We have a lot of debt. Every time I say something about trying to get out of it, family and friends say yes, they know, they have so much too and isn't it terrible. And I get really pissed off in my head, because I know they're complaining about something like $10K. Which is debt, yes, but we're so far beyond that and I want to sneer at them. I really don't understand how we got ourselves into this position. We make good money, and if we had no debt and got to keep it all, I would feel really rich. We could take vacations and get that damn big screen tv the man wants. We don't do those things now.
We have $68,000 in credit card debt and another $7ooo on the car. AAAHHH, feels so good to let out the number. I'm surprised I can afford the rent on the pink apartment...
How the hell did we do that? We don't live in a fancy house and while I do spend more money than I should on my kids' clothes, we don't have a lot of stuff. We nickel and dimed stuff until we were here? Seriously, what the hell. I'm spending something like $2300 every month in minimum payments. I wouldn't have to work if we weren't so damn stupid before we had kids. I have no idea what we bought, but I know it wasn't worth it. If there was one thing I could go back and change, it would be NOT getting those cards on campus because they were offering a free t-shirt and some shaving cream.
We're working on getting out but it's drops in the bucket every time, and then the car needs fixing or the ac goes out or we have to go to eight more birthday parties.... it's never ending. I see no end to it.
rice and beans, beans and rice.....
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11 comments:
I know the cycle feels neverending and so frustrating, doesn't it? I got into such debt in college and it took meeting my husband to get out. I couldn't do it making minimum monthly payments, which was all I could afford. I think it should be illegal to get college kids to sign up for credit cards for free pizza or t-shirts because all it does is set them up to be in the hole as soon as they start in the "real world". Did you ever see any of the Oprah series on managing your money? I'm not an Oprah fan, but it was really interesting how money coaches got people in circumstances similar to yours out of debt. It wasn't easy or pretty, but it can be done.
Might I recommend Dave Ramsey? Personally, I just ignore his spiritual stuff and look at the message. It is good stuff. In less than 5 months, we are down to one card. Admittedly, we are on a smaller scale than you are, but it works for 'big projects' as well. Get the book, it is a real page turner. After all, you gotta start somewhere.
I agree with Shelly - I got into debt in college and it has been horrible trying to get out and start a 'grown up' life at the same time.
I saw the Oprah special about money and got one of the books, read it and started doing what it said. (I got the Automatic Millionaire) So far it seems to be working....
We have so much student loan debt, I could PUKE just thinking about it. It's not like we're DOCTORS or anything, but we might as well be for the debt we have.
Also, I am loving these Constance blogs but now everytime I get a comment from a "Contstance" I am obsessed. WHO IS IT? I MUST KNOW!
I will second the Dave Ramsey comment. We went to a few of his seminars and it really is practical stuff. Takes a lot of (deep breath) frickin self discipline, like not even going through McDonalds while you're working towards paying down the debt, but it does work.
Oh, man, that must be relieving to let out of the bag. Thank you constace blogs!
I hope you can get on the road to good financial health soon. It's no way to live, being eaten alive by your past.
I don't have any other suggestions that the other commenters haven't said... Good luck!
Thanks guys. We have taken a Dave Ramsey class, actually, and I love him. It's just hard to get the snowball rolling- minimum payments take up most of our income and we're not seeing much progress yet. And we have no discipline. That's a big part of it too.
Beans and rice....classic dave ramsey. i love him! we do the all cash budget and are snowballing our debt and putting every available dime on it. as for gifts, either decline a few parties or make a hard rule that you WILL NOT spend more than $10 per gift. You can do it and get something good. Scour clearance and be creative. Don't by cards either--a waste of $3.
we're in a similar situation (and by similar, I'm definitely not talking the $10K mark). Another suggestion? Mary Hunt - debt-proof living http://www.cheapskatemonthly.com/default.asp That's what we're using and I'm hoping to make a serious dent in the debt this year.
OMG ~ I'm not the only one who signed up for the college credit card for a tshirt or stuffed animal!?!?!
It should be illegal to have "credit recruiters" on campuses. I was too stupid to NOT go into Victoria Secret & blow $60 on a bra ... for 32C boobs (that haven't been that size since college thankyouverymuch)
I feel your pain, and have done it twice. You think I would learn?
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