$70,000 in credit card debt...yep..

iVillage Member
Registered: 05-26-2008
$70,000 in credit card debt...yep..
8
Mon, 05-26-2008 - 12:21am

Yep there it is.

$70K.

I won't go into how and why and when. We all know the stories..the excuses...the justifications. All I will say is that I let my checking account get attached to my credit card and lots of overdrafts came off it. BAD idea.

Today is a new day. A new life.

I told my husband today. I hyperventilated so bad when I told him. I thought he would leave me. Nope, he said "I don't really care"

Of course he does. What he meant was that as long and me and the kids are okay, we will deal with whatever, however we need to.

I can tell that he is a bit mad and a bit disappointed. But I can also tell that he loves me and is glad I told him instead of hiding it like so many women do.

If you are hiding any amount from your husband, TELL HIM!!!! I feel a ton better.

I am anxious to get started. I think if I can put about 1300 a month, I can have it paid off in 4 years or so. Luckily, we have never been late on a payment, but the payments are getting out of hand now. I am going to get a job and cut back on all extra shopping trips.

Don't think I'm not taking it seriously. $70K is a HUGE and mindboggling number. But I know I can do this. I will do this. I have to do this.

Any success stories with huge debts like this?

RPG.

iVillage Member
Registered: 11-17-2007
Mon, 05-26-2008 - 4:07am

Welcome to the board


I know that is a lot to pay back but you can do it Just take a few baby steps to start then the steps get easier and before you know it the amount will be coming down.


Hugs


Mary Ann


iVillage Member
Registered: 04-12-2007
Mon, 05-26-2008 - 7:53am

Hello, and welcome.


Congratulations on gathering the courage to fess up to your DH!

iVillage Member
Registered: 05-26-2008
Mon, 05-26-2008 - 9:42am

Thanks!

I woke up with a whole fresh attitude today.

I looked at some stuff we pay monthly last night. I cancelled some amazon preorders and applied what I was going to pay as a snowflake. I cancelled Netflix and applied that as a monthly snowflake.

Since my twins are finally done with preschool, I took the amount I pay in monthly tuition and rolled it into a credit card payment as another monthly snowflake. I returned some earrings I bought on QVC and, yes, made it another snowflake.

I'll get there. Thankfully DH has a great job making good money, so we never had issues with debt collectors or have ever missed a payment. I just plan on kicking this thing out of my life for good. I also plan on being on this board every step of the way.




Edited 5/26/2008 9:43 am ET by red_panda_girl
iVillage Member
Registered: 04-12-2007
Mon, 05-26-2008 - 11:11am

Good job!!

Avatar for mahopac
iVillage Member
Registered: 07-24-1997
Wed, 05-28-2008 - 8:51am

We paid off about $55,000 of credit card debt, plus $44,000 of a HELOC and a $20,000 car loan in less than 4 years. Looking at those numbers boggles my mind - who gets into $120,000 of debt, LOL! The short story is that we had the credit card debt in 2004 when we got onto a debt management program (DMP); we had to buy our first house in 2005 when our rental was about to be sold from under us; and we had to buy a new car in 2006 when my 10yo car developed a leak in the roof that would have cost more to repair than the car was worth.

We paid off $120,000 of debt by (1) getting onto a DMP and (2) changing careers from administration to sales/management. Career change isn't possible for everyone, but I am blessed that it was possible for me. I work much harder and much longer than I used to, and it's not a whole lot of fun sometimes, but I don't think I will ever have to worry about money again, so it was well worth it.

Welcome to the board! You'll get lots of good ideas and encouragement here. You can do it!

Kelly

iVillage Member
Registered: 10-28-2007
Thu, 06-05-2008 - 11:47am

you go girl :) glad to see that you have a great hubby :) it'll help you though this time ::) keep up the positive thinking and YES you will beable to do it

iVillage Member
Registered: 11-17-2007
Thu, 06-05-2008 - 12:35pm

Good Job Panda on those first baby steps.


Getting out of Debt reminds me of going on a diet.

iVillage Member
Registered: 08-07-2006
Thu, 06-05-2008 - 1:25pm

Aren't red pandas just the cutest? :)



You might see if you can transfer some of your credit-card debt to a card that has a low balance-transfer Annual Percentage Rate. You might be able to find one that has a 0% introductory APR for a set period of time. Just make sure that once the introductory period is over, the "regular" APR is still lower than your current credit card.



Some cards charge 3% of the transferred balance as a fee -- this can still work out to be less than you're paying if you have a particularly high-interest credit card.



There are a lot of comparison engines for credit cards out there. I use Card Hub. That site also has a great Education Center that can help you figure out which debts to pay first.



So happy that you're taking steps to get yourself out of debt, and that your hubby is so supportive. That's half the battle, right there!