Debt can be a ball and chain

iVillage Member
Registered: 11-16-2009
Debt can be a ball and chain
7
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

iVillage Member
Registered: 08-02-1998
Mon, 11-16-2009 - 4:54pm
Welcome to the board. There are a lot of people here who will support you in your journey to becoming debt-free.
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




iVillage Member
Registered: 04-10-2003
Mon, 11-16-2009 - 5:29pm
I'm in. I have just under 14.5K in consumer debt left to go and I am hoping to have it gone by the end of 2010. It will be SUCH a great feeling!!!

Bex -


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


Bex -

iVillage Member
Registered: 07-02-2008
Mon, 11-16-2009 - 7:11pm

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!


iVillage Member
Registered: 11-16-2009
Mon, 11-16-2009 - 11:16pm

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!

iVillage Member
Registered: 11-09-2009
Tue, 11-17-2009 - 7:33am
I just did a personal loan by consolidating credit card debt. I just started my journey to being debt free and foudnit to be a real sobbering thought when I realized how much I racked up. I am working two jobs and also doing a home based business to chip away at the ICeburg so it melts and it can be smooth sailing. You will have days of feeling helpless, but once you start making progress it will be all worth it!!
iVillage Member
Registered: 03-27-2005
Tue, 11-17-2009 - 7:29pm

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.

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Wed, 11-18-2009 - 9:19am

Welcome to the board!