Debt

[ChristinaM 0]

Bwahahahaha

Yes, I know about debt.

We have been shuffling our revolving debt from CC to CC with no interest. We pay more than the minimum, but not by much. Any spare money we have (essentially, my commission and anything we don't need for day-to-day living) goes into a high-interest savings account, which we will use to pay off something when there's enough in there. My husband has a lot of student loan debt also, which doesn't help.

So, I feel your pain.

[AnaAndDaniel 0]

Fortunately, other than the mortgage, there's no debt in our household.

We are on track to joing you guys next January. I will fee a lot better then.

OP: make a plan. have everyone in the hosehold buy into it.

Daniel

:energetic:

[TracyTN 237]

Have you ever been in deep debt? How did you get out of it? I need help.

Consumer Credit Counseling Service offers some great help for getting out of debt.

http://www.cccsintl.org/

This is exactly what I was going to suggest.

*hugs* Addy. I hope CCC can help you.

[addy 0]

Some of your advice really helps. I'll tell you how I got myself into this mess. Thankfully, my honey does not know how deep in trouble I'm in. I don't want him to know. I have to do this on my own.

I have three cc's. One, I owe 8000. The second is 2000 and last one is 1000. I have been buying some things from online. I collected sheep dolls and some sheep figurines. Since they are from a british site and they ask for pounds, the price is expensive. Dan knows I like to buy stuff. He tries to help me from buying anymore junk. I gave up on buying more useless stuff I don't need anymore. What was also a blow to me was when my sweetie came here and I spoiled him. Also christmas gifts and pretty soon valentine gifts.

I have no job. I worked for temp agencies and I officially hate them. I have less than 100 in the account. I have applied everywhere and I keep getting shot down. i don't know what I am doing wrong. If any of you want to look at my cv so you can see what I'm doing wrong, it'll help. Oh gawd, I want to see my baby again this year but I'm stuck in hell.

[LaL 418]

...nm

Edited January 17, 2007 by lal_brandow

[TracyTN 237]

Aww addy. I know how badly you're hoping to see Dan this year.

I would seriously cut up at least 2 of the credit cards. Keep the other (the one with the lowest interest rate) for emergencies. At least you know how you did it, so now you just have to stop doing it to yourself. Cutting them up is the first step in that direction.

[ace13 0]

The Dave Ramsey method works. Take your bank account down to zero every month. Basically, you get paid. You pay all payments (house, car, utilities etc) etc for CC and loans. After you have paid all the basic payments, take out your living expenses in the form of cash and then what ever is left pay CC and loans. Pay all the minimums on the higher balance cards first and then pay the most on whatever card has the lowest balance. Then it just snowballs. You pay off the small stuff and then work on the goliath debt last. It is the only way. PS-yes, you do have to commit to never using a card again. It is painful, but if you have serious debt, it is the only way.

9 out of 10 times, refinancing makes the problem worse. You end up raking up the credit cards again b/c there is a spending problem...not interest rate and other excuses people make.

[Alanlvsjudy 0]

The good news is 11K is not that bad, its bad enough but not unsurmountable.

Write down all your obligations and divide them into weekly groups, make a budget and stick to it. NEVER buy with a credit card anything you cannot pay cash for...

However I just realized you have no job...wow... find a job even if its *beneath* you. Make a budget, and or get with the consumer credit folks...

Might make you feel a little better to know that when my first child was born he spent his first 28 days in a neonatal ICU, the bed alone no Dr bills or anything else included cost $10,000 a DAY I made $5 per hour and had NO insurance...Today I owe basically my mortgage.

Its not going to be easy but with determination and kicking the sheep habit you can do it..

I truly wish you the best of luck.

[William33 110]

Credit cards are the primary root of deep debt. Thus, we have chosen to not carry any. We use a Visa/Debit card which works just like a credit card, yet your credit limit is proportionate to your available balance, savings included. If your salary is "up there", no problems.

If not; and you need big ticket items, either save for them, or capture an installment loan with zero interest for 12-18 months and pay it off that way.

With all of that in mind, I find it useful to live within your means. Credit cards are a transparent symbol of status, that will eventually burn your azz. Credit is easy to obtain, yet difficult to repair.

Simply stated, credit is the assumption of debts, that become increasingly difficult to pay off. Just what the Bankers are looking for, with an expectation that you will pay the fees!!

Make a change and seek free credit, zero interest installments or save up for your needs. Best of luck to you in getting that sorted out.

Edit for spelling: where is that spell checker?

Edited January 18, 2007 by William33

[bostonparis 0]

Some of your advice really helps. I'll tell you how I got myself into this mess. Thankfully, my honey does not know how deep in trouble I'm in. I don't want him to know. I have to do this on my own.

I have three cc's. One, I owe 8000. The second is 2000 and last one is 1000. I have been buying some things from online. I collected sheep dolls and some sheep figurines. Since they are from a british site and they ask for pounds, the price is expensive. Dan knows I like to buy stuff. He tries to help me from buying anymore junk. I gave up on buying more useless stuff I don't need anymore. What was also a blow to me was when my sweetie came here and I spoiled him. Also christmas gifts and pretty soon valentine gifts.

I have no job. I worked for temp agencies and I officially hate them. I have less than 100 in the account. I have applied everywhere and I keep getting shot down. i don't know what I am doing wrong. If any of you want to look at my cv so you can see what I'm doing wrong, it'll help. Oh gawd, I want to see my baby again this year but I'm stuck in hell.

It sounds like a serious shopping addiction if you need help to stop buying junk. I think the websites that people have given you may help, but you need to really commit to not buying ####### that you don't need. And I really think you should be honest with your SO. I know I'd be really upset and disappointed if I found out my fiance was $10,000 in debt and didn't tell me.

[addy 0]

Guys, thank you very much. I tried that website that was recommended to me so wish me luck on getting the help. I looked at all the sheep I collected and I got rid of the sites where I get them. You're right about telling him what happened. He kinda knows anyway that I owe but I don't tell him the total I owe.

Honestly, I like this board. Even though I am working on getting to wales, you've been a big help. Another board I belong to, Tracy knows which one, these guys are not too reliable. They focus on certain popular people there and talk about gibberish.

I'll let you know how they will help me. You guys are great.

[Cassie 8]

The Dave Ramsey method works. Take your bank account down to zero every month. Basically, you get paid. You pay all payments (house, car, utilities etc) etc for CC and loans. After you have paid all the basic payments, take out your living expenses in the form of cash and then what ever is left pay CC and loans. Pay all the minimums on the higher balance cards first and then pay the most on whatever card has the lowest balance. Then it just snowballs. You pay off the small stuff and then work on the goliath debt last. It is the only way. PS-yes, you do have to commit to never using a card again. It is painful, but if you have serious debt, it is the only way.

9 out of 10 times, refinancing makes the problem worse. You end up raking up the credit cards again b/c there is a spending problem...not interest rate and other excuses people make.

We are following Dave Ramsey's Total Money Makeover (the debt snowball et al) -- addy, seriously, go to your local library and read this book. It's quite good, with a plan, tips, etc. By following his principles, we've paid off three credit cards, almost finished with paying off the fourth and last one, then on to my student loans. Any extra money that comes into our house (bonuses, overtime, gifts) we are putting on our debt. It takes time, and effort, but the rewards are already worth it.

Oh, and Addy? Part of your problem is witholding this secret -- be upfront and honest -- he may not like it at first, but letting go of the scret and the shame that usually goes with it will help in getting you started on the road back to financial freedom.

[Caladan 19]

C. and I are polar opposite in terms of debt. I carry a moderate amount of undergraduate loans (low interest, not great, but currently deferred and not the sort of thing that will crush my life at $150 a month), but no credit card debt. AmEx, pay off the entire balance every month. When I met C. he had about $16K in debt, from cars, a student line of credit, and some health expenses, and a student loan, and some money he owed his mother.

It was sort of a condition on us marrying and him moving here that he paid it off, because I was *not* going to start our marriage in serious debt trouble as I've seen it destroy my parents.

His strategy was to find a higher paying job, work longer hours, and move back in with his dad for the time being to save on rent. Keep making payments on everything, and put the rest towards paying off the smallest debts first. He started this in April, and he's now about $2K away from his goal of being debt-free.

When he gets here I control the purse and we'll build his credit rating.

[Fandango 1,440]

Addy, good luck!

Did you start to collect the sheep figurines before or after meeting the Welshman?

JK, couldn't resist

[w¡n9Nµ7 §£@¥€r 123]

We have a mortgage and a car loan ... that's it. I'm going to pay off the car loan in the next 6 months.