LOOOOOOOONG Time Lurker

iVillage Member
Registered: 04-05-2004
LOOOOOOOONG Time Lurker
5
Wed, 10-27-2004 - 9:22pm
Yes, I am finally introducing myself. My name is Dana, and I will be 33 on Saturday (don't like saying that number). I am a transplanted Yankee living outside of Atlanta. I have been teaching for 10 years. I will admit that I have faithfully read this

board for the last 2 1/2 years. This board has honestly changed my whole life. When I first came here I was very seriously pushing the $20,000 mark on the credit cards. Before reading this board, I did not think there was anything wrong with this. I paid my bills on time and had great credit. After reading this board, I realized that I was a slave to my credit cards. I was getting nowhere!!! Well to make a long story short, I have cut my debt to about $8000. Still not a number to be proud of but considering where I was I have come a long way!!!

The reason why I am posting now is because I have taken the big plunge into home ownership!!! I signed the contract on Sunday and go speak to the mortgage broker Friday. I am really nervous!!! The payment is only going to be about $150 more than rent right now, but I still feel guiltly because I feel I should still focus on getting rid of this debt. But on the other hand, the neighborhood that I live in is really awful. People have been held up at gunpoint and a year ago someone was murdered in the parking lot. Do I need to go on about how much I hate it here? I guess I want moral support and people to let me know that they bought their house with credit card debt. I do have savings and I am NOT using credit cards to buy any furniture or anything. Thanks for reading this novel, and everyone that posts here has really inspired me!!
Avatar for mymartes
iVillage Member
Registered: 03-26-2003
Thu, 10-28-2004 - 12:15am
Welcome to the board. It sounds like you have been doing a good job in paying off your debt.

Beginning of the year, we had debt for the total of $60K. $40k being credit card debt (unsecure debt). We now owe $19K in credit card. We recently signed two contracts. One contract purchasing land and another contract to build a new home. We have excellent credit. I am a sahm of twins (boy and girl).

I'll cut this short. I guess what i am trying to tell you that owning your home with debt is ok. Make sure you build an emergency fund and continue paying off your unsecured debt. Do not add more to it.

I would like to suggest that you go to your local library and sign out a book from Mary Hunt titled "Debt-Proof Living". This book as helped me alot. Also posting on this board as been a great help and inspiration. We have a great group of people here.

Good luck.

MYM

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Thu, 10-28-2004 - 1:59am

Well - if you know my story, DH and I bought this home last year with about $75,000 in cc debt (down from 83K a few short months prior to that time).

All my best,
Danni

iVillage Member
Registered: 02-19-2004
Thu, 10-28-2004 - 10:40am
Congratulations on finding a home. All you're doing is investing at planning for your future at the same time you pay off your debts. You might need a slightly larger emergency fund with owning a home, because maintenance/repairs can be expensive, and you might have other expenses like insurance, sewer, water, etc. But overall owning a home, especially when the mortgage payment is not much more than rent, is a smart financial move.

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Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Thu, 10-28-2004 - 11:48am

Welcome to coming out of Lurkdom!

iVillage Member
Registered: 09-21-2004
Thu, 10-28-2004 - 5:15pm
Congratulations on buying a house. Sounds like you are on the road to no more cc debt which is huge. I would try to save something everymonth. (I should practice what I preach lol) No seriously I am just not what I want. ;) Good luck!