Need a reality check

iVillage Member
Registered: 03-29-2006
Need a reality check
3
Tue, 05-23-2006 - 5:54pm

Alright, I have got to get this out of my system and come up with some ideas to become proactive about our situation. I am very depressed right now and feel like we are never going to have a better situation. I feel very much like we have not made any head way since we got into this jam when I lost my job 3.5 years ago. We sold a house and a car and thought that we had done the right thing even moving 800+ miles to be closer to family. This also was supposed to be a cheaper area to, translating to getting back on our feet.

Well, here we are still have tons of student loan debt. Still have credit cards with balances, have never gotten them fully paid off. No house, DH driving a 30 year old car that he miraculously takes care of. We have gotten tax returns, a small settlement from an accident, and several pay raises putting us the equivalent to where we were before. It just seems like we haven't bought anything in ages and we are still up to our eyeballs in debt. rrrgghhh, I want to go to bed and just stay there for a very long time.

I have again given up on budgeting/watching what I spend because it really doesn't seem it matter. I am at the end of my rope which is why I joined the conversation after lurking so long.

Michelle

iVillage Member
Registered: 01-31-2006
Tue, 05-23-2006 - 6:44pm
Hi frisonthego,
I am glad you decided to join us. Life can be so tough. We are also trying to get ahead but for now it's a progress when we can live within our means. I am looking forward to the day we actually have savings and no cc/auto/student loan debt. Well, you are definately not alone. This was comforting to me when I first found this board (it still is).
student.
Avatar for endomagazine
iVillage Member
Registered: 11-09-2004
Tue, 05-23-2006 - 9:29pm

Hello,


I know that debt can be depressing and if you've dug such a large hole for yourself, it *seems* like you'll never get out. However, *giving up* will not make you feel any better. Even though it *seems* like it doesn't make a difference, living within your means (spending less than you bring in) will slowly but surely allow you to pay off your debts and pull yourself out of the hole.


We have all *been there*, done that, and have the T-shirt. =) It's not a fun place to be, but there are positive steps you can take to get out of debt. Driving a 30 year old car is a good move if it's paid off and still works. Just because it's an older car doesn't mean it's not worth having.


Try listing your debts smallest to largest. Total them up and get a reality check on how many minimum payments you currently have. Sell things, work overtime, get a second job, have a garage sale, babysit, do *whatever* is necessary for 5-6 months (this is temporary not permanent!) to save up $1000 in an emergency fund. Stop using the credit cards, create a budget, and send whatever you can to the smallest debt, until you've wiped it out. Work on the next smallest debt, and continue until you have no more credit cards to pay off and cancel. =)


We are here for you and can provide support on those days when it just seems hopeless. It can be done and we are here to help you do it! Don't give up!


Sincerely,
Lindsey Schocke

Geeks on Tap: Mission Accomplished

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Wed, 05-24-2006 - 1:02pm

Michelle -- I know *exactly* what you are going through!