Time to get serious about paying off debt!

iVillage Member
Registered: 02-11-2006
Time to get serious about paying off debt!
6
Mon, 09-17-2012 - 3:25pm

Hi everyone,

I have been a regular reader/lurker and occasional poster on this board since 2006, I think.  Our debt total has gone up and down over the years, but it's time to get serious about getting rid of it for good. 

My husband is the main bread winner, and I do childcare out of our home for extra income.  We have 2 sons, ages 11 and 8.5.  Our 8.5 yo has 2 chronic health conditions and multiple food allergies.  I feel like we are always stretched to the limits. 

I am going to work on our debt in phases so it's not too overwhelming.  Phase one current balance is $32,147.32.  That includes a hospital balance and 4 CCs.  It does not include the car, house, or home eq. loan.

IRL I am quite shy, but I am really going to make an effort to post here regularly for accountability.  Time to get this monkey off my back!

iVillage Member
Registered: 06-04-2004
Wed, 12-26-2012 - 8:30pm
You'll do great! I like the idea of breaking it down in to phases, it's not so overwhelming as looking at the total debt as opposed to breaking it down in to reasonable numbers. I'm doing the same thing. I have a debt total of $232,806.75, but my first goal is to pay off my credit card which has a balance of of $1,286.01 and then my next debt will be my car loan with a balance of $21,831.39. Then I have a personal loan to my parents and my mortgage. I know once I get this first one out of the way, it's going to take awhile until I knock the car loan out, but I may break that down in to milestones as well. Keep checking in and you'll stay on track.

~leanne

deciding to be happy doesn't mean that everything is perfect, but that you had decided to look beyond the imp

Community Leader
Registered: 08-25-2006
Thu, 09-20-2012 - 1:15pm
Oh, got it. Oh, the plight of the working poor!

You will here me talk a lot about my insurance changing things up and I am now drowning in medical bills.

The one good thing is most medical providers don't charge interest and are more concerned with consistency than anything else.

Any way to renegotiate your monthly payment at the hospital?
Serenity
iVillage Member
Registered: 02-11-2006
Tue, 09-18-2012 - 2:47pm
Thanks, Duke! I really need to do this.....step by step until it's gone!
iVillage Member
Registered: 02-11-2006
Tue, 09-18-2012 - 2:47pm
Serenity,
We do not qualify for any sort of help from the hospital because my husband makes too much. We've worked the balance down slowly, it is now "only" $4587.87. They want $200 a month on this account, so even though it is no interest, I wish the payment was lower so we could throw more at the CCs. Oh, we are currently getting two of my son's medicines for zero co-pay each month, so that does help (otherwise we'd be paying about $160/mo just for those two).

Thanks for your reply :smileyhappy:
iVillage Member
Registered: 10-01-2009
Mon, 09-17-2012 - 7:13pm
So happy you are joining us.....

We are all struggling here....step by step

Duke
Community Leader
Registered: 08-25-2006
Mon, 09-17-2012 - 6:14pm
I recognize your name! Good to see you post.

Are you eligible for financial assistance at the hospital? Here there is a foundation that helps people who can't pay their bill.

Just a thought, as they don't always necessarily advertise such things.

I am with you breaking the debt down. You may even want to consider breaking it down more. Hospital and 4 CC at $32,000 is a pretty big chunk. I have to have goals I can see quick results, or I lose interest.

However, you may have a longer attention span than I do. :smileyhappy:

Good luck and keep posting!
Serenity