New here!

iVillage Member
Registered: 12-24-2012
New here!
11
Mon, 12-24-2012 - 5:46am

Hi everyone!

Well, I'm here because I have debt.  Not a big shocker, I'm sure!  I basically went into debt when I was around the age of 26 (I'm 34 now) because I wanted to go back to school.  It has been an incredibly challenging road, from me not knowing what I wanted to do with my life, to not being employed for months on end, to difficult and frustrating job searches, to finally finding employment.  

At any rate, I had a plan set out to tackle my debt starting in the New Year.  I've been working for a little over a month, and while I wanted to jump right in and start clearing up some debt, I had a bunch of things that my pay had to go to first.  I was living off practically nothing, so I needed to pay off some bills and get my feet underneath me.

I still feel so far behind, and I can't even imagine a light at the end of the tunnel.  I roughly calculated how I could start paying back my debt.  To be honest, I felt so deflated to see that even if I was super aggressive with making payments to lower my current debts, I'd still be so far behind in a year.  I have a line of credit, a student loan, and a credit card.  All of them together total about 70K in debt. 

I don`t want to chop up my credit card, because there have been times when I`ve needed to use it in the past.  I did that with my last one, and was really good at not charging anything to it until I found myself in a pickle one day.  I know that if I still keep my credit card but leave it stashed away at home I won`t use it at all.  I don`t have a problem with impulse purchases, thankfully.

I guess I`m going to try to plan out my debt reduction goal again, and see where I stand.  It just seems so overwhelming, and I really have nothing to show for it but a piece of paper in a frame, hanging on the wall.

Looking forward to meeting everyone!

L.

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iVillage Member
Registered: 10-28-2009
In reply to: hotsnowshoe
Mon, 12-24-2012 - 3:16pm

Welcome and congrats on coming here, it is a supportive and informative place. Post often and ask questions.

Good job on recognizing why you are in debt and wanting to make a change, that is usually the not so fun first step. A lot of people agree that saving up $1000 in an emergency fund, while staying current on all your bills, is a great place to start. This will help the unexpected and unplanned spending, car repairs, medical, etc

Have you tracked your spending? You'll be able to see in black & white any category you can cut back on to help.

Also, re: the getting overwhelmed by the big picture. Maybe break down your big goal into some smaller ones, to get victories along the way. Tackle one debt at a time, and celebrate your accomplishments!

Post often, good luck!

 

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