Steve and I have been going through a lot of the same problems that many others are going through right now. We have a large mortgage balance, credit card debt, owe money on our vehicles, and in general are feeling a pretty big pinch in the pocketbook. One of the biggest things I’ve been concerned about is the mortgage situation. I don’t want to be one of the casualties of the foreclosure explosion, and we’re in danger of becoming just such a casualty by virtue of the larger-than-expected interest payments coupled with the decline in our home’s appraised value.
Not that I’m trying to bellyache about our situation. We realize that our situation is the same for many others in this country right now, and we are no worse off than so many others. Still, we want to learn about what we can do if or when the time arrives.
There are a number of things an individual can do, and I’ve been doing some homework on it for our own sakes as well as to share. Briefly, the advice I’ve been reading indicates that executing a plan to pay down debt is the best way to gain some breathing room and reduce the fear over the mounting debts so many of us have. I’ll be sharing what I’ve been reading — as well as links to lots more information on the topic — in the next several blog posts.
August 21st, 2008 at 7:32 am
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