Please tell me this will work

Avatar for colomom99
iVillage Member
Registered: 03-28-2003
Please tell me this will work
4
Tue, 10-26-2004 - 6:24pm
I lurk this board sometimes and have posted in the past but I could sure use a pep talk because this feels like it will never work.

We have about 26,000 in cc debt -- mostly from moving money around to pay for house addition finished earlier this year. We also have one car paid for and one car (my much hated minivan) with a car loan of just under $10,000. We have a huge second mortgage on the house (interest only) for the addition and about $2,000 in a personal line of credit. Lots of other money goes to daycare/and after school program. We are not in real dire straits but definitely outside my comfort zone. I have mostly given up credit cards but it seems like something always comes up, like a trip last week to help my father into an assisted living facility. And, of course, Christmas and two kid birthdays are looming.

I did the Quicken program and it seemed great about getting rid of the little stuff. Two months or so and I can wipe out a bunch. But then there are two really big balances, one 8K and one 13K, and I feel it will take FOREVER. I know I shouldn't be whining. This is my fault. I watch home improvement programs and want our house to be perfect and would love a new car, etc. etc.

I sometimes think about selling our house which is now worth a lot and buying something cheaper to take the pressure off. What I want most in life is to adopt a child (I have three bio) but I know better than to even bring it up to my husband when he could say we can't afford it and he'd be right. Sorry, just venting a little. OK. A lot.

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Wed, 10-27-2004 - 12:51am

Hi there and thanks so much for posting.

All my best,
Danni

iVillage Member
Registered: 05-06-2004
Wed, 10-27-2004 - 11:26am
Your big cc balances could take 3-5 yrs. to pay off. You can't do everything in a day, if you can, let me know how, I am impatient myself. As for the adopting, could you possibly foster first? Sometimes you end up adopting the foster child. Sounds like you have alot of love to give. Think positive and things will get better. Downsizing the house/payment sounds good, but would you regret it? donna
iVillage Member
Registered: 03-16-1999
Wed, 11-03-2004 - 8:13pm
How are property values in your area. What has happened where I am is that all of a sudden our skyrocketed. Our home is worth much more than we paid or owe but to sell it and buy another one would mean that we will pay a bunch more money for a smaller house. The answer for us is to stay where we are, keep working on the house and enjoy the cushion that the equity provides (should we ever need it).
Avatar for colomom99
iVillage Member
Registered: 03-28-2003
Thu, 11-04-2004 - 9:53am
Good point about the equity. Someone else posted that I might not be happier in another house and there is a lot of truth in what you both say. Yes, the house prices in Denver are unbelievable, esp. in the central part of the city where everyone wants to be. We bought our house strictly for the location, knowing it was too small and then put an addition on it. Unfortunately, the construction costs were much higher than we had anticipated and even after we were "done" we still aren't done if you know what I mean. I have kind of backed off the idea of finding something else for now since a house on our block just went on the market for an obscene amount. It is nicer than our house but smaller.

I guess it was a good exercise for me, to look for an "easy" way out and then realize when really looking at the big picture that quick fixes can sometimes cost more or not be smart in the long run. Unfortunately I think I have to just keep plugging away on my debt and be a grown-up.

Jenny