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07.21.08, 11:23 AM New York City
5 replies
I am out on a three year maternity leave. With 4 kids at home it didn't make financial sense to keep working and get paid money that doesn't even cover child care (and the extra taxes). Since my employer gives me the option to take 3 years without pay but a guarantee that I will get my job back we decided for me to stay home. Unfortunately, it caused us to overextend on our credit cards etc. to a point that we have a hard time paying all those bills. Do you think banks are flexible enough to make a deal with us for the next 3 years (like no interest and cut the minimum payments in half or some such) and then go back to normal? We really want to pay back what is owed but just need a temporary break (the other alternatives would be settlement or bankruptcy). After three years the kids will all in public school and all my money can go to finally pay everything off. I need some hope here. [ Reply | Watch | Flag ]
New York City 07.21.08, 11:23 AM Flag
 

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sorry - you lost me at 3 year maternity leave [ Reply | More
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General Topics 07.21.08, 11:43 AM Flag
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LMAO [ Reply | More
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General Topics 07.21.08, 11:46 AM Flag
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honey, it's not maternity leave after the first six months :-) that being said, you do have a few options. have you been making the minimum payments? are you in trouble with anyplace where you owe money? can you transfer amounts to lower interest credit cards? if your credit history is good, you can apply for no interest or low interest cards and then transfer what you owe. meanwhile, are you being careful about spending? any places where you can cut back? (my situation is very similar to yours...had three kids in three years, took some time off b/c childcare was really expensive. managed on a really tight budget for a while) [ Reply | More
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General Topics 07.21.08, 11:46 AM Flag
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No, we came to a point that we cannot do minimum payments anymore. Over the last few months it was important for us to make payments somehow and did so by transferring balances left and right. Of course that put us even deeper in a hole. The thing is that once the need for child care is off the table and I am back to work getting the heap load of debt we have right now paid back is a matter of maybe 4-5 years. Well, we do have an appointment to see a credit counselor next week so we'll see what our options are. If the bank are not flexible at all we have no choice but stop paying our bills and take it from there. Thanks for getting back to me, btw. [ Reply | More
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General Topics 07.21.08, 12:01 PM Flag
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i'm not a professional so it might pay to wait and see what the credit counselor says. but i'd contact the banks asap. i'd let them know that you were not working, are going back to work, and you'll end up transferring balances to the banks/credit card companies that will work best with you. good luck and if you want budgeting ideas, i'll keep an eye on this post. [ Reply | More
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General Topics 07.21.08, 12:07 PM Flag
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