Starting TODAY-I am getting out of debt!

iVillage Member
Registered: 06-03-2003
Starting TODAY-I am getting out of debt!
5
Tue, 06-03-2003 - 3:19pm
I swear I have been on this board for 6 hrs! What a lifesaver. So many wonderful stories and great advice. Thank goodness I am not alone! I am a newlywed, and just 'married into' a great deal of bad debt! It wasn't a surprise, I knew what I was getting into, but it is still very scary. So far today, I have made a spreadsheet of all of our cc bills, student loans, auto loans, etc. and we owe $37,000+ !!!!! AHHHH!! So very scary. But does feel much better to see it all in writing (with due dates & interest percents). We have quite a few CRAZY high interest cards (i'm taking 29%!!!) that I want to get rid of first (thanks to reading about what I should do on here!). So I just called my sister and spoke with her about a loan. She agreed to loan us the $$ to pay off our 4 super HIGH interest cards at 5% interest for 2 years! We win & she wins.

I love the whole snow flake idea too! I told my new hubby about it right away. We spend crazy money on eating out and drinking with friends. I can only imagine how much we could save if we just cut back a little bit!

Thank God for this board! Maybe one day I will be able to buy a house & a new car & have kids!

Sincerely,

Gretta

iVillage Member
Registered: 03-28-2003
Tue, 06-03-2003 - 3:37pm
Hello, Gretta. So glad you posted. You have a plan, excitement, and a positive attitude. You couldn't have a better start. With a little discipline to stay with your plan you'll do great. And what a great sister. Stopping that 29% interest is a huge step in the right direction. Post often and report back with your progress.

jb

iVillage Member
Registered: 06-03-2003
Tue, 06-03-2003 - 4:06pm
Thanks jb,

Hope i'm this positive in 2 weeks when I am flat broke & creditors are harassing me!! LOL

I only get paid once a month which is HORRIBLE for someone who can't budget and likes to shop!

I hope I am doing the right thing by paying off the 4 smaller but highest interest cards. It sure is temptimg to just pay off the biggest card. But 30% interest! I cannot believe i never noticed I was paying that before now! (I actually probably wouldn't have cared.)

But I just feel the need to start this new part of my life with a clean slate. Hopefully I will have a better chance of buying a house! Anybody with previously bad bad credit ever try to buy a house? How long do you have a have 'improved' credit?

Thanks again!

Gretta

Avatar for zaboz
iVillage Member
Registered: 03-26-2003
Tue, 06-03-2003 - 4:55pm
Hi Gretta,

We had pretty bad credit and we bought a house. I had four or five accounts

in collections, although I never had a judgment or anything.

It's really tough to say how long it might take but you're definitely moving in the right direction. Concentrate on the small steps and you'll get there!

iVillage Member
Registered: 03-31-2003
Tue, 06-03-2003 - 5:40pm
Hi Gretta,

I had *terrible* credit in my early 20s, but had no problem buying a home in my late 20s with DH. Most everything 'horrible' was off my record by then.

Hope this helps,

Brittany




Avatar for mymartes
iVillage Member
Registered: 03-26-2003
Wed, 06-04-2003 - 5:33pm
welcome, gretta,

i'm glad to hear that you are taking control of your debt. i helps alot to see it in writing.

hope to read more of your postings.

mym