are ready to go anywhere in the world, it will be a lot easier to find a job.

[untothislast]

I don't know if this is of any use for those living beyond the UK's shores, but I've been mightily impressed by some of the stuff turning up in the forums of Martin Lewis' MoneySavingExpert.com website. (And no, I'm not on click-through rates, or getting any other financial sweeteners!) It just seems a good source for solid advice, tips and hints - so I wanted to share the information.

Anyway, I get the latest stuff sent to me directly via email, and in today's bulletin it had the following:
' . . . Who says community is dead? I was moved . . . I've just been reading a discussion in the Debt-free Wannabe Board of the forum called 'I can't believe it's got this bad'. Subtly beautiful, someone has posted their SOA (statement of affairs) and other MoneySavers have picked it to the bone to help them save. The time and effort people put in to aid someone they've never met, can't see, and don't know I find personally very moving. See it for yourself. Related Articles: Where To Start With Problem Debts . . . '

Could be worth a look, for anyone out there who feels they're going under in this present economic climate. My best wishes to ElijahJones - I hope it all works out for you.

[ohanian]

$this->bbcode_second_pass_quote('ElijahJones', '
')So things are looking up, although it is still tough out there and unfortunately the higher up you get the more it is about who you know and politics. Since I tend to be the observer of everything and staunchly justice oriented I don't fit very well in the current corporate environment. I'm hopeful that will change. I am also such an outspoken critic of the GW Junta that I'm certain no devoted Republican would hire me. Of course it would be for other reasons, not political ones, or is that not protected under free speech applied to equal opportunity? Who can tell anymore the baseline for what fairness means is changing daily.