New to the board !

iVillage Member
Registered: 01-30-2005
New to the board !
4
Sun, 01-30-2005 - 11:16am
Hi ~ I am new here and hope that with ideas from the other members I can rid myself of a mixture of emotions that I have from years of debt .
I feel hopeless and scared as to what my future holds right now .
I have so much credit card debt and am now at a point where I cannot even pay the minimum due each month .
The sad thing is that I am older and therefore should not be in this situation , I should know better ...right ?
I welcome any replies , and helpful hints . Thank - you , Pom76.
iVillage Member
Registered: 12-05-2004
In reply to: pom76
Sun, 01-30-2005 - 5:35pm

Welcome! Here are some ideas that might help. You could try calling your credit card companies to ask for lower interest rates. They might say No, but it never hurts to ask :-D

Also, have you cut back on the "extras", like cable TV, getting rid of long distance and using a discount long distance card (BJ's Wholesale Club has one that offers 3cents a minute, but I'm sure places like Costco and Sam's have good deals also). A less expensive internet plan (some dial-up plans are as low as $9.95 now), or maybe getting rid of your internet at home and going to the library to use the internet there for free. Also, the internet is a great source of books and magazines, so if you have subscriptions to magazines, you might be able to find them at the library for free. :-D Same with movie rentals...you might be able to get them at the library for nothing.

Use coupons for groceries, and shop the sale ads also that come in the mail during the week. If you work outside the home, try to bring your lunch rather than buying it each day.

You said you're not able to pay the minimums on your charge cards, but how are you doing with your other bills as far as your home (mortgage/rent?) and electric/heat during these cold winter months? Are you able to pay those bills?

Pat

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
In reply to: pom76
Sun, 01-30-2005 - 9:26pm

Hi there and welcome to the board!

All my best,
Danni

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
In reply to: pom76
Mon, 01-31-2005 - 9:42am

Welcome to the board!

iVillage Member
Registered: 01-31-2005
In reply to: pom76
Mon, 01-31-2005 - 12:30pm

Hello,

Unfortunately, debt is an equal opportunity lender for all ages.
I am a Credit Counselor and an Educational Counselor so I see debt, help people figure out how to handle their debt, review budgets and I can say that I am my worst client.

I just sat down with my husband of 20 years to go over a budget. I have kept him clueless about finances for all these years. He helped by not wanting to know.

We just got back from Isla Mujeres, Mexico where I treated my kids to two weeks there.
Last year, we took them to Florida for two weeks. And then there is the truck my daughter bought but since falling ill and having to have her tonsils out, she got behind
six months.

My husband and I are going to pay off our credit card debt in 11 months. We plan on
slapping $1500 per month until paid. We make a good living but just kept using the
card with the thought 'we can pay off the balance next month'.

For a while, we did pay off the balance each month. But winter comes, heat bills are
higher-most bills are in the winter, on-line shopping. I am weak.

Now that we have a plan implemented, I feel like a huge weight has been lifted. Whatever
you decide to do, do it now. Contact the creditors to see if you can lower the payments
without being charged fees.

Most people don't want to talk to their creditors when times are bad but not paying
or paying less than the minimum will only result in massive fees. Find someone to help with your debt. If that doesn't work, have you thought about filing bankruptcy.

Yes, these are drastic measures but the measures are needed.

There is a solution. Lets figure one out. :)