thanks for the message, it is very helpful and giving me hope to be debt free , i have almost US$9,000 debt from credit cards , personal loans and morgages. I am a single parent and have two(2) sons in college, i do not get support from my husband. I am employed and my salary is not even enough to pay the minimum amount due of my credit card bills, I also have part time jobs. I am tired of this rat race.
My husband had $20000 debt on one card when we married two years ago that he walked away from his previous marriage with. I am trying to get our debt paid down – it’s a slow process.
He is finally starting to see where money can be saved daily that can be paid toward the cc’s. I gave him a memo notebook to write down every expenditure and how it was paid for. I did the same. We found ways/places to save money that we didn’t realize before.
Try it for a month and see where you can change your spending patterns or eliminate expenses. It’s a pain at first but well worth it in the end. Writing down a three-cent piece of candy seems silly sometimes but it adds up before you know it.
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.
I have been a member for quite some time, probably over a year. Just lurking around reading all the great information all of you share with one another.
My problems began when I got divorced. I had a huge amount of debt, way more than I really could handle but I wanted to do the right thing and pay for my mistakes. I joined a consumer debt counseling group and religiously made those payments, for years I really had just about nothing. Finally I see the light at the end of the tunnel. The company I was working for in California was in the process of laying us all off. They had a great severance package going and I knew that the last few thousand would EASILY get paid off and id have more to spare. Finally I am going to get to enjoy some of the money I work so hard for.
So I open my first credit card in 6 years and get some bedroom furniture. No big deal right since I got this major severance thing coming. Well instead 9/11 happens, I get laid off 2 months before they had planned. And so im out of a job, living in California with huge expenses. Unable to find a job, I moved to Florida where a family member lives. Finally start getting back on my feet. Unfortunately, my debt payments stop cause I really cant afford it. Everything goes back in arrears, well its not remotely as much as it used to be but yes, collection calls come.
Few years go by, we are doing better. I decide to deal with this stuff again, join another CCCS place. But they are not even remotely as good as the first place. Everything gets messed up. The companies have sold off my debts YEARS ago to collection agencies and they just want more and more money. I finally decide I just cant do this anymore. I decided if they want the junk I have they can take it all, I dont care anymore. I dont have another 50 or 100 bucks to give them. So I turn off my phone and ignore everything and everyone that comes looking for me.
3 years later, somehow my husband and I are able to buy a house….I really have no idea how. Financially we are doing ok actually. Building credit even though all this junk is on my credit report. In fact most of my debt is reported on my credit report at least twice or 3 times. I have been so dissapointed by this that I havent done anything about it. I keep hearing that the 2nd time I started paying it all I reset the 7 year collection period. So will this junk from over 10 years ago just stay on my credit report for another 7 years?
I am up to my ears in debt, owing around $64,000 total;
the majority of it is student loans
my car financed in 2013
a treadmill i financed a few months ago
on the negative/delinquent/deragotory account side i have 2-4 accounts falling off my credit report this year due to statue of limitations but also there are 4 credit cards, that are chargeoffs, opened in 2012 with humongous fees attached to them.
I would like to someone how get those cards either re-opened and pay the previous balance (before the fees the Collection Agency added to them) so they dont show chargeoff and pay on it to get it to show as paid as a greed.
Is there any way to get those cards to report positively on my credit report?
Does anyone have a Goodwill Letter they can show me that was effective for them?
We’re not in as much trouble as some, but I don’t know where we’ll be in the next few months. Right now we have a good amount of cc debt, but we can make the minimum payments and a little extra. I’m mainly focused on putting money away in the bank. The reason is, my husband is getting out of the Navy February 29th. We have enough saved up for one month’s worth of bills. (I know it’s not a lot) We’re looking forward to a nice tax return to help as well. Between that and unemployment, we can probably last for 2-3 months.
We didn’t really plan on him getting out so soon, it just happened that way. I mean we though he couldn’t get out until October but he was told in December that he has a chance to get out in February. His option if he doesn’t get out in February? To extend until the end of the next deployment. (December) or extend until 2019. He’s already been in 9 1/2 years and been on 4 deployments, one of which ended up being 9 months instead of the usual 6. We have 3 young kids and feel like he needs to get out before they’re all grown up. He’s missed out on SO much.
We’re hoping he can get a good federal or government job and he will join the Navy Reserves. I may have to get a part time job. We have a house and that’s our main concern. I don’t know if I’m looking for advice, I just wanted to share our current story.
I guess like most I have been following I am in debt from cc over use. serious debt to the tune of 90-100K.
Incredible. I can’t understand how it got out of hand so much and so quickly. I can’t even show you a big screen tv or pictures of some fabulous vacation or a huge new car to explain this debt. It is just nickles and dimes that added up quickly.
I am ok with my mortgage and car and 5 or so cc. But another 5 or so cards I am seriously delinquent and one even dropped me to a collection agency. These companies have been calling the house and work and I have been avoiding their calls. I can’t even begin to think where I could get money to offer them.
What do I do first…or second…or third….to try and turn things around? thanks for any guidence.
There’s probably more knowledgeable people than me who can give you more details, but I’d recommend that the first thing you do is lay out your budget. Can you pay your minimum payments on the current cards? What do you have available, if anything, to give to the old cards? Then pick up the phone (I’ve had to do this, it isn’t actually that bad). Call those old cards and try to set up a payment plan of some kind.
Then, do your best to stop using credit cards and stick to cash, and sloooowly pay everything down.