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it's so much to handle...

August 31st, 2007 at 08:12 pm

...I think I'm going to lose it.

After going over ALL our debts, it's disgusting. I keep thinking how did this happen in the first place??? Ugh... the problem of our debt is actually much, much worse than I originally thought, and my original projection was a high estimate of what we owed.

We're going to have to take serious drastic measures soon, I think. I don't know we we will get out of debt by ourselves. I just don't know what to do. I've read many books and been very disciplined with the credit cards and not bought anything on them the past few months, and still we owe and owe and owe. My plan was to take it one at a time, but it still seems so discouraging. I've read quite a few books that all sum up the same things, but being that there's SO MUCH we owe, it's very difficult to have extra money to pay on the credit cards. And with interest rates, even the very low ones, it's still hard.

Ugh. Maybe I should stop whining and lamenting what we're going to do about this mess and start planning how it will be resolved.

There's still my "one thing at a time" plan. I was also thinking about professional help, but I know we'll have to shell out more money that we don't have. I don't even know what kind of professional could help us, but I'm sure there's someone out there. Although I must admit, the thought of going into a financial institution with a million credit card statements and loan documents would be horribly embarassing. Also, we're going to have to start cutting every single little corner financially that we can, and since I work on commission I am going to start hauling ass at the work I do and do as much work as possible for the extra money.

This is overwhelming at this point. *sigh* Gotta go write some checks now...

edit: ok, I just paid off the Macy's card that I owed a mere $155.12 on. I know it's not much, but it's ONE card paid off and one less bill to pay. I feel a little better now : )

Posted in Uncategorized | 7 Comments »

7 Responses to “it's so much to handle...”

  1. Ima saver Says:
    August 31st, 2007 at 08:27 pm 1188592044
    1188592044

    You can do it. Get dave ramsey book and start paying your debts using the snowball method. Put your cards away and stop charging completely! Don't buy anything unless it is necessary! Sell things! No new debt!! Read here and get ideas!

  2. katwoman Says:
    August 31st, 2007 at 08:28 pm 1188592090
    1188592090

    Luckily you've just recently started blogging so it was nothing to go back and read your prior entries to get a better idea where you stand.

    Yeah, you owe alot but you've seem to have a lot going for you as well-you're a homeowner with a rental unit, you bought a used car instead of new and you've kept up on your credit card payments! Those are all good things!

    Nobody like to hear they should cut back, but a little creativity can go a long way. If you drive into the city every day for work is it possible to car pool? How about brownbagging? Making your own muffins or brownies instead of buying snacks at work.(I should take my own advice on this one.) It's the stupid stuff that tends to get us into trouble with money. At least that's been my observation.

  3. frugalhousewife Says:
    August 31st, 2007 at 09:14 pm 1188594874
    1188594874

    Take a deep breath. You did not get in this debt overnight, and you are not required to get out overnight. Dave Ramsey does have some good information. Try making a list of your monthly expenses and see what you can cut. Like katwoman said having to cut back is not fun, but look at the long term goal of getting out of debt. Keep blogging. The feedback and encouragement from this community is amazing!

  4. miclason Says:
    August 31st, 2007 at 09:25 pm 1188595542
    1188595542

    Facing the true numbers the first time IS overwhelming...tell me about it. I thought I had about $10K in debt and, it turned out I had about $16K!!! may not seem like much, but, compared to my salary and, with interest rates between the 22-47% range, believe me, it was a LOT!....Since that first shock, I've managed to reduce my debt only slightly, BUT, I moved most of the cc into personal loans, so at least interest rates for most of that is at 10% or less now!...I'm still struggling, but, at least now I can see the light at the end of the tunnel!

  5. Amber Says:
    September 2nd, 2007 at 07:25 am 1188717925
    1188717925

    paying off the Macy's card is great and the first step towards your finanacial freedom. Remember everything takes time. I did the Dave Ramsey plan, I started with with smallest to the largest debt (not the one with the highest interest rate) not only that I got a second job and it helped, best thing I could have done...good luck

  6. Tam Says:
    September 7th, 2007 at 05:47 pm 1189187255
    1189187255

    I just stumpled on this and wanted to mention something. I'm in debt up to my eyeballs too :P BUT am seeing the light at the end of the tunnel. I lost my job in 2005. I went from making $17 per hour to making $10.50 per hour....you live within your means so just think how many bills I got behind on! I joined a credit counselor, I don't work for them, they don't have an affiliate program and this is a real link to a real company I actually use. www.takechargeamerica.com I started out paying them almost $400 a month for over a year (my bills on my own were $600+) and in that time paid off about half a dozen credit cards. My husband had a heart attack and set us back again and they becuase I'd paid off so much were able to lower to the payments to $259. So please if you really are in a bad situation before you think of Bankruptcy or a consolidation loan or 2nd mortgage that just gets you deeper in debt, go to them or someone like them. The local United Way offices usually have programs too. And the TCA charge is only $35 a month, and they handle all my bills, one payment, once a month, boom. No mailing bills, no stamps, no REMEMBERING due dates, they handle it all. I love it. Heck for convenience if nothing else! Big Grin

  7. Tam Says:
    September 7th, 2007 at 05:58 pm 1189187926
    1189187926

    Oh and forgot to mention, they also helped a co-worker. His wife is diabetic and they have lots of medical bills on top of everything else. I had him call TCA after another company took advantage of him and dind't pay his bills! Some consolidation programs ARE scams. Anyway, TCA couldn't help him, he was simply too deep in debt and couldn't afford to pay THEM. But instead of just dropping the call and telling him good luck, they helped. They contacted the Better Business Bureau on his behalf about this company who had really taken him for a ride, they sent a letter to the state saying that he could not afford a debt consolidation program and that they recommened bankruptcy. Because he really wanted to file and told them so. They also gave him a list of places he could go to locally for help, things he has paid taxes for but never taken advantage of. They gave him DHS phone numbers, paperwork to file for foodstamps as well as other supplemental health programs for his wife to help with her medical bills. He came to work a few days later and told me "Thank you. You've probably saved my wife's life by sending me to TCA." Smile So really if you are in as dire straits as I or he was, you'll at least give them a call.

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