Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

7 of 9
BACKNEXT
Ruth Gretzinger: Trapped by plastic
Ruth Gretzinger: Trapped by plastic
Like many Americans, Ruth Gretzinger is caught in an endless cycle of credit card debt.
Writer/project manager, 54, Ann Arbor, Mich.

I am a 54-year-old single mother living in southeast Michigan -- one of the worst places in the country right now financially.

I have a good, secure job, but the costs of raising a kid on my own have meant that my credit card debts are taking all my "disposal income."

I don't have enough money to live on because I have to pay my minimum monthly payments -- and then, since I don't have money, I have to use my cards to buy food and medicine. (I had a severe illness last year that really put me over the edge money-wise.)

Although I've been able to pay my mortgage payments, I no longer have any equity in my house because of the awful housing market. And I've already got two mortgages.

My daughter is going to be going to college in the fall, but at this point I don't know where the tuition money is going to come from. I am now looking into filing for bankruptcy as one of my last options.

NEXT: Carmela Brader: Debt begets debt
Last updated January 29 2010: 2:33 PM ET
Email | Print | Share  |  RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
More Galleries
The Obama economy in 10 charts President Obama came to office in January 2009 in the midst of the Great Recession. Much has turned around since then, but he's been criticized for a slow recovery. More
Best Jobs in America CNNMoney/PayScale's top 100 careers with big growth, great pay and satisfying work. More
Top-paying jobs Anesthesiologists take home a median $335,000 in salary and bonus annually. What other great careers from CNNMoney and PayScale.com's list of Best Jobs in America offer hefty paychecks? More

Special Offer