Up To Our Eyeballs In Debt

iVillage Member
Registered: 11-30-2008
Up To Our Eyeballs In Debt
5
Sun, 11-30-2008 - 11:17pm

Here I am 43 years old and I am embarrassed to admit it but, I'm clueless regarding finances! What makes it worse is the fact that we have two teenage sons and now college savings for them.

Listed below are the debts that I consider mine. My wife is financing a car for $15k and over $4k in debt of her own. But, we have agreed that I will concentrate on my cards and she on her cards and car.

Here is a breakdown of my debt tally below:

$6,899.00 American Express 10.49%
$958.36 Target 24.80%
$278.11 MasterCard 16.6%
$96.00 VISA 9.90%
$280.00 Medical Bill
$2,420.13 City Property Taxes (2008 Summer Taxes)
$692.87 City Property Taxes (2008 Winter Taxes)
$574.03 City Water
=========
$12,198.50 SUBTOTAL

$121,231.32 Mortgage

$133,429.82 TOTAL DEBT

The worst thing about this is that we only have $29k in retirement savings.

Any advice would be greatly appreciated!

http://over40overweightindebt.blogspot.com/

iVillage Member
Registered: 11-17-2007
Mon, 12-01-2008 - 3:41am

hi welcome Hope you stay around with all us woman.


One thing none of us put up our mortgages amount much to scary when you are starting out. Makes your numbers look to big.


I have some questions.


1. What do you make a month. bring home.


2. Who takes care of the food, gas and lights, cell phone land line You know all the things it takes to live a month.


I hope your water bill a month is not over 500.00 for a month or two. Mine is bad enough it

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Mon, 12-01-2008 - 9:08am

Hello Brian and welcome to the DSG.

All my best,
Danni

iVillage Member
Registered: 11-14-2008
Mon, 12-01-2008 - 4:20pm

Welcome Brian.

It sounds like you need a budget. Have you sat down with your wife and listed everything that is coming in and going out in a month? That might be a good start. I have my budget on a spreadsheet with lines for electric, mortgage, taxes, food etc. Then you add it all up and hope it is less than your income. Take the money left over and start paying off the credit cards and bills. And of course stop charging. And if you are not eating meat, your food bill should go down a bit. I know I could never do that so good for you!

Make sure you are making the minimum payments on all your bills. I would get rid of the small visa bill first for momentum if you have extra at the end of the month then tackle the card with the most interest. Call the city and find out how much they are charging you for late fees. Pay whoever is penalizing you the most.

Good luck on your diet as well.



iVillage Member
Registered: 10-01-2008
Mon, 12-01-2008 - 4:58pm

Hi & Welcome:

Norma


"Patience is the best remedy for every trouble"- Plautus


iVillage Member
Registered: 03-17-2003
Mon, 12-01-2008 - 6:32pm
Welcome brianj2008.