What was your panic number?
Does or did everyone have a number their debt got to when they decided to do something about it? I mean some people are ok with 2-5 grand in credit card or other debt where others would freak out? What made you make the move? Explain please.
Pages
I guess mine would be $10,000.00. At that point I couldn't kid myself anymore and I knew it was a problem.
Bex -
As far as credit cards go, mine is about $2500.
I guess I was in denial with my debt and it spiraled to $28,000 in credit card debt.
I was to the point where I could afford my payments (minimums at least) but I was going to and fro juggling which bill to pay with which paycheck and was just getting by.
I now stand 13 months later at having only $1,600 in c/c debt and $4,100 in savings.
This was a number of years ago, but I still had houses in 2 cities, one paying rent and the other paying mobile home loan and lot rent. Two sets of utilities and it was not a dollar amount but rather I hit a month when I wrote my rent check using a credit card check!
I didn't really have a number.
One, is was the reaction of my husband when he realized just how much in debt I am. We married in 2006 and I was worried about my cc debt and student loans and a car loan. I make way less than he does and he carries no debt. Super embarrassing to be 53 and up to eyeballs in debt. Then, the day the Citibank was in news to receive a bailout I got a letter stating interest rates went up. And Direct Card raised interest too. So even though I paid more than the minimum the min. payment stayed same and debt barely budged.
Citibank had this program where if I did not charge any more and made more than min. payment on card balance they would match the amount over after 6 months of this. So what do I get? A mere $16 credit. After making way more than that over min.
Bogus. Now I need over 1,000 in dental work and charging is not an option and DH paying for it is unlikely as he is a commission only sales rep and the industry is way down...
I realized even though as part of the Divorce a few years ago I sold our house and used the small equity to pay off the marriage CC debt (20+K) that I still had to pay the divorce lawyer and so supporting the kids and myself with no income from deadbeat yet (and still waiting) I had no choice to dip in to the cards for groceries, daycare and other necessities from time to time.
The balance went past 5k and I started worrying....at 18k I was freaking--scraping to just pay minimum and % rates shot up in that sick game CC companies play fudging dates in their favor and putting the onus on you to prove they're lying. (when caught, they will say "clerical oversight/error" -- BS!) On payday I basically took a black ski mask and went to the PC to dump all my check online to the CCs and ended up with like 100 bucks for 2 weeks.
I'm feeling like I'm finally picking up momentum here..like I'm moving up on the Ironman Competition...The first leg paying the cards off, the 2nd saving 1000k for emergency fund, the 3rd and final leg really stashing away for house/car downpayments (gently used car only if mine dies but i really want the house first)
When that huge load of debt stress is gone I can focus alot more on my career with a clear head rather than constantly worrying about sweeping up the pile of $hit behind me. Debt worry was negatively affecting my job performance, the stress would follow me in my head!
I can also look closely to validate the history on my credit report - will probably post the highlights and hopefully receive advice from my friends here :) - and focus on saving and succeeding. Someday I will be able to afford a house in this UNBELIEVABLY expensive town...I swear I'll never give up on that!
Once up on a time in my early 20's I used to think "if I could only make like 50k I'd have it all--house, etc".
Now I make 20 more than that and realize in my area and cost of living I need more than 6 figures to make ends meet and I can't have any debt :(
First things first....hear ye, hear ye: my Amex card is all gone as of today!!!! Dropped an early Friday avalanche of $561 to wipe out its final balance yeah, boyeeeeeeeeeeeeeeeee :o)
Now the crosshairs are on the very last CC--> WACH. And I was qualified sharpshooter in the Army--so they're not gonna last long :)
NEVER SAY DIE
Mine was $10K but I think I've managed to quadruple that number at the moment.
I don't even know....yes, I AM playing Ostrich but it's not like I have a money tree in the back yard, so nothing I can do about it at the moment....just keep paying, just keep paying (think Dori from Nemo).
I hit $10K decided it was time to get serious and was actually making some headway and then then everything went flying out the window and I haven't been able to get any semblence of order back in years.
Becky
CL of 4th, 5th & 6th grade Scoliosis
With me, it wasn't the total owed as much as it was the total of the minimum payments.
~Jackie, BookCrossing Member & Warming Families Volunteer
<~Jackie, BookCrossing Member
~Jackie, BookCrossing Member & Warming Families Volunteer
<Pages