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Frustration - Vent
Ok, feeling overwhelmed at the moment and need to talk to people that will understand because they are facing similar issues or have in the past.
So I got engaged almost 2 years ago, found an amazing house shortly afterwards when we weren't really planning, got married in November. The money kept going out and out and out. Well then I got into the deep part of the debts that husband has and now what we've accumulated with the house (I busted my butt to pay cash for wedding). Well it's overwhelming the amount of debt we have. I have set up payment arrangments with the majority of the companies. So each month the debt is getting a little less. And I'm really strict on outgoing money. We both have second jobs and I work overtime when I can as my second job isn't steady (serving at special functions & pet sitting) . I know if I can just keep this going that in about 4 years (seems so long) everything will be paid off and we'll be in good shape. It's been recommended that we declare bankruptcy but I believe in trying to pay the debts back. It's not fair to those companies he owes money to, not to pay it off. When that happens they have to increase their prices to cover the money they don't every get back. I know I'm doing the right thing, but it's overwhelming at times. Thanks for listening.
Re: Frustration - Vent
Sometimes it helps to take a step back and look at the big picture. What have you done to better your financial situation? You've both gotten 2nd jobs, have contacted the companies to figure out how to get right with them, and you are focusing on what is more important. Yeah, you could try the "easy way out" and file for bankruptcy, but will you be able to do that moraly?
Feel free to post your budget here. These ladies are great at taking a look and seeing where to trim the budget, and what debt to focus on first.
Good luck and you are a great person for doing what is right and settling your debts.
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Thank you for having integrity! I commend you.
I have a hard time feeling bad for those who post that they went crazy with credit cards and now are declaring bankruptcy.
Hang in there. You're doing great. It does seem like a long time, but it will so be worth it in the end.
Have you tallied how much you've paid off so far? That could provide some much needed motivation.
Also, maybe set up some mini goals with small rewards for when you meet them.
Thank you for the supportive feedback. It really does help. I like the suggestion of keeping track of how much we've paid off. On the plus side, we've been able to increase hubby's credit score by 80 points in the past year with paying things off & having corrections made on his credit report.
It can be overwhelming and stressful, but take a deep breath and take a step back. Look at the positives, your DH credit score went up by 80 points, that's great!
When we were in CC debt up to our eyeballs it helped me to take baby steps. First the goal was to get the total under $20k. Once we reached that, the goal was $15k, etc. It helped me stay positive and see that we will be debt free as long as we keep working on it.
We challenged our selves not to buy anything out. No $1 soda, no coffee stops in the morning. Nothing. Amazing how much we saved by just taking the extra few minutes in the morning to make a cup of coffee, and remember to grab a bottle of water on the way out.
You're doing great! 4 years will go by fast!
Yay for you!
I know it seems counter intuitive, but perhaps a long weekend away (via car) to "celebrate" an achieved debt paying goal would be nice for you to feel like progress is being made prior to the 4 years being up.
Like if you set a goal of being at $x in debt by December 15th, 2013, then you get to take a get-away in January or something.