$60k and starting to feel like a black hole

Avatar for poorboy2011
iVillage Member
Registered: 10-02-2011
$60k and starting to feel like a black hole
16
Sun, 10-02-2011 - 6:54pm

I am in debt for $60k (more precisely,

Pages

Avatar for poorboy2011
iVillage Member
Registered: 10-02-2011
Sun, 10-02-2011 - 8:47pm

I am going on a personal trip. Instead of getting a $240/night hotel room, I got a room at a cheaper hotel for $130. The hotel is farther away, and would involve more driving in and out of a big city. But I am behaving.

iVillage Member
Registered: 04-16-2008
Sun, 10-02-2011 - 9:40pm

As a child-free professional who travels a lot for work, I actually manage to SAVE money from trips.

iVillage Member
Registered: 08-29-2006
Mon, 10-03-2011 - 12:57am

Hi Poorboy,

I think you have come to the right place.

iVillage Member
Registered: 04-10-2003
Mon, 10-03-2011 - 10:24am
Welcome to the board! I know it feels completely overwhelming but you can do this. Its just one step at a time.
I too am a single professional and I too have student loan debt.
I am in about $39K debt when all is said and done. That includes CC's (5k) Car loan (11K) and student loans (23K). It can seem overwhelming at times, but if you just take it one step at a time, it can get easier. For example, the CCs are driving me crazy right now. So I am tackling those first. Each time I save money for have extra in my account (I round all my bills up leaving me a bit at the end of every two week period) I send it to my CC.
I dug myself out of 13k in CC debt like this, but clearly didn't learn my lesson entirely :) So now I am focusing on paying down debt and building my net worth.
You have recognized you have a problem which is the first step. Now you need to take steps to deal with it. These message boards are great if you are feeling lonely.
Come back and post often! You'll be suprised how quickly things turn around when you get the ball rolling!

Bex -

Avatar for mahopac
iVillage Member
Registered: 07-24-1997
Mon, 10-03-2011 - 11:42am

I see some parallels between your background and mine.

iVillage Member
Registered: 11-14-2008
Mon, 10-03-2011 - 11:47am

Hi Welcome,

This to me sounds like changing some habits, just replacing them with new ones or setting boundaries.

iVillage Member
Registered: 06-25-2006
Tue, 10-04-2011 - 8:48pm
I wanted to say hello and welcome. Everyone here is great and has already offered you so much good advice. I will keep my suggestions for now simple.

I too have a large student loan debt but you won't hear me talk much about it here right now. I have to break my debt down into chunks or I get so anxious I cannot breath (I too have suffered from depression and anxiety).

So first, pick a debt to eliminate - what I mean is pick what you want to pay down first, second, third. It makes it manageable and you feel great when you reach each of the smaller milestone.

I also spend emotionally - a lot of "I deserve" mentality. I am coming off of a divorce and think that "treating" myself is something I deserve. It IS something I deserve but I need to start doing it in smaller ways.

Hang in there and keep posting.
Avatar for poorboy2011
iVillage Member
Registered: 10-02-2011
Wed, 10-05-2011 - 12:53am
I just want to say a quick "thank you" for the great advice from everyone. In the next few days I'll be drafting a more detailed reflection/plan/budget for you to peruse and critique.

iVillage Member
Registered: 12-31-2010
Thu, 10-06-2011 - 9:55am

Some ideas about where to start.

#Marie
Avatar for poorboy2011
iVillage Member
Registered: 10-02-2011
Thu, 10-06-2011 - 1:12pm

Thanks, everyone. Many of the things you said are helpful. Marie's plan sounds especially effective. Your encouragement and advice feel more powerful coming from a community of people going through the same thing.

Pages