I need some input.

iVillage Member
Registered: 10-16-2007
I need some input.
16
Fri, 04-10-2009 - 7:57pm
So I recently looked into doing a Debt Management Plan thru CCCS. I got the website from SUze Ormans webpage. So right now my monthly debts are:
Card #1: Balance $6073 Minimum Payment $110. 9.24%
Card #2: Balance $2600 Minimum Payment $65.00 11.99% (going up to 17.9%
Card #3: Balance $2000 Minimum Payment $30.00 0% for one year
Card #4: Balance $1200 Minimum Payment $30.00 21.99%
Card #5: Balance $1072 Minimum Payment $20.00 22.99%
Personal Loan: Balance $6774 Minimum Payment $230 21.99%
And i found out I have a collection on my credit for $400.
SO right now, I only am able to pay the minimums. At that rate I am going to get all of this paid off in 2047! If I do the debt management plan, everything is going to get consolidated, and everything will be paid off in 8 years. I just don't know what to do. I know I can't do this on my own, I have been trying and pinching pennies and cutting costs everywhere. My credit score has already been hurt because of the collection and also because of the fact that I am pretty much maxed out on everything.
I am just so angry at myself for having done this! I am sick over the whole thing and I can't even enjoy life anymore. I should be enjoying my time with my family instead of worrying about all of this debt. I know the debt isn't going to disappear, I just don't know what to do.
Sorry if this is extremely long, I just have to vent somewhere. Thanks for reading.
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iVillage Member
Registered: 11-17-2007
Fri, 04-10-2009 - 10:18pm

Never say that you can't do something on your own. If you put your mind to it you can do it. And I know you are a very smart lady so you can do this and a lot quicker then 8 years. 20,000 for 8 years

iVillage Member
Registered: 01-25-2009
Fri, 04-10-2009 - 11:24pm
Welcome back, Mary Ann! I hope you are feeling better.
iVillage Member
Registered: 11-17-2007
Fri, 04-10-2009 - 11:32pm

thanks Marie


Still got all my fingers but fingers hurt like HELL just wrote the one postings to see if I could but it hurts. So you won't be hearing much from me. Not sure about toes. Long story but not out of the woods on the toes and feet.

iVillage Member
Registered: 01-25-2009
Fri, 04-10-2009 - 11:43pm

Well I am glad you get to be home for Easter. Please do take care of yourself, my thoughts will be with you.

Don't worry about replying; let your fingers rest.

iVillage Member
Registered: 10-16-2007
Sat, 04-11-2009 - 8:17am
Hi Maryann,
Glad to see your back online and on your way to recovery.
If I go with the debt managment plan thru CCCS they will actually lower my interest rates on my cards/loans. I have called all of my cc's and personal loans before I looked into CCCS to see if they would lower the rates and they can't do anything about the rates. I was going to try to do it on my own. I don't expect anymore cc offers in the mail because my credit has tanked so badly due to the collections and the fact that I am over extended. I am able to pay more towards the balance when I can. I guess I am looking for the easy way out with going thru CCCS, but my only other option is to file bankruptcy which I think would be more detrimental to me (in my opionion). ]
I am still looking everything over to make the best decision, and I appreciate your input.
Thanks LIz
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iVillage Member
Registered: 03-21-2009
Sat, 04-11-2009 - 11:00am

Liz, I really feel your pain.

iVillage Member
Registered: 11-17-2007
Sat, 04-11-2009 - 1:16pm

IF you go the CCCS route we did once about 30 years ago for about a year. It didn't hurt our credit

iVillage Member
Registered: 11-14-2008
Sat, 04-11-2009 - 6:27pm
Take a step back and really think about it. Is it possible you really can do this on your own and are just being impatient. Give it a little more time. Mary Anne had some great advice in her post(welcome back Mary Anne!) You need to see the balances go down each month to feel the motivation sink in. Everyone here has a bad day. In the large scheme of things your debt is large but there are others with much larger debts. What about giving it year to see what you think. Make all the payments on time and try for extra. Anyway, just some thoughts. Good luck.


iVillage Member
Registered: 07-02-2008
Mon, 04-13-2009 - 11:37am

lulu,


Can you provide us with some income details? You don't have to get too specific but some of these cards seem achievable. Can you try to really crank out some of the $1,000 or $1200 c/c's? I know its easier said then done but can you cut out a few things to make those smaller bills go away making the bigger bills a little "easier" to tackle.


I hate to see you have to ruin your credit even more with a CCCS program.


(sidebar: I leave for RI on Thursday!!! OMG OMG OMG)

iVillage Member
Registered: 10-16-2007
Mon, 04-13-2009 - 7:43pm
Hi! The weather is supposed to be beautiful this weekend in Rhode Island! Good time to come.
Anyhow, I bring home about $3600/month, husband brings home about $2836/month and then we get $1000/month from my FIL (his house is in my husbands name and we pay the mortgage, it's like rent but no extra income from it).
Mortgage one: $1937 going to $2096 because of new escrow account set up.
Mortgage two: $1129
Car Payment One: $367 (paid off next year)
Car Payment two: $402
Cell is $110/month (two lines) (got it down from $150)
Cable/TV/Internet is $125/month (got it down from $170)
Groceries roughly $450-500 (trying to use more coupons)
Daycare $600/month
Baby costs (formula for one more month, diapers) formula is $40/month (one for my house and SIL's) and diapers are about $20 every two weeks.
Personal Loan is $230/month
Home Insurance: $110/month
Car Insurance: $223/month
and then the CC's from above. This is pretty much it. Before I had my daughter and wasn't paying the daycare costs, I was able to put extra $100 each month onto my cc's, but now, I can't and it's leaving me to just pay the min. and because of my bad financial record keeping I have had to use cc's for purchases.
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