Help with Credit Card Debt!! $40,000

iVillage Member
Registered: 05-03-2009
Help with Credit Card Debt!! $40,000
6
Sun, 05-03-2009 - 2:12pm

Hi all,


I really don't know what to do. it seams like our credit card debts will never get paid off.


*$40,000 avg interest is 17% (11# credit cards or credit lines.#all cut up or closed

iVillage Member
Registered: 11-17-2007
Sun, 05-03-2009 - 8:04pm

I don't know what help I can be to you. If you want to get out of debt and do it your self then it is hard road that you must travel. I started as of

iVillage Member
Registered: 07-02-2008
Mon, 05-04-2009 - 11:16am

Hugs!


You CAN do this - if you set your determination and family to it together.


First off, what is the balance on the card with the 23% interest? Target this card first. Since you have 11 cards - I would work on getting rid of the one w/the huge interest and then the ones with the "smaller" balances. That way you are working with less minimums and can tackle the larger balances.


The extra job will make a large dent in your monthly debt. Make sure though that each penny of that monthly income from the 2nd job goes directly towards debt. Once you start

iVillage Member
Registered: 05-03-2009
Mon, 05-04-2009 - 11:56am

Hi,


Thank you so much for your help.


I do wish I could get daughter to pay more. My only justification for her is that she is single Mom with 2 boys.


I agree with the extra income only going to pay off debts.


My husband suggested going to bank and getting person loan for 14% interest and use that money to pay off the 24% furniture cc payment. There is o% chance of using that CC again because it is furniture store in Houston that closed.


and the good part is the loan will be paid off in 2 years.


We have no Internet bill, no home phone bill. Only our Cell phones.


Now my only problem is...I love to shop and I have such a hard time saying no to me. I wanted my Husband to sit with me and work out Budget and just give me an allowance since I am week in this department.


But so far I am still on my own, maybe I need counseling??


any suggestions on how to control my spending? I just buy small stiff like clothes or makeup and household decor.


Debbie

iVillage Member
Registered: 03-17-2003
Mon, 05-04-2009 - 2:14pm
I would suggest counseling to help you get your arms around all these finances and help you build confidence.
iVillage Member
Registered: 07-02-2008
Mon, 05-04-2009 - 2:19pm

Debbie,


I am glad you recognize that you are the one that needs extra support (help) with stopping spending. A lot of people TRY to control spending only to get out of control again b/c they don't go to the stem of the problem.


Nobody can control YOU but you. If you think a counselor will help that - then find one to talk to. If you think your husband will help make you accountable - then sit down and have an honest talk w/him. Figure out what you think you need and make sure you get that first. Otherwise, you will never be able to curb your habits and pay down debt.


Good luck to you

iVillage Member
Registered: 11-17-2007
Wed, 05-06-2009 - 8:03am

If you want to cut your spending limit yourself to how often you shop. Do it like once a month and take cash with you. Believe me that cuts down on a lot of spending.


You never want to get in the check out line with 10 people behind you and you are having the cashier putting stuff back because you don't have the money to pay for it.. So to avoid this you figure up your basket before you get in line and you pay in cash for what you have.


Cut down on my spending.


Mary Ann