I have been feeling like this too lately. Partly it is because of the weather, but partly because it is hard to imagine getting out from underneath the big blanket we call debt.
You are young. You have time to recover from this and reach all your dreams.
I know it can be depressing, just look a little farther ahead.
Do you have a plan to get out of the debt? How is your budget? Having a plan will give you peace of mind.
There is lots of potential for earning from your post. Does your DH need to go see a professional to make sure he is on the right medication and have someone to talk to?
Take care of yourselves first, then think about a family.
No we have no plan. We have tried working on a budget but it usually has gone right out the window. We are getting ready to sit down and figure up another one and really stick to it this time. In the past we have been planning to snowball the debt. Others on the board have mentioned this method in the past on the board. We have started this kind of. I am out and about a lot with my job so I recieve mileage checks each month-about $50-$100 depending on how busy the month was for me. We have been using the money I get from that to pay on one of the cc that had a high monthly payment with a low balance. We have done this the past 3 months. The balance was $600 with a payment of $26 and it's now $402 with a payment of $18. Now the cc's that's another story...we have tried getting interest rates and payments reduced to no avail. I might be getting a company vehicle here soon so the mileage checks would go away at that point.
My husband is on medication right now and has been consistently seeing the Dr.-figuring out a good fit with a medication and therapy. His dad has OCD and my husband has a touch of it and has battled with some depression due to it.
I know there is potential for us to make money if my husband can find a job in his field but the job market is horrible right now and we need for things to get better asap. It just sucks!
You are NOT alone in all of this. Take a deep breath and collect your thoughts. You sound afraid, and rightly so, we ALL have been where you are emotionally right now.
My husband also suffers from depression and takes medication for it and it has to be adjusted to help him out. He has a job and continues to make it work for us. People who suffer from depression need a lot of understanding and support. I know just where you are coming from, living with someone who suffers with this. It can be very SCARY, I know!
We too have student loans that are coming due and have been working very hard to get other debt out of the way to pay our student loans. We owe over $100,000 and my husband seems to get more scared and worried about paying it back then myself. I decided to look at all of the debt head on and be more pro-active with the debt. I have decided to tackle the student loan debt in short increments. We will tackle it 10,000 at a time.
Try looking at chunks of debt a little at a time. I have been tackling 1 debt at a time as Dave Ramsey has suggested and it has truly helped. If you haven't heard of him you can type in Dave Ramsey on your computer and you should be able to find some information about him.
Don't give up hope, hope is all we have. You can get it together, together like so many have done and are doing already. Get on a budget and stick to it, DON'T deviate from it. Be together on how to work the budget, sign a contract that the two of you will be accountable to. Others have suggested getting other odd jobs to supplement your current income, do it!
{{{{{{Megpie2182}}}}} YOU ARE NOT ALONE! Coming to this forum has helped me so much as well as reading and listening to others who have broken out of the slavery of debt. I know what is going on in our economy but, I refuse to let it get to me. Get around others that are trying to do the same things you and your husband are doing to get out of debt.
I HOPE my words help some in your situation. BTW-my husband and I are in our forties and you are very young, so anything can happen. Make it happen in the right direction, you can do it!
For people who have tons of student debt, there *is* some good news:
It's called Income-Based Repayment (IBR), a new payment option for federal student loans, and it's designed to help borrowers with high debt relative to their incomes. The application for this program will be available on July 1st. IBR can help keep monthly payments affordable with caps based on your income and your family size.
There's also a new program called Public Service Loan Forgiveness, designed for people who work in nonprofit, government, or other "public service" jobs. Public Service Loan Forgiveness will forgive remaining federal student loan debt after 1o years of qualifying payments.
For more information on Income-Based Repayment and Public Service Debt Forgiveness, check out IBRinfo.org, a site from the private, nonprofit Project on Student Debt.
Thank you for this information! That is quite helpful! I will look into this-I actually work for the government so hopefully I will qualify for some forgiveness :)
I have been feeling like this too lately. Partly it is because of the weather, but partly because it is hard to imagine getting out from underneath the big blanket we call debt.
You are young. You have time to recover from this and reach all your dreams.
I know it can be depressing, just look a little farther ahead.
Do you have a plan to get out of the debt? How is your budget? Having a plan will give you peace of mind.
There is lots of potential for earning from your post. Does your DH need to go see a professional to make sure he is on the right medication and have someone to talk to?
Take care of yourselves first, then think about a family.
Good luck.
No we have no plan. We have tried working on a budget but it usually has gone right out the window. We are getting ready to sit down and figure up another one and really stick to it this time. In the past we have been planning to snowball the debt. Others on the board have mentioned this method in the past on the board. We have started this kind of. I am out and about a lot with my job so I recieve mileage checks each month-about $50-$100 depending on how busy the month was for me. We have been using the money I get from that to pay on one of the cc that had a high monthly payment with a low balance. We have done this the past 3 months. The balance was $600 with a payment of $26 and it's now $402 with a payment of $18. Now the cc's that's another story...we have tried getting interest rates and payments reduced to no avail. I might be getting a company vehicle here soon so the mileage checks would go away at that point.
My husband is on medication right now and has been consistently seeing the Dr.-figuring out a good fit with a medication and therapy. His dad has OCD and my husband has a touch of it and has battled with some depression due to it.
I know there is potential for us to make money if my husband can find a job in his field but the job market is horrible right now and we need for things to get better asap. It just sucks!
Don't feel hopeless because you can pay off the bills and live a good life because you are young enough to do it.
I am an old lady I don't have a lot of time to do things anymore.
I tried to post before but am having computer issues today.
The issue seems more about income than outgo.
You are NOT alone in all of this. Take a deep breath and collect your thoughts. You sound afraid, and rightly so, we ALL have been where you are emotionally right now.
My husband also suffers from depression and takes medication for it and it has to be adjusted to help him out. He has a job and continues to make it work for us. People who suffer from depression need a lot of understanding and support. I know just where you are coming from, living with someone who suffers with this. It can be very SCARY, I know!
We too have student loans that are coming due and have been working very hard to get other debt out of the way to pay our student loans. We owe over $100,000 and my husband seems to get more scared and worried about paying it back then myself. I decided to look at all of the debt head on and be more pro-active with the debt. I have decided to tackle the student loan debt in short increments. We will tackle it 10,000 at a time.
Try looking at chunks of debt a little at a time. I have been tackling 1 debt at a time as Dave Ramsey has suggested and it has truly helped. If you haven't heard of him you can type in Dave Ramsey on your computer and you should be able to find some information about him.
Don't give up hope, hope is all we have. You can get it together, together like so many have done and are doing already. Get on a budget and stick to it, DON'T deviate from it. Be together on how to work the budget, sign a contract that the two of you will be accountable to. Others have suggested getting other odd jobs to supplement your current income, do it!
{{{{{{Megpie2182}}}}} YOU ARE NOT ALONE! Coming to this forum has helped me so much as well as reading and listening to others who have broken out of the slavery of debt. I know what is going on in our economy but, I refuse to let it get to me. Get around others that are trying to do the same things you and your husband are doing to get out of debt.
I HOPE my words help some in your situation. BTW-my husband and I are in our forties and you are very young, so anything can happen. Make it happen in the right direction, you can do it!
~~Maggie~~
"The borrower is SLAVE to the lender!"
It's called Income-Based Repayment (IBR), a new payment option for federal student loans, and it's designed to help borrowers with high debt relative to their incomes. The application for this program will be available on July 1st. IBR can help keep monthly payments affordable with caps based on your income and your family size.
There's also a new program called Public Service Loan Forgiveness, designed for people who work in nonprofit, government, or other "public service" jobs. Public Service Loan Forgiveness will forgive remaining federal student loan debt after 1o years of qualifying payments.
For more information on Income-Based Repayment and Public Service Debt Forgiveness, check out IBRinfo.org, a site from the private, nonprofit Project on Student Debt.