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Parenting after 35
NewMrs07
member
Total Money Makeover (NBR)
NewMrs07
member
I read this book a couple years ago, and also Dave Ramsey's Financial Peace and David Bach's Smart Couples Finish Rich. For a while, before we had LO, we were making good money with both DH and my salaries, but then I got laid off. Then we had LO... then DH got laid off. Long story short, we WERE making good progress paying off our large cc debt (due to a failed business) but had to put things on hold.
Now I'm motivated again to start killing that debt again. It's going to be much harder now until I find a part-time job since we only have DH's income. To give you an idea, we pay $713 a month in minimum payments to credit cards... yikes! We want to start the debt snowball again... wish us luck! I am so tired of this burden, I feel like we have a huge monkey on my back and it's affecting my sleep. I can't wait to be rid of this sh!t. Part of me wants to stop paying and do bankruptcy but after doing a bunch of reading, it seems like that will be worse in the long run.
Anyway, just wanted to share this with you. I really want to be free of debt so we can start building a good life for Adrian. Did you know that 80% of college students graduate with cc debt before they even have a job? That's just insane. Death to credit cards!!!!!!
Me: 44 DH: 42.
DS born healthy at 40 weeks 8/24/09.
TTC since then with no luck or ART.
Surprise BFP 8/6/14... MMC @ 8 weeks 4 days... Miss you everyday sweet baby angel.
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Re: Total Money Makeover (NBR)
My credit card debt is similar to yours but thus far I have no light at the end of the tunnel. I need a new job first. And next June, once my car is paid off, we'll have extra money to put to the debt.
Unless something catastrophic happens. And with my track record of late, I'm anxious.
Bronx Zoo: Summer 2013
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I don't think we'll make much progress until I find a PT job, but my motivation is back. I'm going to start scrutinizing every price tag in every store and keeping all receipts. I did that before the baby was born and it was shocking to see how much money I would spend on little stuff.
And one of our car leases is up in October. Unless I find good income, we'll need to get rid of it and live with just one car. It's going to suck but that's the only way we'll be able to make any progress, however small. Also, DH's bonus next year will have to be used to pay down some debt. Otherwise, this thing is just going to drag forever. It's been 6 years already! Last year we paid over $800 interest on just one card... insane!!!!!
Death to credit cards (and car payments) is right! I have not read Ramsey's books but I do watch his show and he makes a lot of sense.
You are smart to eat away at that debt. Keep up the good work.
Big - 1 year old
Bigger - 6 years old
Biggest - 13 years old
My Blog
Congrats! It's definitely easier without a LO, but it is what it is... better late than never! At least we don't have anymore student loans, I paid off mine in 10 years, seemed like forever.
Getting the credit cards under control feels so good!! Keep at it!
When he graduated from med school DH got a copy of this book from the lady who manages of the student loan stuff. We spent all of the first year after graduation getting our debt worked out. This translates into:credit cards paid off and his interview debt went to a private loan (yep - that's $15,000 dollars at 10%. Interviews for internship and residency were expensive...). This is not counting our student loans - in total almost $200,000 between us. Ugh. I get sick when I think of it.
DD -- 5YO
DS -- 3YO