I need inspiration...anyone pay off

iVillage Member
Registered: 01-25-2009
I need inspiration...anyone pay off
10
Fri, 02-27-2009 - 11:32am

A huge amount of debt in 5 years or less?

Ive introduced myself before. I have close to 100K in cc debt and 20k in personal loans. I am trying the snowball thing. Ive only been at it a month.

Im just scared. I have never missed a payment, but they are getting harder and harder now. I know what I need to do, im just nervous of roadblocks. What if Dh gets laid off, what if I miss a payment? What if something big happens and i need money and i have to use a credit card?

Well, can someone give me a story..any story..of overcoming a huge amount of debt?

Thanks

iVillage Member
Registered: 11-14-2008
Fri, 02-27-2009 - 12:11pm

Others have paid more.......but I can tell you I have paid off 15,000 (out of 30,000) in 10 months. I hope that it is 18,000 in 12 months(1yr). It is doable. You must focus and plan, and plan some more. Yes, there will be road blocks. Do you have the emergency fund? I have found this to be key in my journey. Good luck!



iVillage Member
Registered: 12-29-2008
Fri, 02-27-2009 - 12:16pm

With this level of debt, it is important to know your household income and monthly expenses.

iVillage Member
Registered: 08-04-2008
Fri, 02-27-2009 - 2:57pm

We are here with you.


I started in a house that was too expensive using CC to CC to make ends meet, now I am paying down debt at $2k a month.




iVillage Member
Registered: 11-17-2007
Fri, 02-27-2009 - 5:42pm

I still owe around 14,500 out of around 30,000 starting balance. So I am not paid off I have about a year or so to go.


My debt was caused by a home sale going wrong and having to carry two mortgages for over a year. We bring in around 3000.00 a month so for us 30,000 is about like a person making 100.000.00 a year and being 100,000.00 in debt. For us on our income that 30,000.00 was huge. May sound little to you but not to me It kept me up at night.

iVillage Member
Registered: 01-25-2009
Fri, 02-27-2009 - 9:22pm

Well, I just cancelled my gym membership. I have a recumbnent bike at home and it would make more sense for now if I just actually used it as opposed to paying a gym 60 bucks a month.

I know it will be a slow process. But I am going to be confident that if I stick to it, I can get to where we need to be.

Thanks for the advice on the emergency fund. I will work on that first.

iVillage Member
Registered: 04-12-2007
Fri, 02-27-2009 - 10:54pm

There are others -

iVillage Member
Registered: 06-01-2005
Sat, 02-28-2009 - 9:40am
I need some inspiration as well. I am sitting here crying as I seem to just get deeper and deeper in debt. I feel so alone. I have about 35000 in cc debt, a large mortgage, a 401k in the toilet, and
iVillage Member
Registered: 02-07-2006
Sat, 02-28-2009 - 10:40am

I don't chime in too often, but our debt was up there pretty high.

iVillage Member
Registered: 04-12-2007
Sat, 02-28-2009 - 11:36am

{{{HUGS}}} to you, dear.

iVillage Member
Registered: 04-10-2003
Sat, 02-28-2009 - 3:43pm

As usual, I agree with Robyn. You have to look at the big picture. Compared to most, my CC debt was not huge (about $12000 when I started). You will notice that my ticker only starts from $6000. Thats because it was at $6000 that I decided enough was enough and it was time to get serious. I sat down and looked at what I was willing to do, and what I wasn't willing to do to get out of debt. Finally, I decided to suck it up and rent out rooms in my house to students. Doing this allowed me to start seriously pay down debt and still have a life (I was only 25 at the time and still wanted to spend time with friends etc).


It took a long time to get used to this lifestyle. I still fall off the wagon once in a while, but I get back up again and keep pluggin away. You didn't get into debt overnight and you won't get out of it overnight, but you will grow and learn and become stronger for it.


Come here, vent, ask quesitons, share, laugh, cry. It really does help!


Bex -


"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."


Bex -