Debt can be a ball and chain
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Debt can be a ball and chain
| Mon, 11-16-2009 - 4:32pm |
I am finally breaking down and admitting I have a problem with debt. I've always thought of myself as a responsible person. But I've reached a point (after adding my credit card bills-45k) that I know I need help. I am too ashamed to tell my husband or family. He did know of my debt before we got married. Three years ago it was not what it is today. We have two sons under three and I

I will tell you from experience of consolidating credit cards, make sure that you put those cards away so that you are not tempted to use them. Years ago my now ex and I consolidated our credit cards for a low interest loan. Unfortunately we didn't cut up the cards (or even put them away for long) and in about a year we still had the loan to pay and our cards were maxed out again. Now I still do have debt but I'm much more disciplined with my credit card usage.
Sharon
Bex -
"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."
Bex -
Hugs. Debt can be a huge stumbling block in a marriage.
First of all you need to talk to your husband. Consolidating a loan of $45,000 without your husbands knowledge is a huge finanacial step that is very serious. Something you need to discuss with your spouse.
If you put your mind to it and make a stern vow to yourself to make these changes you can get out of this debt. I have two small children and have paid off a little over $27K in the past 16 months. Cutting back and making changes makes a difference!
I 'm feeling better already. I spoke with my husband about it and he's on board with the consolidation.
The great thing is that we will save money consolidating. Also on the positive side, I have a holiday club account
that will total $1300 next October. I also have a vacation club account that I save $50 every two weeks in preparation for a trip to Disney in a few years. I do plan to cut up the credit cards. With the money we save we will start an emergency fund so I'm not tempted to use the cards again.
Thanks for the support!
The great thing is that we will save money consolidating. Also on the positive side, I have a holiday club account
that will total $1300 next October. I also have a vacation club account that I save $50 every two weeks in preparation for a trip to Disney in a few years. I do plan to cut up the credit cards. With the money we save we will start an emergency fund so I'm not tempted to use the cards again.
I agree that setting money aside for an Efund is good idea.
Welcome to the board!
Becky
CL of 4th, 5th & 6th grade Scoliosis