We currently have around 12,000- 13,000 in cc debt. This happened for several reasons. Not all of which could be helped. In the past several months our balance has risen by 3,000. My husband left his job for one that was supposed to be really great. The company had been bought out by a larger corporation several months earlier. Everyone thought things were going to be fine. Until corporate called to say they were not making any money and they were shutting the company down. Brian tried his hand at sales but found that he is just not cut out for it. He simply can not talk people into spending so much money on something they really don't need or can afford. So that left us with little monthly income. We were using credit cards to pay utilities and food. This is why I agree so much with the post about having an emergency fund. It does not matter how much you pay down if you have something come up and need the money.

I ended up getting kind of off track there. Our goal is also to pay off lowest card first and then work our way up. Brian is getting a reg job so that should help. I am a full time college student at night and a full time stay at home mom and babysitter during the day. So there is little I can do to make extra money right now. I do keep telling myself that as long as we keep working at it, things will get better. The Lord never gives us a bill that He doesn't also give us a way to pay for it.

Keep your chin up and think of some creative ways to save. Even if it is only $10 per month it will all help. Good luck to you!

Danielle

You are definitely not alone. We had some credit card debt early in our marriage. When Dh went back to college our income decreased dramatically. We tried to make it (I even donated plasma to buy groceries for acouple months) then we just decided to charge it. So towards the end of the month when cash was low we had to charge groceries and gas. We are working on digging ourselves out of the hole we are in. We have around $35,000 as well.

Its really hard for me to admit to my debt too. I have about $20,000 that needs to be paid off, most of which is cc debt. However, we managed to knock off about 7k from last year at this time (when I began tracking). So, slowly we are working our way out and should have a loan from MIL paid off by this summer. Baby steps!

Much of this debt didn't come from frivolous spending (but early in our marraige it certainly was). The biggest hit for us recently was a furnace that went out. We were/are totally unprepared for those sorts of emergencies. I'll be working on that this year as well hopefully with an emergency fund.

It's a little difficult to see that light at the end of the tunnel. But I know we're making progress and that's what counts.

You are not alone. We too have tons of debt, and not from buying things for the heck of it either. As someone else said, Life happens. You need to pay for things. Sometimes the cash isnt there. Yes its nice to say have an emergency fund, but let me tell you, with the cost of electricity, gas, oil and food, you have to have A LOT of money in that fund. DH was out on workers comp for 5 months, he was getting a check every week (less than he normally would have) and we used up our entire "emergency fund" to pay for what his checks couldnt cover. Yes, if we didnt have the debt it wouldnt have been bad. But therein lies the catch 22. You dont have the cash so you charge, then you have to pay the cc every month, leaving you with no cash, so you charge again. We too are in the hole for about what you are. Its sad but true. Life happens! Just know you are NOT alone and dont let anyone let you feel bad about it.

The great thing about this site is that it takes you full circle from being in debt. all the way to what to do when you do have some extra cash flow.

There are tons and tons of great tips here. Check the spending less saving more forums as well as money matters and money saving tips on a regular basis. I am sure you will find some ideas that will work for you and your family.

It should make you feel frustrated and mad to have to pay your debt. down, and it shouldn't be easy. Otherwise, you might just make the same mistakes again. Use the feelings of frustration as a learning tool so you don't EVER get into the hole you are in again.

We were debt free for a while when we sold our other house to buy our current one we took some of the money and paid everything off. Well here we are again in debt...we have about 9,500 in cc and probably like 750 in misc bills.

I am so digusted with ourselves for doing this again. My goal is to not charge!!!!! And stop robbing peter to pay paul

Thank you girls, so much! This was so encouraging to read. Not that I'm happy any of you are in the same boat I am, but am so grateful for the encouragement I have received from you! I love this forum! :D

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Carrie
SAHM Momma to 2 sweet boys and a baby princess

Try calling your credit card companies and asking them to work with you and maybe reduce the interest rate. Some will do that if you are a long time customer in good standing. I was helping my sil with her credit cards. She called her companies and asked if there is anyway they could lower her rates. Some said no way, but a couple worked with her.
Never hurts to try.

We had a decent amount of cc early in our marriage; maybe $5,000, but that was alot for us because hubby wasn't at a top dollar salary yet and I was home with a baby. Some months I would borrow from Peter to pay Paul. Most of the cc debt was due to poor management and also the "I-wants."

As hard as it was to not buy what I wanted, now it is just as hard for me to charge a want. I have worked hard to change my mindset and now look at credit cards as an evil. I know life happens and sometimes (especially if there's no emergency fund) you need to charge to live/pay bills.

But, my biggest lesson was to say NO to any purchases except necessities for a long time in order to build up my emergency fund to $10,000. Now, emergencies can be taken care of and the money is replaced as soon as possible; plus I don't have to charge those emergencies.

To those still diligently working to pay them off: "You can do it!" Maybe read Dave Ramsey's books if you haven't already. They've really helped to change my money mentality.

I only have about $2500 or so, which is manageable (no new credit card debt for 2008!) but I have over $25k in school loans!

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Carly
SAHM to:
DS Levi (9)
DD Abbey (7)