Husbands Debt

There are financial counselors that you can google in your area and they help you with budgets. bill payments, etc. Check out Dave Ramsey he is fantastic and has a good track record of getting people out of debt. His websites can also refer you to financial counselors. Good luck

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Don't fall for a debt consolidation!
Pick up a used Dave Ramsay book (Total money Makeover or Financial Peace, doesn't matter which) or get one of the two from your library and start the debt snowball immediately AFTER cutting up any & all credit cards today!
It can & will work for you.

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School debt is the only debt that cannopt be cleared though bankruptsy.

You've heard others recommend Dave Ramsey. If you are in a quandry as to where to start, you can read his books. Mamapedia has had multiple questions on how to reduce spending. You can look them up and read the responces. I look at the highest interest rate and the smallest balance and pay that off first. It "feels good" to see a debt fall off your list.

CNBC had a special on grocery stores and supermarkets. They said the average family of four spends $100 per week on groceries. That's $25 per week per person. That includes such things like toilet paper, cleaning supplies and dog food.

You are welcome to e-mail with specific questions or if you want more help.

Good luck to you and yours.

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there are but those debt/credit solution places are worse then credit cards. They will take you to town with interest rates its horrible DONT do it. Usually the financial advisors are a better way to go. Most banks have one or can recommend one. Investment companies have them too. They cost but its usually a one time fee, unless you have them take over your bill paying. That is normally not needed if you can get a solution and stick to it. When i met my first husband, I was not ever aware of his financial status. He always seemed fine and nothing wrong. TILL I married him. We dated over a year. When I married him, I realized every cent he made went into paying bills and debt that he carried from his younger years. I had to clean out my savings to pay of car, school, and credit card debt JUST to be able to start looking for houses. Which I had to cash all my bonds in for the down payment because he had SUCH bad credit, and the house had to go in my name. We didnt have a pot to pee in after I was done with his debt issues. Needless to say after 7 years of marriage he never learned, and combine that with ADHD, unfaithfulness, and a generally all around bad attitude, we are no longer married. However my credit, my name and my wallet took the biggest hits.

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We had a tax situation from a corrupt band accountant in my husband's past blow up out of control. Our balance was quadruple what he brought home for the years in question (or any year), and the IRS was not budging. Nor would the accoutant admit wrong doing or amend. Suing or auditing accountant would have been $30,000 we wouldnt' win-we were advised.

Meanwhile, as a result, for the first time in our lives, over the next two years we maxed out a credit card on tax attorneys and living expenses during massive IRS OIC payments, and eventually other credit cards started rising since we had medical debt payments etc too-AKA: NIGHTMARE!

Our personal budgeting and shopping was never the problem, and we couldn't cut our personal expenses any further. ANYWAY, eventually, through one of the cards, we were passed to GreenPath debt consolidating solutions and they were AMAZING.

The card we maxed out on attorney's payment alone was up to $900/month. GreenPath merged ALL of our cards (you have to close them but we didn't mind-you can opt to keep one or two for emergencies with small balances if you wish) Suddenly, our ENTIRE monthly payment for ALL cards was less than $400 per month. Greenpath's fee was one monthly payment up front, and then $10/month included in the $400 already.

We were finally able to live like humans and pay down medical debt (three out of pocket child births) with that reasonable payment. Greenpath didn't cover our medical debt, we had to pay that ourselves, but with our credit card debt more manageable, we were able to. Also, they are extremely, friendly, respectful and helpful, which is a breath of fresh air when the whole world wants your head on a stake!

I don't know if they can help you with his actual loans, but but maybe, and they could steer you in the right direction and help you with any periphery debt. They are able to wield power of negotiating payments that you as a private citizen cannot. If you call them, for free, a rep will walk you through your entire financial situation and advise you. You do have to be willing to get real, quit spending and give up the cards though!

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I don;t have any advise but I can empathize. My husband had $40,000 worth of credit debt(cards, car loans ect) we ended up filing bankruptcy, and I had to go on it with him because there was no way we were going to be able to pay the monthly payments and the payments on my car loan (the only debt I had which I was always on time with) as well.

P., the worst thing you can do is stop paying the student loans. This is one thing that you can't get out of paying.

As long as you call them and TALK to them about your circumstances, they will work with you within the guidelines and rules to help you. If you DON'T talk to them and stop paying, the rules dictate that they DON'T work with you, and they will stop at NOTHING to get their money.

They will renegotitate - you'll still pay the school bills, but it will just take longer. CALL them.

Good luck,
D.

dave ramsey has my vote too. dont let it take over your marriage its only money. good luck.

Sorry to hear about your hubby's debts. I was told that once you marry, you marry the debt as well. I felt like that about my hubby's credit card debt. Anyway, I, too am not innocent. Following college I had a large credit card debt. I was able to consolidate through American Credit Counseling Service
http://accs.org/ a LEGIT organization that worked with my credit card companies to lower my interest and work out a payment plan that they doled out on my behalf. I basically sent a check to ACCS and they made the payments for me. IN turn, I gave up my plastic. IT was a sacrifice but worth it. I wish you luck. Just be careful for predatory companies that promise you debt management but keep the money for themselves.

Updated

Sorry to hear about your hubby's debts. I was told that once you marry, you marry the debt as well. I felt like that about my hubby's credit card debt. Anyway, I, too am not innocent. Following college I had a large credit card debt. I was able to consolidate through American Credit Counseling Service
http://accs.org/ a LEGIT organization that worked with my credit card companies to lower my interest and work out a payment plan that they doled out on my behalf. I basically sent a check to ACCS and they made the payments for me. IN turn, I gave up my plastic. IT was a sacrifice but worth it. I wish you luck. Just be careful for predatory companies that promise you debt management but keep the money for themselves.

You need to be the one starting the ball rolling on getting this under control. The best thing to do in my experience is to be transparent with your creditor. Let them know what you are able to pay honestly based on your income and other household expenses. You must pay them consistently in timing and in payment amount. Many companies you would work with aren't going to do any better than you doing this for yourself and will charge you for thier services. Keep track of your payments and watch with consistency how the balance comes down and things get better. Consistency and transparency are key.