17 credit cards
How did the Baileys end up in such a predicament? From 1992 to 2005, they ran up bills on 17 different credit cards. During that time, they paid for two weddings for their daughters (at a cost of $5,000 each), replaced the transmission in their car when it blew out, made numerous repairs on their home and replaced the roof when it started to leak.
Everything went on a credit card. "We got caught up with 'More is better' and 'How much is enough'," says Jerry Bailey, a pastor. He handled the family finances but didn't let his wife, a nurse, know how much debt they were amassing.
"My first clue was when the people started calling our house," Sue Bailey says, describing calls from debt collectors about unpaid bills. "My husband is very loving and very protective, to a fault sometimes."
The magnitude of their financial woes hit home when he told her they had to put the cost of their daughter's wedding reception on a credit card. When they added up all the bills, the $92,000 total debt was staggering. (See the Baileys' video testimonial about their debt loss.)
"I never thought it would happen to me. It happens to other people," Sue Bailey says of their massive debt. "You feel kind of ashamed that you got there because you believe in paying your debt and paying what you owe."
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