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Debt Discussions about debt and how to deal with debt.

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  #1  
Old 07-24-2015, 01:03 PM
dss dss is offline
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Join Date: Jul 2015
Posts: 5
Default Please Help Me

I am a proud person. I don't ask for help. I don't like the feeling of adding a burden onto someone else's shoulders because I can't do something.

Pride can't help me in my situation. I need help from someone else but can't afford to go to a financial advisor / accountant type deal in town.

There's a lot I can't afford.

I've got approximately

-A student load debt of $70,000 @ ~ $734.00/mo.
-A mortgage of approx. $128,000 @ ~ $736.00/mo
-A vehicle loan of approx. $8,200 @ ~ $275.00/mo.
-Credit Card debt approx. $12,000 @ ~ $(have to check will update later)/mo

-Daycare for one child @ $400.00/mo (which is cheapest we could find around here)

I've cancelled our dish network so that payment is gone. We haven't been out to eat in at least two months and we don't eat fast food. I usually do not eat lunch at work unless I manage to grab a container of leftovers from time to time. I drive a used car (paid off) that I fix myself when needed and have never in my life paid a mechanic to work on a vehicle. (I don't know how people can afford to do that)...

I've been selling some things to be able to sign my daughter and son up for soccer and purchase their uniforms so it wasn't out of pocket. I've not been able to put anything back in savings at all. I want to have an emergency fund (right now only about $500 in a savings account). I want to be able to try and help my kids through college a little. At some point in my life I'd like to be able to retire.

I bring home $1,100.00 every two weeks after insurance/tax/etc. My wife brings home $ 580.00 every two weeks after taxes/etc.

Electric - We stopped running A/C conserving as much as possible
Car Insurance
Water
Sewer
Trash
Cell Phones
Home DSL Service - Cheapest Plan I can get in my area
Natural Gas - We conserve as much as possible
Gasoline for Cars - Only needed for work and light running around

If you can help with any advise at all I would greatly appreciate it!
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  #2  
Old 07-25-2015, 09:58 AM
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DavidBibby DavidBibby is offline
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Location: Palm Bay, FL
Posts: 415
Default Re: Please Help Me

dss,

You are definitely not alone. So many people struggle with debt it's not funny. Also... digging your way out of debt doesn't feel pleasant (or more people would actually DO it.)

You'd like to be able to do everything (Enrich your children's live now, pay for college, retire) and you just don't see how that's possible given your present situation.

I've been there.. my wife and I struggled with debt all throughout our 20's, we had 6 credit cards, a car loan, a bank line of credit, an installment loan, and a mortgage. We also had two young girls at the time (today they are 12 and 14).

It took us about 5 years just to get to the point where we only had the mortgage left, which we are still working on today.

I will be glad to help you right here, in this forum. There's no charge at all for help here. We can talk in this thread in open public, which could benefit those reading... or you can send me a private message and I'll work with you each step behind the scenes.

Specifically, I will help you create a plan for yourself that will destroy your debts one at a time, ending with the mortgage. It's not a quick process.. but it is the RIGHT process that will ensure that you never get into debt again.
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  #3  
Old 07-27-2015, 04:09 PM
dss dss is offline
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Join Date: Jul 2015
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Default Re: Please Help Me

Thank you so much. Anything you can do to help us would be greatly appreciated. Just let me know what you need to know... I'm an open book at this point if it will help get us out of this hole...
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  #4  
Old 07-29-2015, 02:13 PM
dss dss is offline
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Join Date: Jul 2015
Posts: 5
Default Re: Please Help Me

David,

Thank you for offering your help. I replied in the thread and tried to send you a PM, but I guess site rules will not let you send a PM unless you've got a post count above 15. Anyway, I just wanted to say thank you and to ask what additional information you will need to help us out. I imagine we are looking at a complete lifestyle change to do this, but I need to make it happen to try and make our future look a little brighter. I have limited internet access throughout the day so I will get any information you need to you as quickly as I can.

Thanks,

D
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  #5  
Old 08-19-2015, 12:02 PM
dss dss is offline
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Join Date: Jul 2015
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Default Re: Please Help Me

David,

I can't seem to get a hold of anyone to try and manage the PM situation unless I keep posting randomly to get up to that 15 number. Let me know what I can do.

Thanks

D
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  #6  
Old 09-01-2015, 09:43 AM
dss dss is offline
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Join Date: Jul 2015
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Default Re: Please Help Me

...can't get a hold of anyone... I thought things were looking bright after seeing david's response to my original post, but since then no one has responded or pm'd me....i don't know what to do....
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  #7  
Old 12-01-2015, 04:24 AM
marathonboats marathonboats is offline
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Join Date: Dec 2015
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Default Re: Please Help Me

I agree that You are definitely not alone. So many people struggle with debt it's not funny
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  #8  
Old 02-18-2016, 06:39 PM
Here2help Here2help is offline
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Join Date: Feb 2016
Posts: 21
Default Re: Please Help Me

Dss,

I think that what you've done so far is a very good start. You need to figure out two things:
1) How much money you have coming in
2) How much is going out (itemize all expenses)

After that, I would look to see what you can cut out. Call your credit card(s) to see if you can get your interest rate or payments lowered. Most of the time they're willing to do that. From there you can look at some sort of debt consolidation. There is a few ways to go about it. Assuming that you have ok credit, you can talk to a banker to see what options that you have available to you. The goal is to put some of the outstanding debts together to lower your overall payment. The goal is to get all of your expenses down to the point that you are making more than paying out. From there you take your monthly excess to help pay down your debts.
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  #9  
Old 03-03-2016, 08:45 PM
thelege thelege is offline
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Join Date: Mar 2016
Location: USA
Posts: 21
Default Re: Please Help Me

I agree with the people that recommend calling your credit card companies. A lot of card companies will offer you a new card with a 0% interest rate for a year or so, on transfers. If you do it right, you can move your money around and end up not having any interest for at least a year.
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  #10  
Old 04-14-2016, 12:01 AM
micvanlen micvanlen is offline
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Join Date: Apr 2016
Posts: 16
Default Re: Please Help Me

Your listed costs are ~$2100/month. Your income is ~$3360/month. That leaves you with $1260/month of discretionary spending, which works out to ~$315/week for food utilities, fun, etc. My suggestion is to itemize your discretionary spend and but a budget against it. Get some jars and label each one based on your list, then put cash based on your budget into each jar. This will help you stay on budget by giving you visibility into your cash flow. Good luck
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Old 05-04-2016, 12:37 PM
infsllp infsllp is offline
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