Credit debt, I am in trouble

iVillage Member
Registered: 11-16-2008
Credit debt, I am in trouble
27
Sat, 12-20-2008 - 8:56pm

I am in trouble and don't know for sure what to do. Long story short I am very much in debt and don't know what to do to turn this around. I have about 5 cards and I desperately want to get on top of this. For years I have had great credit and then due to some bad decisions I am buried now.


I am self employed, where we were living with my BF, his house is being foreclosed on,

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iVillage Member
Registered: 03-03-2004
Sun, 12-21-2008 - 9:17am

I'm so sorry, your stress is so clear in your post.

iVillage Member
Registered: 03-27-2008
Sun, 12-21-2008 - 10:36am
Can you talk to the credit card companies to ask them to lower the interest? If not find a credit card company that is offering low interest rates and transfer the money to them. If possible. This will help you with paying them off. Then when the time limit runs out transfer to another card company with low interest and even none for a period of time.
I hope this works out for you.
I understand where you are coming from. We went through a time of having $40,000 in credit card debt but with determination and also trying hard in being frugal in our choices, we have got out of the rut and on to a better place.
iVillage Member
Registered: 11-16-2008
Sun, 12-21-2008 - 12:11pm

I would say that I am 40-50000 in debt. Approx. 28000-30000 of that is from the business which I have taken steps so that doesn't happen again. My income varies because of being self employed and I never know what is coming in for sure. So I have no budget really just try to live frugally. I am sure there are not too many people that would live the way I am right now. It was 50 degrees when I came into my house from my camper that I sleep in this morning. We have below zero temps. I have no sink to wash dishes in yet in this house, do it in dishpans. No hot water yet, sponge baths and heat water to do dishes in.


We are just trying to survive here. I have a house payment of $629 a month and in 30 months when it is paid off all that money could go to the bills but I can't lose this house now. I really want to try to get this worked out.

Avatar for monkeesmom
iVillage Member
Registered: 03-27-2003
Sun, 12-21-2008 - 1:25pm

Budget meaning what are your bills. What



 

iVillage Member
Registered: 03-03-2004
Sun, 12-21-2008 - 1:32pm

Your living conditions sound less than optimal.

iVillage Member
Registered: 11-16-2008
Sun, 12-21-2008 - 2:19pm

Ok


Here we go, Go with 45000 CC


House: $629

Avatar for mom_x_three
iVillage Member
Registered: 03-27-2003
Sun, 12-21-2008 - 4:14pm

Does your BF have an income going towards these expenses as well? or is he also working in your business?

have you contacted the small business administration? maybe they could get you a business loan so the debt would no longer be on credit cards, with a lower interest rate?

Sherry


happily married since 2003...a blended family with 4 kids, 1 grandchild and second grandbaby due in September

Sherry<with 3 kids, 2 beautiful granddaughters

iVillage Member
Registered: 11-16-2008
Sun, 12-21-2008 - 4:47pm

My BF is a sub contractor for me, so basically all our money is from the business.

iVillage Member
Registered: 03-27-2008
Sun, 12-21-2008 - 5:35pm
In my opinion the satellite is not a must have, there is $50. Those bikes are not a must, that is a luxury if you already have another means of transportation.
Why do you need 3 phones? Is it for work? Maybe you can get the plan for businesses. Maybe they have a better deal thats cheaper.
Is there anywhere in your budget that is a want not a need? I know its hard to get rid of things you are use to having but you need to draw as much money to pay the Credit Cards and other items you need.
iVillage Member
Registered: 11-16-2008
Sun, 12-21-2008 - 6:43pm

I agree with you on the about the satallite, but the BF won't and the bike I definately agree with you on again, the BF won't. That loan we are upside down on so that is a problem anyway.

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