Okay, I'm freaking

iVillage Member
Registered: 03-26-2003
Okay, I'm freaking
2
Mon, 03-31-2003 - 9:56am
I have to prepare a budget in effect for my credit counsellor tomorrow and a list of debts. Well, I've been sitting here at work (can't concentrate on much else these days) working on it and I'm freaking how much I actually "need" each month, not counting debt payment. Well, I've included my car payment and interest on my LOC in my budgets, but yikes.

After paying for all the must haves, I have about $800 per month left to pay 5 credit cards totalling $22,298. Most I could deal with except the one card which is over $12,000. Sigh. Banging my head against the wall now. Now this doesn't account for anything like car repairs, unexpected emergencies, savings, etc. That same credit card has been very prompt about calling me every month. I told them I'm going to credit counselling and they panicked a bit on the weekend. They said they have services that could do that. I guess they are afraid they won't get it all back if I go to credit counselling.

I don't think I've been outlandish in my budget either. Some things like utilities and childcare are non-negotiable. And once my child is out of school for the summer the price for that will go up for about 6 weeks. There are certain things I'm not prepared to give up. We need cable and internet. Some people may say you don't, but I NEVER spend money on booze or cigarettes and I'm sure if I spent $100 a month on cigarettes no one would MAKE me quit. I don't go out, occassionally Kristen and I will go and play mini-golf or rent some movies but that's it. I try to do cheap things like swimming which only costs $5.50. $100 each/month goes into a registered education fund for her and a retirement fund for me. I actually cashed in one of my retirement funds last year to cover expenses and will do the same this fall if I have to. Its not a good thing, but I guess its a sort of forced savings. I tried to see areas I could cut back and figured maybe a savings of $35/month. Wooha. I'm sure that just covers something I forgot about.

I am going to have to go to my landlord today and tell them I won't have the rent money for tomorrow. I only have $300 left for this month (keeping some back for food before next payday) and I'll have to pay the rest on the 9th. I'll have to pay a little late for May (7th) and June (4th) until I get back up to speed.

This is why I try to keep my head in the sand. So I don't have to realize how badly off I really am. WAHHHHHH! Okay, done whining now, but still stressed to the max. I'm not even sure what credit counselling will do. If they think I can keep my head above water as is, I will just take their advice. But as most of you know, there is always those little things that crop up and I'm afraid they will keep coming. What about things like birthday parties for my DD? How is that handled? Okay, guess I'll find out tomorrow but I am soooo nervous.

Enough whining for a Monday morning. Thanks for listening.

Tam

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iVillage Member
Registered: 03-31-2003
Mon, 03-31-2003 - 3:19pm
Don't worry. I only had $600 per month to pay $24k of credit card debt, and I was able to do it. I'm down to $10k now, and hopefully an inheritance I'm expecting will pay it all off. If not, I'll keep plugging away (I'm currently only paying $250/month) and as long as I don't incur new debt, it will all get paid off eventually.

All the best,

Lee Ann

Lee Ann

www.werenotafraid.com

iVillage Member
Registered: 03-26-2003
Mon, 03-31-2003 - 11:05am
Hi Tam. Make sure you show that you have enough left from your budget to pay the debts you will be paying through the credit counselors or they won't take you on as a client. My Aunt couldn't go through them because they said she didn't have enough money left over in her budget for the amount she would need to send them. Even if you have to put a lower amount in some parts like clothes, gifts, entertainment etc. Best of luck to you. Robin : )