ashamed

iVillage Member
Registered: 04-21-2012
ashamed
5
Sat, 04-21-2012 - 5:07pm

Hello ladies. I am so glad I found this support group. I have some mega debts to pay off - a total of about $92,000 between my husband and myself. I am trying to use the "snowball effect" by paying off some small debts first then moving on to the bigger ones. Right now my awful credit card and it's high interest rate are my focus. Thanks for listening.

iVillage Member
Registered: 03-15-2012
In reply to: snowfall910
Sat, 04-21-2012 - 6:31pm

Welcome!

iVillage Member
Registered: 08-24-2007
In reply to: snowfall910
Sun, 04-22-2012 - 8:00am
Welcome to our boards, snowfall910! Last year I paid off all of my debt and these boards were instramental in my success. I've received lots of useful advice - plus, there's always a shoulder to cry on!

I think it's great that you've broken-down the larger debt into smaller, more manageable chunks.

Couple of tips for you:
1) You might want to try to lower the interest rates on some of your debt. Try calling the credit card companies to get a reduction. Oprah has a script you can use when calling at this site:

http://www.oprah.com/money/Oprahs-Debt-Diet-Step-3/2

2) When I was planning my attack on my credit cards, I used this calculator on the CNN money website. You might find it helpful:

http://cgi.money.cnn.com/tools/debtplanner/debtplanner.jsp

Best of luck to you!

Kate


empty purse

iVillage Member
Registered: 11-14-2008
In reply to: snowfall910
Mon, 04-23-2012 - 12:54pm

Good luck. Keep us posted. I paid off some debts here and incurred some vehicle debt too. Life is ever changing but I gaurantee you, you will feell better getting rid of CC debt. Good for you for buckling down!

Community Leader
Registered: 08-25-2006
In reply to: snowfall910
Mon, 04-23-2012 - 7:14pm
Welcome! You are in the right place.

I agree with Kate, if you haven't already, call and ask about lowering your interest. The first person you talk to will very likely tell you no, so if they don't offer to transfer you, ask to be transferred to someone who can help you.

I got mine lowered for a 6 month time period. It just went back up, so I am trying again. I have a thread or two up above on the topic.

Many of us also really look at hard at what we can cut back on by first tracking every penny we spend for a month, then go from there.

I look forward to your posts!
Serenity
Avatar for poorboy2011
iVillage Member
Registered: 10-02-2011
In reply to: snowfall910
Fri, 04-27-2012 - 12:14am

Maybe for some people shame helps, but for many others, shame can be debilitating. Somehow our society regards one's personal finances as a reflection of virtue, when it cannot be further from the truth in many cases. Your debt is something you should get rid of for a better life. Money can make certain things possible. But debt does not subtract from your self-worth.

I second Kate's suggestion of negotiating for a lower rate. The extra cash freed up by decreased interest can speed up the payment significantly.