25 answers

People Who Have Tackled Debt

We have 30k, yes 30k of credit card debt. Didnt even know it was that high until we added it up and I cried. We bought Dave Ramsey's "Total Money Makeover" book and are going to faithfully follow his steps and become debt free (except our house) in a year. The task is obviously daunting though, so I was looking for tips or words of encouragement from others who have dug themselves out of silmilar situations. We have 3 kids so it is going to be tough but I know we can do it... We don't "need" the credit cards and are not relying on them for anything essential, although we DID do that for a long period of time while we were both in school so that was a large chunk of the debt. Please spare me the lectures about how we lived beyond our means or you will get a big "no sh*t Sherlock" in return. Lol... Already know where we went wrong so now I just need the positive thoughts and experiences to facilitate the process of turning things around quickly. Thanks!!

Eta... Even after keeping both of our cars, the cable and the gardener, we will be able to commit 3000 a month to tackling the debt so it is definitely attainable.... Just have to cut out all the "fluff" (and obviously there is a lot!!)

1 mom found this helpful

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Featured Answers

Wow, then it sounds like it will be a piece of cake. So many people don't clear nearly 3000 per month to put towards their entire living. I only wish I had anything close to tackle my 50,000 worth of CC debt.

Just buckle down and do it. It sounds like you'd be just as well off to do it in 2 years and not even need to suffer.

3 moms found this helpful

Good luck! That's really all I have for you! My debt is student loans... will be paying them off probably until retirement age! Ugh!

3 moms found this helpful

It's definitely doable, especially with a partner! I didn't actually follow Dave Ramsey per se, but a friend who had read the books explained the basic plan and I pretty much stuck to that. I had about half as much debt as you (but I was a single parent) and managed to get it paid off in two and half years. The best part is that since I got used to living well within my means, I've been able to roll almost $20,000 in savings since the debts been paid off!

It feels SO good when that first card is paid off, so just stick with it.

2 moms found this helpful

More Answers

It took us about 15 months to pay off just about $40K in credit card debt....What did we do?

We cut up EVERY credit card (that was hard - because I loved to pull out my plastic!!)

We buckled down.
We made a list of expenditures - kept a log/journal of EVERY PENNY that any of us spent...gum balls, etc. for 60 days - maybe longer - this included our life, auto and home insurance, cable, electric, water, etc.

We cut up any and all credit cards - store cards, gas cards, AMEX, Discover, MC, Visa...all of them..
We set aside money each month for our savings account.

Any bonus my husband got was applied to the credit cards - we started with the lowest balance/highest interest rate...then just started tackling each and every one. On the higher ones - we talked to the credit card company and said "we need our interest rate lowered...if they wouldn't do that? we said - okay - close the card...what will you accept as a payment in full?" You will be surprised at what they will accept. Yeah - your credit MIGHT take a ding but if you aren't planning any big purchases - mortgage or a car - you won't need to worry about it...

YOU CAN DO IT!!! Will it be easy? Nope. Will it be worth it? YES!!!

DO NOT stop doing things - you can still do cheap date nights or family nights...you might find that you are a closer family because of changing this bad habit!! Make sure you have "fun" money. Whether it be $20 or $50 - since I don't know your income and expenditures...to PLAY...go to a movie, rent a movie, etc.

Another thing? Go through your house and declutter...have a yard sale - any of the proceeds go to the debt fund! Sell collectibles on ebay or craigslist...get more income in the door.

YOU GO GIRL!!

5 moms found this helpful

Hi A..

I am not proud at all to admit that in my younger adult years, I racked up about $26,000 of credit card debt... lots of bad choices, obviously... one $5000 cash withdrawal to a boyfriend to use as a downpayment on a car that he eventually defaulted on the payments and the car was repo'd. Nice, huh? I have no excuses for my stupidity of gargantuan proportions, other than exactly that, stupidity. But, I PAID IT ALL OFF. Myself.

It has been 10 years now since I started paying all that debt back... I was 28 when I started repaying it. I didn't know of Dave Ramsey at the time, but I used a debt consolidation company. I know now that there are good reasons not to go that route, but at the time, it was all I knew to do... that, or declare bankruptcy, which I was a signature away from, quite frankly. But with a last moment of clarity, I said no, and decided to go the debt consolidation route instead. It took me 4 years to pay it off, but it is one of my proudest accomplishments... paying it all off myself. I made the last payment just before my son was born, and what a WONDERFUL GIFT, to have that off my shoulders before he was born!

GOOD LUCK to you! YOU CAN DO THIS! And you will... I have faith! If I can do it, anyone can! In reality, one year goes by in a flash... and just keep your eyes on the prize. It's SOOOOO worth it!

5 moms found this helpful

No real advice, just wanted you to know you are not alone and I can relate!
We don't have ANY credit card debt but I did break my arm at the elbow REALLY BAD last January w/out being covered by any health insurance (only hubby and kids had it at the time) and I now have $58K, yes I said $58K worth of doctor bills!!! It sucks SO bad! I have no real way of EVER getting out from under this much debt, I will just be making small monthly payments until I DIE!

And I still have wires and pins that NEED to come out but I can NOT afford any more Dr. visits let alone procedures :(

Ugh! It gives me a stomach ache every time I think about it!

4 moms found this helpful

Well, I don't know your income or your expenses, but am assuming your projection of one year is attainable for you to commit to it.
Follow what Dave says. We're debt free including our house.
It CAN be done.
(Cut up those credit cards TODAY!)

4 moms found this helpful

Well gee A., what is a WANT and what is a NEED here? I mean PUHLEEZE, you should KNOW better ...... a plague on BOTH your houses ..... (I am being a total smartass here - I say these things totally in jest)

Seriously, I give you total props for tackling the debt issue. We have two small children and for a long while, were trying to get by on one income. It's tough. Your situation was tough as well. Kudos for furthering both your educations.

Since I am in your same boat, I don't know that I have any sparkling wisdom to share with you. I do, however, send you many, many props for doing what you're doing.

E.

4 moms found this helpful

good luck! we are starting Financial Peace University next week.

it's scary.

and empowering and exciting.

and i'm proud that we're doing it.

we're doing the class through our church, so it's only $100, instead of $200. you get to keep the tools and retake the class as many times as you want/need for free once you buy them. i would encourage you to look into it. many banks and places of employment are doing it as well.

good luck to both of us!

4 moms found this helpful

Wow, then it sounds like it will be a piece of cake. So many people don't clear nearly 3000 per month to put towards their entire living. I only wish I had anything close to tackle my 50,000 worth of CC debt.

Just buckle down and do it. It sounds like you'd be just as well off to do it in 2 years and not even need to suffer.

3 moms found this helpful

Good luck! That's really all I have for you! My debt is student loans... will be paying them off probably until retirement age! Ugh!

3 moms found this helpful

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