Pay c/c debt before living expenses?HOW.

iVillage Member
Registered: 10-19-1998
Pay c/c debt before living expenses?HOW.
3
Mon, 04-14-2003 - 1:07pm
The first thing I pay is the mortgage,then the utilities,health..auto..life..house insurances..phone.Then groceries...gas for cars for the week..and then there is barely a month that goes by that something doesnt come up, like car repairs...medical, co-pays,

repairs needed to the house like a gutter falling down...always something!Someone said they always pay their c/c's first...how is that possible...especially when DH is self employed, there is no steady paycheck weekly to depend on a certain amount comming in, it comes in after he completes a job, and after he finishes paying out for whatever materials he may need for that job...IF they pay him on time....almost my entire paycheck is gone before I even see it, on bills...When we do have a little extra, I buy groceries on sale, and fill up the freezer, for those times when we sare dead broke, at least theres food...I have a $20.00 parking ticket sitting here in front of me that need to be paid pronto before it doubles that my DS so wonderfully got while parked at an expired meter at an exam the other day!He doesnt have the for it,and if I dont pay, it will be m registration that wont be renewed because of it eventually, and I cant have that..Another c/c co. just said their gonna put a judgement on my house...well..guess Ill just never sell it..I really feel like I just cant even think about this anymore..not for today anyway...I can breathe a bit easier now that I went this morning and paid my gas bill...I asked them to put me on balanced billing, and they said I have to finish paying what I owe first...that will take a couple more months, since the new bill came in before I got to go down there to make payment arrangements, so the new bill got added on too and its not even due till the first of next month...sigh....Thank God hams are on sale for only .59 per lb. this week, otherwise we would be eating chicken from the freezer for Easter...SIGH........Char
Avatar for lovmy2kids
iVillage Member
Registered: 03-26-2003
Mon, 04-14-2003 - 2:16pm
First of all here is a big ((hug)) for you. I know this has to be so stressful on you. You need not carry this burden on your own. You must share it with your husband. It may be the hardest thing you have ever done in your life, but you need to do it. You are so scared he is going to find out that you are doubling your worry over the same bills. He will hopefully lend you support and help you figure a way out. If he's not the suportive type then at least you got it off your shoulders and it's not going to make the debt anyworse. I absolutely hate confrontation with anyone. I always had to make small goals for myself, today I'm going to contact so and so... this week I'm going to do this.. Just to get to the point of dealing with my creditors. It has helped although they still call at least I can answer the phone. Make a spending plan (I hate the word budget) that's livable. Figuring in so much for your creditors and what dates their going to get their money. Stick to it, call and tell them how much your going to send(it will be different then how much they want)and when. Just repeat the information when they call. Just try your hardest to send at least slightly more than interest and any late / over limit fee's. This way at least your making a dent on your cards. I do not pay my credit cards first, I pay everything at the same time. On payday. I list how much we bring in and then all my debts plus gas, groceries, and savings. Anything left over is spending -sometimes there may be nothing left over. I then work and rework the numbers until I'm giving everyone a portion. I know budgeting is probably difficult with your dh being self employed you may find help on the budgeting plans and tips board.

Remember this week talk to your husband. (and while your at it find some chores around the house for your ds to repay you for that parking ticket)

Hugs-Darcy

 

iVillage Member
Registered: 03-20-2003
Mon, 04-14-2003 - 5:55pm
I have a chart with my minimums due on each credit card and for the last three years I have paid at least the minimum due before the due date, religiously. If you don't do this then the interest rate increases, you are socked with late fees and you will pay much,much more before it is all said and done. If we only have enough money for the necessities than we should NOT be using credit cards at all because we do not have the income to pay them back.

cl-12by10

iVillage Member
Registered: 04-01-2003
Tue, 04-15-2003 - 8:38am
Hi sweetie -

I am so sorry, what a lot of stress. You've gotten some good advice so far and I only have one thing to add.

The thing about "paying credit cards first" doesn't make much sense to me. In my budget hierarchy, the things that come first are the things that can be taken away that my family needs to function - the mortgage, utilities, car payments. Those need to be paid, and ON TIME, or they can repossess your car or your house or shut off your utilities. While credit card minimums need to be paid on time too (or you'll just end up more in debt from late fees), they cannot take anything from you - so I think that you putting your mortgage, etc., first is a good thing.

The fact that it seems like you have enough money (even if only barely) to cover the basics is a good thing. When you sit down and do your spending plan and see if there are places you can economize (cable tv, cell phones, phone 'extras' like call waiting, magazine subscriptions are all good places to start - they suck money and don't add much value to your life), you can put the money you trim on your debt. You've taken an important first step.