New Here and in debt up to my eyeballs!

iVillage Member
Registered: 05-11-2006
New Here and in debt up to my eyeballs!
10
Tue, 12-08-2009 - 5:28pm

Hello! My name is Stephanie, I am 24 years old and in debt up to my eyeballs! Of course I had help digging this hole from my wonderful DH, also 24.We have had a rough year and I am starting 2010 with a plan to start digging my way out of this hole rather than deeper. I do all our budgeting, balancing and bill paying. DH doesn't get involved much, when he does ask I explain and offer to show him the budget and bills but he would rather I just deal with it. Honestly I think it's come to the point where he does this only to stick his head in the sand.


When DH and I got together I had a few small credit cards, no more than a $300 limit each. But I also have horrible credit as I tried to help an ex out and ended up getting screwed big time.

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iVillage Member
Registered: 07-05-2006
Tue, 12-08-2009 - 6:09pm

Welcome! I have been in your shoes. I got married young and had kids young and I have gotten in and out of debt quite a few times. This last time was the worst and I'm almost done! It's taken me a good 4 years to get out of this whole. I'm now 31, but I still feel that I learned my lesson at a good time of life.

The best place to start on this board is to list all of your bills, expenses, income...everything! Then let these ladies do their magic. They will tell you where you are spending too much money and give you ideas on how to cut back and get this debt journey started!

Good luck!

iVillage Member
Registered: 08-24-2007
Tue, 12-08-2009 - 7:26pm

Welcome to the boards!


I think it's great that you've decided to tackle your finances, especially at such a young age.

Kate


empty purse

Avatar for sohappilyme
iVillage Member
Registered: 03-26-2003
Tue, 12-08-2009 - 8:40pm

Welcome! I'm not going to toss any financial advice your way because I'm eyeball to eyeball with you, LOL, but it's great that you're here. I, too, handle all the bills and I LOVE it. DH glazes over when I start talking numbers. He's fine if I say "we need $1000 this month" but if I start telling him why, forget it! He doesn't spend a dime, though. He's more determined to get out of debt than I am. (After a good start to the year, we hit a major speed bump. We've been about 2k short for covering bills each month, but in May/June we had to come up with a few thousand on top of that and it's been a swift ride downhill since).

Congratulations on your little girl! I hope you'll join in often. =c)

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Sarah
iVillage Member
Registered: 05-11-2006
Wed, 12-09-2009 - 11:28am

Thanks Kate!


Honestly I don't mind handling the bills

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iVillage Member
Registered: 05-11-2006
Wed, 12-09-2009 - 11:32am

Oh and can someone explain what the snowflake thing is all about and how it works????


Thanks!


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iVillage Member
Registered: 11-14-2008
Wed, 12-09-2009 - 12:48pm

Hello & Welcome!!

You are not alone on this board in that there are lots of people who want to pay off debt to get into a house believe me. I am one of them. The difference is I am 35 not 24. You have lots of time to get out of this position, repair your credit to get a better interest rate and get DH on Board. He must be on board, that is key. Not only in helping with the finances, but by not making it worse with wants. Some times an intervention is needed with cold hard facts. If you keep spending the way you have been you will never get a house. A house is great goal, you have to have smaller ones along the way(like paying off x amount of dollars by a certain date) but a big goal is a great motivator. I can't wait to start saving for a down payment! We have a long way to go, student loans and my ticker but we will get there!

So post often and ask questions. This is a journey. It takes time but it is possible.


Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Wed, 12-09-2009 - 1:11pm

Welcome to the board...I'm past eyeballs and in over my head with debt. ;)


Congratulations on your new little one.


I wanted to answer your question on what is a "snowflake" -- the idea behind the snowflaking is taking the "Snowball Method of paying off debt" and breaking it down even farther.

iVillage Member
Registered: 08-04-2008
Wed, 12-09-2009 - 2:11pm

Welcome, welcome and the baby is soooo precious!


Becky did a good job explaining a snowflake, if you don't mind, I will tell you how many of us started so you don't have to use CCs again.


1.




iVillage Member
Registered: 10-01-2008
Wed, 12-09-2009 - 2:31pm

I commend you for taking control and trying your best to control your debt.

Norma


"Patience is the best remedy for every trouble"- Plautus


iVillage Member
Registered: 02-04-2008
Mon, 01-04-2010 - 1:44pm

It's because you're young and the loaners/cc companies target you.