need some financial advise: I have debt

B

berrybunches

Member
Joined
Jan 13, 2008
Messages
994
Hi all,
Embarrassing as it is to disclose I have a massive amount of credit card debt, about 7k.
Before I met my husband I was a big saver, he came around, we have been together 4 years and he spent us into the ground, not to paint myself innocent but I just don't buy things, I don't even like to go shopping. Anyway, he is changing now but that does not change the fact we have all this debt. To add icing to the cake he just lost his job due to a MASSIVE pay cut, his pay was going from 600 a week to 150 a week!
So I am in a pickle. Besides the obvious anyone have any advice on how to deal with this? We can no longer keep up and are selling everything we own. For the first time in my life I have an unpaid, late bill.
I remember hearing there are free services that will help people come up with a plan but it was so long ago I don't know how to go about getting a hold of them. I am not looking for welfare or anything. :) We live in Ohio.

Thanks
 
7k? Don't you think you are bit over-reacting?

Just cut down on your expense and sell anything you don't need.
 
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Sell everything that you don't absolutely need. Craigslist is great for this.

Packing your own lunch will save you $1500 a year.

Cut up the credit cards. Go to a cash-only system. Review your basic expenses and withdraw that amount every month from the bank. Use the rest to pay off the debt via check.
 
If what you want is to pay off your debts but you need to negotiate with your creditors due to loss of income, contact a National Foundation for Credit Counseling (http://www.nfcc.org/) member near you. They are usually under the name "Consumer Credit Counseling Service". They've been around a long time and can be trusted.
 
$7,000???? Thats all????

I wish I had your debt! Just get a budget, stick to it, and STOP CHARGING!!!!
 
I have no CC debt but I owe a bank money. I'm not seeing much motivation to pay off anything when selected people and entities are getting all their debt taken care of by us.
Why pay our own when others don't have too?

As soon as they start really forgiving and adjusting mortgage payments everyones going to stop paying.

If I had credit I would be temped to cash it all out, invest it somewhere safe or in PM's at a low, then go rent something with little papertrail =)


I'm actually surprised there is so many people really causing themselves hardship to pay off CC debt. We know there is a credit crisis, your not going to be borrowing big money any time soon anyway, who cares about your credit score? ^^ The gov themselves want you to borrow more and spend it to boost the economy not pay off old debt. The banks and CC companies you owe will get federal bail outs whether you pay them back or not...
 
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Captain Bryan said:
I owe a lot of money due to student loans.:(
Click to expand...

Another victim of government guaranteed student loans is the student. It drives college tuition prices up, and results in huge loans to pay off when you graduate and realize the world is not full of $60,000/year jobs.
 
Most people just finishing up school in the coming years won't earn enough to pay off their debt in a timely manner.

A lot of people owe over 100k for fields like wall st high finance where there are already thousands recently unemployed.
Right before the crash CNN had an article on the 10 most wanted and best paying companies for recent graduates in the US. All the big financials were on there, half of them are already gone.
 
I wish all I had was -7K lol. I have 2 rare diseases and gobs of medical debt etc.

Do a debt snowball. You can use this free site to track your progress http://www.whatsthecost.com/snowball.aspx?country=us

If you plan your meals / grocery shop wisely / don't buy pre-packaged food / buy in bulk you can eat well / deliciously for cheap. I'm married to a jazz musician & used to being broke. He lost his regular gig earlier this year too.

Tell your husband he'd better knock it off :) this economy is no joke. Sell the crap he bought with the credit cards. :P
 
berrybunches said:
Hi all,
Embarrassing as it is to disclose I have a massive amount of credit card debt, about 7k.
Before I met my husband I was a big saver, he came around, we have been together 4 years and he spent us into the ground, not to paint myself innocent but I just don't buy things, I don't even like to go shopping. Anyway, he is changing now but that does not change the fact we have all this debt. To add icing to the cake he just lost his job due to a MASSIVE pay cut, his pay was going from 600 a week to 150 a week!
So I am in a pickle. Besides the obvious anyone have any advice on how to deal with this? We can no longer keep up and are selling everything we own. For the first time in my life I have an unpaid, late bill.
I remember hearing there are free services that will help people come up with a plan but it was so long ago I don't know how to go about getting a hold of them. I am not looking for welfare or anything. :) We live in Ohio.

Thanks
Click to expand...

7K doesn't sound too bad, it's good to be careful and take care of it early.

Free services and free advice is really no different than that, teaching you how to spend less, save more, earn more. I can't do anything about the pay cut, but somebody has to win more bread, there's no easy answer to this (even if there's an obvious simple one)
 
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