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debt problems

beany02beany02 member
in Babies: 6 - 9 Months

This is mostly just a vent about a stressful situation. Over the years, DH and I have accumulated about $15,000 in credit card debt. It's not due to shopping sprees or extremely irresponsible spending (maybe just kinda irresponsible.....), its just seemed to grow slowly and we had some bad luck, and now its pretty overwhelming. We are never late with our payments, but since there is so much we cant seem to make more than the minimum payments on each card. We actually had a budget spreadsheet and a plan to pay it all off before LO was born in May....but then DH lost his job and we had to spend our emergency fund and run our cards back up. sigh. so now he has a good job again and i am working about 20 hours a week, so we are making progress towards paying it down, but not fast enough. SO MUCH of our money is going towards debt!! but there is a light at the end of the tunnel. I quit my full time job after LO was born and started working part time, and i have an employee stock account from my old job that will cash out sometime this summer. There is enough in it to pay off ALL of our debt, and have enough left over for a downpayment on a house. So now we are just counting down the days until I get that check in the mail, so we can rid ourselves of this debt and create a nice home for our family (we are currently in an apartment). But until then we are so broke!

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Re: debt problems

  • schup156schup156 member
    I can relate.  While our credit card debt isn't as high, it's way higher than I'd like it to be (in a perfect world it'd be zero!).  We are the same way, no crazy irresponsible spending, but it seems like each time we decided on a small splurge something would happen (truck breaks down, battery dies on car, furnace stops working, etc.), so little by little it all adds up.  We've been working really hard on paying it down and cutting out all uneeded expenses but it gets really frustrating feeling like we're living paycheck to paycheck and just paying off all of our debt.  (Finally paid the last hospital bill from LO's delivery).  We're starting to see the light, but for us having this debt is out of the norm and it really drags us down.  It will be such a huge weight to have it gone!  Good luck to you, and know you're not alone.
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  • beany02beany02 member
    thanks, good luck to you too! it will be such a relief to have it gone. i've definitely learned my lesson and from now on we will focus more on saving for what we want ahead of time, rather than using credit to buy it.
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  • SpartanRNSpartanRN member
    We're in the same boat due to student loans. We also had just paid off 2 credit cards and some furniture and we were snowballing that money into my husbands credit card and then once that was paid off we were going to pay more on our vehicles to pay them off faster. Of course soon after we paid those cards and furniture off our dog needed a spinal surgery, so we had to finance that with care credit, and it was pretty much exactly the amount we had just paid off,putting us back at square one. It's so frustrating. We haven't started saving for LO's college yet, and I feel terrible about that, but we can only do so much right now. Hoping that there are no more emergencies that come up so we can finally get this debt paid off. If it weren't for student loans though, we be living much more comfortably!
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  • beany02beany02 member
    Yes I am well aware of the taxes and fees. But i am not allowed to hold stock in the company anymore since I no longer work there, so I must cash out. I could possibly roll it over, but if I cash out we can purchase a home and eliminate our debt. Worth it to me
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