$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,

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iVillage Member
Registered: 11-18-2011
Fri, 11-18-2011 - 6:15pm

I completely understand where you're coming from.

iVillage Member
Registered: 10-01-2009
Wed, 10-19-2011 - 7:09pm
hey there poor boy...nice to have another dude here...step by step bro...

Duke
Avatar for poorboy2011
iVillage Member
Registered: 10-02-2011
Wed, 10-19-2011 - 12:38pm

I just got my latest CC bill. Before discover of my debt: some unnecessary spending. After: I've been pretty good. I'm hoping that this month I can stay at the same debt level, since I realized I was in such a financial pit in the middle of a billing cycle. I also have one more trip to make, and some more doctors to see.

iVillage Member
Registered: 04-10-2003
Tue, 10-11-2011 - 8:16am
Can I suggest posting these numbers in a new thread in the section above? You may get more feedback there!

Bex -

Avatar for poorboy2011
iVillage Member
Registered: 10-02-2011
Fri, 10-07-2011 - 6:52pm

I'm going to get rid of my car. I'll sell some other stuff, too. There doesn't seem a way around it.

iVillage Member
Registered: 04-10-2003
Thu, 10-06-2011 - 3:44pm
I don't have a ton of time to reply because I am running late but there are a few things I think you need to consider that are missing from your budget and are likely what's causing you to run to the CCs. You have nothing set aside for car registration (likely annually) or repairs (crap happens!). There is nothing for clothes, gifts, holidays, vacations, medical copyas etc. So I suspect that when these things arise, you immediately pull out the CC? A lot of us having "sinking funds" which is a small amount put aside to cover these things. Mine started with $20 a pay and gradually increased as I got better paying jobs. It helps keep you away from your CC's.
Short of it is your minimumes are way to high! It's a third of your income! Any chance of getting your interest rates reduced so your minimums go down faster? Can you sell anything and apply the money to the CC's to try and lower the payment? What about a roomate to share living expenses with (I've done all of the above at some point or another to get out of debt BTW :) )
I'm sure the others will have more ideas!

Bex -

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.

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
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: 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.

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