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So how deep in debt is this?

March 23rd, 2006 at 07:49 am

I've gotten to the point where I'm thinking and scheming every day to figure out how to get ourselves out of credit card debt and pay off my student loans. We're so far behind it's ridiculous! To date we have paid off the two lowest balanced credit cards just to get them out of the way. Now I have to work on the "biguns" to get their collections people to quit calling me day and night.

Today I took care of my student loans, applied for a forbearance and a payment lowering plan for the time being so I can stay in the good graces of Sallie Mae and company. I also pulled all three of my credit reports today and took a look at what those missed payments on my credit cards are doing to my credit. Needless to say, I'm not happy about that at all. I also found an account that is not mine on one of my reports and disputed it! The last thing I did was apply for a loan to consolidate all our remaining credit card debt to a lower interest rate. I'm hoping even with the state of my credit reports, I'll be approved so I can get rid of these pesky credit cards for good.

The only thing left will be to figure out how to get my property taxes paid. We were hoping for the tax return money for that but the IRS had other ideas for our money. This one I'm still working on.

I still haven't mastered the art of NOT spending money but I'm working on it. I always seem to find things we need though. Of course, yesterday I went to Half Price Books with two boxes of books and got $20 out it, not as much as I hoped, but good enough I guess. I also have a CD for sale out on Ebay, seller ID midlight21 if you want to check it out.

11 Responses to “So how deep in debt is this?”

  1. kristina moffitt Says:

    If you live in the states, and they are calling you every day, one of your protections by the feds is to request that they only contact you via writing. That will stop the calls. Tell them the next time they call that if their company calls in the future it will be in violation of consumers rights and if they need to get in contact with you to send a letter. Also they can only call you between 8 am and 9 pm. make sure they do not call any other time or they are also in violation then. Send them a letter to request that they only contact you via mail. David Bach has sample letter in his books. Check them out.

  2. Ima saver Says:

    Hang in there, I am sure you can do it!!

  3. flash Says:

    Wow! Have you stopped to look at how much you HAVE ACCOMPLISHED in just today! Pretty impressive. Most people would have a melt down doing two of the things you've listed.

    It's hard. I know. But you are taking the right steps.

    Take a breath!

    Now, I'm going to challenge one things you said: "I still haven't mastered the art of NOT spending money but I'm working on it."

    Hon, you will ALWAYS be spending money, just like you will ALWAYS be eating food. But, like any good diet, you change to healthier foods, cut back on the treats, don't use food/money as a reward. Don't get so obsessed and restrictive that you will have a breaking point and binge! Seriously, if it helps, think of your budget as your calorie plan for the day. Here is how much you have. Here is what you have to "eat", and if you pig out on one thing, here are the things you won't be able to eat/have, like bread and water, or power...

    If you can, try to turn SAVING into it's own reward. First you need to get there.

    One of the things I'm working on is to stop SAVING and focus on stop spending, which is more difficult. It's easier to say I saved 75% at the grocery store (and spent HOW MUCH?) than to say I saved NOTHING by not shopping. So, I'm going to give myself a weekly budget and reward myself for not using it. Not sure how yet.

    Now here, I've blogged all over your blog! Apologies. Hope something in there is of help. I'm rooting for ya!

  4. jeffrey Says:

    Welcome. In addition, taking the step to record what your doing can be a great help - one of the reasons we started these journals in the first place. You'll be able to look back over it and see the steps you have taken and record your thoughts as you tackle it. it does help and there are people with you reading rooting for you the whole way.

  5. Hello admin, nice site you have! Says:

    Hello admin, nice site you have!

  6. alex Says:

    hey, i feel your pain. i have no idea how i can get out of my situation and what stinks is that i don't even have that much debt or in collections but no one is willing to give me a loan to consolidate my debt so i am about to totally hurt myself because i can no longer pay off yet another big monthly loan amount. plus, it seems like whenever things start looking good then BAM something happens and you have to spend for that.
    listen, it will just take time. a long time but you'll get there. record everything. make copies of all letters you send to creditors and the credit reporting bureau's. one thing a friend did was pick who she would pay back this month (or whatever) and she would call them and propose a write off amount and it worked!
    my sister picked up every shift she could get at the restaurant she works at and did double duty as a hostess and a server but she only has student loans to pay.
    anyway, keep a log and keep on top of it. and i love what kristina wrote. she is right. they also can't call you 10 times a day. at a certain point it constitues harrassment. they also can not threaten you like if they demand you pay your account in full TODAY and you say i can't but i can pay you blah blah and they say well, if you don't we will then take this to court. at least in VA they can not do that.

  7. alex Says:

    not to mention, i just turned 29. is my financial life really over at my age?? i even work for a bank and they said it doesn't matter i work for them - still no loan, no refinancing, sorry.

  8. Agnes Says:

    The point is that we live in a capitalized world where there are two main powers: fear and consumption, well, and there is another one, a hybrid, fear of consumption as well. This third type appears in situations like yours, but you have to restrain only one of them. I have to admit that when it comes of books I can hardly restrain myself.
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