putting up a final fight --will it work?

iVillage Member
Registered: 04-04-2003
putting up a final fight --will it work?
9
Mon, 04-07-2008 - 2:13pm

Hello everyone, my name is Laura. I have posted on the Debt Q & A boards but not this one. My DH and I have in big credit card debt -- 2 cards, the total debt is about 51,000. Then we have his car, which he owes about $9000 on the car loan.

Community Leader
Registered: 07-26-1999
Mon, 04-07-2008 - 5:12pm

Laura,


I am sure some of the other ladies can help with the budgeting questions, but I have 2 quick things that come to mind.

Photobucket
iVillage Member
Registered: 11-17-2007
Mon, 04-07-2008 - 5:50pm

There are a couple of ladies that have paid off over 50,000 in debt.

iVillage Member
Registered: 08-29-2006
Mon, 04-07-2008 - 11:54pm
Hi Laura,
I'm sorry to read about your plight.
Yes, I have called credit card companies and have had my rates lowered.
Besides lowering my rate, I've had them send me checks with even lower rates tied to them for the life of the loan. The checks came with a 3% fee however.
I hear there is a bankruptcy support and information link as well as this site for you.
Yes, I know of women, here on this board, that have/ have had, even larger credit debt than you and are paying it down.
Any chance that you and your DH could get extra jobs and dedicate those pay checks to debt repayment?
Take care of yourself and good luck!!! You are not alone! Audrey
iVillage Member
Registered: 04-04-2003
Tue, 04-08-2008 - 9:48am

Thanks ladies for your replies so far.

iVillage Member
Registered: 03-23-2008
Tue, 04-08-2008 - 11:56am

Hi Laura-- welcome.

Winifred (Winnie) Marie, 7/1/09

Susannah Margaret, 5/18/12

Avatar for londonrose2001
iVillage Member
Registered: 04-09-2003
Tue, 04-08-2008 - 1:08pm
When you go to the mandatory credit counselling session, I would consider doing it very seriously. It could be the way out without declaring bankruptcy. Since you are considering a major impact on your credit anyway, counselling won't hurt you there.

 

iVillage Member
Registered: 01-25-2008
Sat, 04-12-2008 - 9:35am

Hi Laura,
Don't be discouraged, well maybe a little....because that's what finally got my DH and I to wake up and look at our financial situation last summer.
We were in the same situation, we had $59,000 in credit card debt and were only making minimum payments, things got a little hairy for a while.
Then we took the Dave Ramsey Financial Peace class at a local church and it changed our whole outlook on money. If you can, you should read The Total Money Makeover by Dave Ramsey...excellent and inspiring book!

We got ourselves on a budget, cut out unnecessary spending like cable and eating out, and vowed to not charge any more on our cards.
We have paid off $20,000 since last June!
Bankruptcy is not your only option!

If you can't get your credit cars rates lowered, watch your mail, you can always transfer some balances with the low fixed interest until paid off even if you have to open a new account, it will save you money now.

You can sell your stuff on ebay to get a little extra cash! Nice kids clothes do OK! OR have a garage sale (I made $1300 on my garage sale last year with the mindet that "I'm selling everything but the kids!")

Another option is the sell the car with the debt and get something cheaper, so you can get rid of that larger payment.

Also, if you post your $ numbers on here, you will get lots of advice on ways to get your budget under control!

AND stick around here! I have been very inspired by everyone here! These ladies have some excellent advice and encouragement! You are not alone and you can get through this!

Tashia

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Mon, 04-14-2008 - 8:11am

Hello Laura and welcome to the board.


When DH and I started our debt journey, we had about 82K in debt (mostly cc's, about 5K in student loans).

All my best,
Danni

Avatar for mahopac
iVillage Member
Registered: 07-24-1997
Mon, 04-14-2008 - 9:25am

I paid off $50,000 of credit card debt in less than 4 years. There was NO WAY I was going to file for bankruptcy, for a variety of practical and ethical reasons. I worked with CCCS to get onto a debt management plan. My credit card companies wouldn't negotiate with me, and one told me the only way they would lower my rate is if I went on a DMP. It was perfect for me, because for roughly the same amount I was spending just to pay off minimums at ridiculous interest rates of up to 25%, I was able to pay down the accounts at rates of 6-9.9%. Yes, the accounts were no longer usable, but it didn't matter to me - we were not in any position to incur more debt anyway! I was able to keep one Visa card out, which I paid off on my own, and my Amex (which does not have a revolving line of credit, so it doesn't count), so I had credit if I needed it (I travel a lot for work and everything goes on Amex). Also, I was able to take out *secured* loans, so I was able to buy a new car when mine started leaking when it rained, and able to get a mortgage and a HELOC when the house we were renting was put on the market.

The other thing I did was change careers from a job that was internally/administratively focused to one that is sales focused and has a generous bonus plan, and that is what allowed us to pay off our debt in less than 4 years. But even if I hadn't paid it off early, the DMP meant we'd have been done with the debt in 5 years.

Be really careful about bankruptcy. If either you or your DH are self-employed or expect to be, bankruptcy will affect your ability to get business lines of credit.

Kelly