Ever feel hopeless?

iVillage Member
Registered: 10-28-2006
Ever feel hopeless?
12
Sun, 03-21-2010 - 6:29pm

I have no credit card debt and I am proud of that, but now it feels like I am stuck. I feel like I am spinning my debt wheels. I have three loans in front of me.


Student Loan $164 a month minimum @ 3.75% with a balance of $22,953.00.
Medical Loan $315 a month minimum @ 13.90% with a balance of $12,300.00.
Car loan $418 a month minimum @ 1.9% with a balance of $18,950.00.


I keep tossing numbers and I just feel hopeless like I will never get over this next hurdle. I am getting depressed about it.


I have this wonderful opportunity that may fall into my lap in the next year or two. Our neighbors are selling their house and it is perfect in that it is right next to the house I grew up in and am currenlty living in with my mother right now. It would be perfect! It is a reasonable house in the $100,000 range, and plenty big enough for my daughter and I.


There in lies the problem. My credit is good 761 last time I checked but I don't have enough money left over out of my monthly income to fathom making a house payment. Unless I can get rid of a couple of these loans.


I'd love to get rid of the one that would make the most out of my monthly salary, give me the most bang for my buck. So that would be the car loan. If I put all my money toward that and got rid of it, that would be a massive chunk of money to put toward a mortgage every month.


My brain washed self though says get rid of the smallest balance first...the medical loan, which also has the highest interest rate....but that doesn't give me a lot of bang for my buck.


I am just ranting...sorry. I just wished I had never got myself into this debt mess. I don't regret buying the car, I had to have the surgery, and the student loan wasn't a choice either....but I just wish it would all go away!


I hate being a grown up!



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iVillage Member
Registered: 10-28-2006
Tue, 03-23-2010 - 11:15am

I know, I know. I know :)


I am trying to do too much at once. I just hate living with my mom, I am a grown woman with a teenager and living at home KILLS me! I feel like a failure. I have all this debt and just can't seem to get out of it. I know I have done an amazing job getting 20k of credit card debt paid off and I just couldn't see my way past these loans.


I have a clearer mind this morning. I have read over the responses and you are all right. I need to just keep plugging away at this debt.


The house is a great opportunity and if it falls in my lap then great, if not, I won't die. There will be other opportunities that come up.


I have taken a big step back and am seeing the trees that are in the forest (how cliche but appropriate) and I can do this. I have a plan and I am sticking with it.


I have cut my budget down some more. Some of the holes have been plugged. The "I wants" have been sizeably cut down again. I think I can have the medical loan paid off by mid next year. Then on to the next one.


Thanks for putting things back into perspective for me!

iVillage Member
Registered: 10-28-2006
Tue, 03-23-2010 - 11:18am
It was necessary, but the hospital won't work with me, they say I make too much! Whatever! They said my only options were to pay up front with a credit card (which I don't have) or to use care credit...I already had a care credit card from my daughters crown bill so on to that care credit line it went. Pooh!

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