Newbie needed serious help (M)

Avatar for kerricollier
iVillage Member
Registered: 03-20-2003
Newbie needed serious help (M)
4
Tue, 04-15-2003 - 11:07am
I am sitting here crying my eyes out. I don't know what to do. I figured ut our bills each month and how much we bring in and we are over $1000 short. I was doing bills and we need $700 by tomorrow for our house and health ins. I don't know where that is coming from. We have sooooo much credit card debt, but I pay the min on time, so credit counselors probably can't help much. Any ideas on what we can do? I can only think of declairing bancrupcy and I do not want to do that when our credit is pretty decent.

Thank you!!

Kerri


 

iVillage Member
Registered: 04-01-2003
Tue, 04-15-2003 - 12:39pm
Hi Kerri -

Ouch - this is a tough spot, and one I've been in. The good thing, as my husband tells me, is that you've been honest with yourself and recognize the spot you're in. If you go through other posts, you'll find lots of books recommended - I'd check some of them out of your local library and start reading.

When income and outflow aren't the same, there are only two choices - cut the bills or bring in more money. Wants are not needs. You're going to have to make some tough decisions. Start with what you can cut - cable tv, cellphones, magazines, meals out, gym memberships, voicemail/call waiting are all nice when you have the money for them, but a roof over your head and food in the fridge is more important. Nothing is sacred. Take a look at your vehicles. Could you get by with one? Are you driving more car than you need - is it possible to sell it and buy something more economical? Can you move to a cheaper house/apartment? Look for ways you can bring more in - part time job, babysitting, ebay, a yard sale. It isn't forever, just until what's coming in and what's going out are in balance.

Read, plan, and keep posting - this board has a lot of support to offer.

Avatar for mrslove2000
iVillage Member
Registered: 03-26-2003
Tue, 04-15-2003 - 3:44pm
Hi Kerri- I agree, the first step is being honest with yourself and distinguishing your needs vs wants. Right now, you are in a tough spot. With that kind of deficit, is there any way you can borrow from a family member or friend? Have you tried to seek assistance from community organizations to help with necessities (ie electric bill, phone, rent?) sometimes churches can offer one time assistance or know of other organizations. Temporarily increasing your income can also help. A part-time job, newspaper distribution etc. There will be a way for you to get out of your situation. Take a deep breath and be creative. I will say a blessing for you.

Susan

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iVillage Member
Registered: 04-08-2008
Tue, 04-15-2003 - 7:46pm
I have to say... I know how you feel; I've been there.

Is the "$1000 short" just this month or every month? Do you own your home? If yes, could you take out a home equity loan to pay off some debt? Your credit is good now, but if you wait too long, it might not be later.

I have to agree that the credit counselors won't help much; I've been there too. They really don't help lower your monthly payments; they just help pay it off. But, it couldn't hurt to try.

Sometimes getting/finding a part-time job is just not as easy as it sounds to some. I have 3 children and a husband who works nights and weekends. I'd have to pay for a sitter while I worked a second job (not practical). So, I know that that isn't always an easy way to get additional income. But, I do like eBay. I have earned some extra cash there, approx. $100/mo.

Some credit card companies may work with you, but most won't until you are at least 3 months behind, and other just won't work with you.

No one wants to think of BK as an option, but sometimes there is no other way to go. You might want to visit the Bankruptcy Board. Try everything you can first, and then if nothing else, call an attorney to talk about your options.

Also, keep visiting the iVillage Boards, I have found them to be great support.

((Hugs))

iVillage Member
Registered: 04-05-2003
Tue, 04-15-2003 - 9:32pm
hi

credit counseling may be an option after all. i pay most of my cc minimum on time. but when you consider credit counseling make sure it is recommoned by the bbb if it is it'll have an icon on the bbb site to the left of the company name. i just started credit counceling for one cc. Sears wou;dn't work with us and we are behind and this was only other option becuse can't afford $540 per month. our payment is getting dropped for $540 to $112. Which is much better. bk isn't an option/

i know having kids and bad job market may make it harder to earn $$$$. so i won't go there/ i'm still unemployed. err/ other than cut expenses.