in debt up to my eyeballs!!

iVillage Member
Registered: 04-24-2003
in debt up to my eyeballs!!
9
Thu, 04-24-2003 - 6:32pm
Newby here. I been lurking on this board and the bankruptcy board. My name is Lori and together with my hubby, we have debt (cc and dr. bills) nearing the 30K mark. There I said it. As unbelievable as that is, it's the truth, 30K. Wow. So, after a super rough start this year (we were both out of work), we went to CCCS and after making pymts larger than rent for 52 months, we'll be out of that debt. But, unfortunately, one of our cars is going to be repoed and frankly, I'm out of steam. Take the keys. I know it is credit suicide, but with CCCS on it for five years, what difference does it make? I guess all this babbling is I'M DEPRESSED. This sucks! Now, I'm wondering if bk isn't the answer? So, we might make an appt with atty and see. Is there a light at the end of this tunnel? But, I will make this statement for all to see.... I WILL NOT FINANCE ANYTHING AGAIN!! (except of course, a house, which isn't likely for a long while now). I'm sick of it. Do you know that DH and I sat down and tried to figure out what we own that is worth the 30K of debt and we couldn't say. How sad is that?! Oh, there's the new tv, b/c we only had two already. A family of two needs more tv's. The new DVD player that broke 1 yr after purchase. CRAZY!!

Ok, thanks for letting me ramble. I feel better. thanks for your time and I look forward to becoming a member of this board!!

lori, who swears to never finance again!! :)
iVillage Member
Registered: 04-22-2003
Thu, 04-24-2003 - 7:26pm
you did the first step and admit you had a problem!

1st of all there is a thing called layaway do it at kmart walmart and some appliance stores.

use it.

now i am going to be harsh here!

Cut Up those Credit Cards!

when you do get another one not more than 500 limit on it for emergencys only.

doctor bills been there before and there again.

15000 when we moved here on my son paid off in three yrs.

now 10,000 for my ankle

Now take a deep breath

ok

your income minus out what you need for your rent and utilities each month,

and set up a repayment plan on the car.

don't forget to set aside the money for the repayment of your bills.

good luck!

iVillage Member
Registered: 04-24-2003
Thu, 04-24-2003 - 8:03pm
credit cards: long gone baby!! TH and I had a cutting party. Very touching. :) Seriously, we decided we cannot handle credit cards. WE do have a debit and I love it. WE haven't abused it (no overdraft protection) and had it now for couple of years.

TH is depressed over the car more so then me. I tell him the quote I keep seeing over and over in the board "I am not my DEBT". I really like that. Worse losses at sea. The finance co will sell it, we'll owe what's left.

Thanks for your response!!

iVillage Member
Registered: 03-27-2003
Thu, 04-24-2003 - 9:57pm
Okay, first of all, 30k is not uncommon. Ours, at its peak, was nearly that (it's just under 23k now), and my husband was only making 28k a year (I'm a sahm--when I'm not working nights to pay off debt, which I'm not any more! Hurray!).

Yes, bk is worse than where you are. For one thing, these things will go off your record after 7 years. Bk takes 10. Furthermore, bk looks A LOT worse on your record. A lot. Also, paying off your debt instead of having it all just go away is an important psychological exercise to ensure you don't do it again! I know you think you won't ever, but it's too easy to do. This is our second time crawling out of debt. We intend it to be the last, and we have learned a lot, and I really do believe it *will* be our last. But it's human nature to make mistakes more often when they are less painful.

I know you feel depressed, but you will feel a lot better once you've got a plan and are on your way. For starters, track your spending. Also, I just finished reading Mary Hunt's "Debt-Proof Living", and found it really encouraging and helpful. I think of myself as pretty savvy about finances, but she still had some really useful suggestions, and she's both tough and understanding at the same time.

It's painful, but sit down and crunch all those numbers. Get a second job if you have to temporarily. You *can* make it out, it just takes time and effort. And you'll feel better for it.

Blessings,

Heather

iVillage Member
Registered: 03-29-2003
Thu, 04-24-2003 - 10:07pm
Keep your chin up! I started a debt repayment plan with CCCS about 2.5 years ago. At that time, I didn't expect to be out of debt sooner than 2005. Since that time, I have applied every cent of "extra money" that came into my life to my debt. I used tax refunds, travel reimbursements, rebate checks, refunds from utility deposits when I moved, etc. and put it all toward my repayment plan.

While I definately had some major ups and downs, I am now only one payment away from being debt free. I cut almost two years off my repayment plan buy being determined and dedicated to paying off this debt as soon a possible. I think one of the biggest successes I had was realizing that even when I had a "failure" that it was never unfixable. I chose to learn from my setbacks and change from them.

I don't want this to sound like I am talking all about me, me, me but I did want you to not get too down about that five year repayment plan. I just wanted you to know, that it can be done and can be done quicker than planned with a little creativity and dedication.

Good Luck!

iVillage Member
Registered: 08-14-2002
Fri, 04-25-2003 - 12:04am
I'd think very long and very hard before taking that step to bankruptcy. Ask lots of questions about the repercussions on your credit report.

My BIL filed for BK one year ago for $5,000 total debt, against everyone's advice. Only $5,000! (His income is about $30,000/yr.) He moved out of his apartment (didn't like the roommate) into another which he sub-let from the previous tenant. The landlord did not renew the lease, so out he goes again - this time to a friend's house, while he looks for a new apartment. He was in a motel for a couple of weeks - now living with a relative.

Bottom line: He cannot get a lease because of the bankruptcy.

Just be careful - check the laws in your state before you take that step. Best of luck to ya.

Msfit

                  &nbs

iVillage Member
Registered: 03-31-2003
Fri, 04-25-2003 - 9:46am
Hi Lori,

I too, had what I considered enormous debt, $24K for just myself alone. I ignored it since my divorce in 1995. That was last millenium! This past July 4 I read Jerrold Mundis' "How to get out of debt, stay out of debt, and live prosperously". I did great July-September, not so good September-October, great November-February of this year, then March wasn't good, and this past month I've spent all my savings and gone totally off-budget. So now I'm reading the book again.

Hang in there, you can do it!

Lee Ann

(down to $9k of credit card debt, plus a fairly new $4k hospital bill)

Lee Ann

www.werenotafraid.com

iVillage Member
Registered: 04-22-2003
Fri, 04-25-2003 - 2:46pm
No problem! hope it all works out for you

iVillage Member
Registered: 04-22-2003
Sat, 04-26-2003 - 8:04am
buy a used car when you get this all settled.

for around 500- 1000 cash no credit.

iVillage Member
Registered: 04-24-2003
Tue, 04-29-2003 - 5:09pm
Thanks, I'll check that book out at the local library. We are finally starting down the path of recovery. I'm doing my best to lower our costs of living. Now, I HAVE got to start saving. My goal for the month of May: start saving!!