I am expecting to lose my job soon and need to reorganize my finances. Currently, I owe around $80K on my credit cards and had planned to use a bonus to reduce that debt. However, with my looming unemployment, I’m considering continuing only my mortgage payments while postponing my credit card dues. My main concern is whether skipping credit card payments could eventually risk losing my home. I would appreciate any insights or advice on managing this situation.
It appears that, from a foreclosure standpoint, focusing solely on mortgage payments should keep the home safe since it is the secured asset, and your credit cards do not affect the deed. However, non-payment on those accounts can result in a steep decline in credit score and potential legal proceedings by the creditors. In my experience, the damage to your overall financial profile can indirectly complicate future opportunities, such as refinancing or securing alternate lines of credit. Seeking tailored advice from a financial counselor might provide a clearer roadmap based on your specific situation.
Hey, I get the dilemma. Have you tried reaching out to your credit card companies about hardship options? I wonder if exploring those programs might ease some pressure. How do you feel about negotiating terms with them?
hey, maybe check if your cretit companies offer deferred or restructuring options. even if your home stays protected, ignoring card payments might dent your credit hard. consider talking to a fianacial advisor for the best way to manage both.
Hey, have you thought about chatting with a nonprofit credit counselor? They might help piece together a plan that covers both your mortgage and credit issues. What kind of strategies have you already considered?