hi we are new to this site and just kinda lost. we have over 30000.00 in credit card debit and getting behind on are monthly bills. my husband had to close his busness, a silent partner chose to pull out, he thought the company would lose money so he could write it off for taxes. but the company made money.he has found a job but pays alot less. i now am trying to start a business at home ( a doggy hotel) and we also are a hired hand for a crop farmer. we work 12/7. but still can’t get a head.
i have read alot of the other post notes and still am very confused about what to do with are credit card debit. if someone has an idea for us we would love to hear from you. thank you!!!!
I have several points to make for you to start looking at:
- You and your husband need to start looking at why and how all your financial problems started. This is the only way you will come to terms about what you must do to solve them. A famous person (on TV) says “you can’t solve money problems with money” and it is very true.
- Maybe until you start making headway with paying off that debt (it can be done) then you can both focus on starting up another business – once you have some real assets built up.
- Think of everyway you can make extra money and stop spending needlessly. It will be a time of living without a lot “stuff” and services you may feel you can’t live without.
- There are many ways to get out of debt on your own – and it will not be an easy task – it won’t no matter what you do. So you have face the reality of this.
I agree with many people here – stay away from websites, newspaper ads, etc… promising debt consolidations, debt negotiations with that famous LOW monthly payment wording. You can’t trade one debt for another and pay it off faster. Think about what could happen to your credit report and credit score, and how it will make starting a new business even tougher. Unless you can do it without major upfront investments or loans and basically start it up with nothing – not even the cost of advertising. If you can get plenty of customers just by word of mouth and referrals- this would give you someplace to start – is the business going to run from your home?
Research everything about running it from home – if you can, legally.
I was in debt about nine years ago – about half the amount you are in and I did everything I could to pay it off – on my own – no legal help, no CCCS or consolidations.
I learned a great deal about educating myself about really making my money work for me and always livings way below my means – no matter how much money I make.
My husband and I now live on only his income and we are happier than ever. Our only debt is our mortgage. If we don’t have money saved for something – well it doesn’t get bought until we do. I also run a small business from my home and it’s completely debt free. I’m not getting rich from it and right now my major focus is on a life changing event happening in our lives, but I am so blessed to have the freedom now, not to have to worry about being part of a daily grind and rat race just to make ends meet. I made it happen. It wasn’t like this for me up until about 4-5 years ago, after my debt was completely paid off. It’s a freedom beyond description. Only you can make it happen for yourself.
Best wishes to you and your husband. You will be in my prayers. Let me know if I can help you in the future. There is so much good and informative advice, experience and wisdom on this group – don’t be afraid to do a lot of research about changing that debt situation. It will make you a stronger person.