We were very finanically irresponsible when starting out in our marriage. For a good 3 years we charged away, like fiends. We have about $35,000 in credit card debt. That makes me absolutely sick to my stomach to write.

We have been trying for the last several years to get out of debt. We have *really* cracked down in the last 6 months, and I can honestly say that for once our balance has actually not gone up or even remained the same, we have been knocking it down. Then Christmas came and I was not prepared, and we had to incur some new credit card debt. (See how I said 'had to'. yeah, like someone was holding a gun to my head.) I hate that we did that, and now I feel like we are starting over again. I hate the set-backs, and they always seem to come!

I consider myself very frugal. My husband is even more frugal. We don't make stupid finanical decisions (NOW). I know I could be even more frugal, which is what I am working on. It just sucks that there aren't a ton of changes that can be made to make more money available to pay it down. We are not behind in payments, nor have we ever missed them, so we don't believe bankruptcy is an option. However it is so frustrating that it may potentionally take forever for us to get out of this hole.


I am excited to become part of this board, and the other ones that have to do with spending less.... I can always use encouragment. Before reading this I thought I was extremely frugal, but I am finding ways that I can be even more so. (I bet none of my friends thought that I could be though... I am a running joke with how I save money on things. haha)


Is there anyone else that keeps plugging away and sometimes feel like they're just treading water???

I could use some support for others in this situation.

__________________

Carrie
SAHM Momma to 2 sweet boys and a baby princess

__________________
Stephanie

Over the past year, our balances have crept uncomfortably high. My goal this year is to pay them down. We have 4 credit cards: Visa, Discover, Mastercard and Lowes. I am going to start with the lowest balance card and pay that off, then add that amount to the next one, and so on. I don't expect that it can be all gone this year. I will be extremely happy if we have everything except the Visa paid off. That one is waaaay tooo high.

__________________
~Happiness is a large family~

im right there also. I was very irrisponsible in my early years...
now, i have paid off my CC, i just have 1 with $450 to pay off, but i have my car loan of $7000 and my student loan of $14000
that still is very stressfull, it will take me years to pay off, and to know that, makes me very stressed, i wish i new ways to be even more frugal, so i could pay off more!!!
any tips, please tell

__________________
***VIEW MY BLOG***
Thanks,
Bestmommysaver!

We have car loans and student loans but are finally getting to the end of our CC debt, thank heavens. We had a # that was probably close to yours, as we were charging groceries and rent and using our cash to pay for DS1's medical issues. We didn't have a lot of guidance and made a ton of mistakes.

It is a sickening feeling, I know what you mean. But as we are coming to the end of this particular tunnel , I would suggest to you that you just have to get over the shame and disgust you feel and accept that you screwed up. It's no sense to beat yourself up over something that's already done. Focus on the positive of what you can do to bring down your debt.

That said, stop using your cards entirely. If you can't pay for something from your normal income, then don't buy it. No matter what. A CC is not an emergency fund. You can do it and trust me, you are not alone. Hang in there

THAT'S what you need to focus on. How GOOD it feels to be making progress. It took awhile to get into debt, it will take longer to get out. Kudos for your continued success!!! I'm sure there are a lot of women on our board who will be motivated by hearing what you've gone through.

__________________
"Ordinary riches can be stolen: real riches cannot. In your sould are infinitely precious things that cannot be taken away from you." -- Oscar Wilde

Visit my Forget the Joneses blog - new entries added recently
Check out the Mommysavers Group on Facebook
My frugal tips are on YouTube
I've been posting frugal tips in the Mommysavers Photo Gallery

Yes I doo have CC Debt and am really trying to get it under control before we go higher. Would love, love love to be without the car loans and the student loans. We were not planing on a car loan but totaled my car right before I quit my job to Stay home so hello CC Debt. So The goal is to pay them off. I know I need to but don't really want to stop using them because we use our CC Rewards still I want to get to the zero balence stage at the end of every month.

__________________
Kimberly Proud Mommy to Bethany Rose April 2006

I agree with the other comments... focus on right now, what's done is done! One month at a time - small baby steps. You can do it!!! Try not to focus on the total amount, maybe focus on one card balance at a time!

the hardest part for us was to realize how much we were wasting every month out of laziness and habits. We were constantly eating out and wasting 5-600 a month! We decided it had to stop! It's funny b/c it was a habit that we had done for so long that we never thought about it! We don't miss it, and have a alot more family time. The kids love to help cook pizzas, muffins, salads, etc!!

Beginning of 2007 I had $19K in credit card debit, now I have about $5K. It will all be gone in March 2008.

I was stupid, used credit cards for paying expenses, taking out cash advances to make other bills... that never works robbing Peter to pay Paul, but alas.

It's do-able just focus, and celebrate the small victories.

Good luck

Yes. Hubby and I are an older couple and we used to be debt-free. A few years ago we had a series of major family crisises, major medical bills and then rescued a young family member from her abusive bio-parents. We have now adopted her. It was a very rough few years and we used credit card conscious of the consequences. However, all that happened was very important and we wouldn't have missed the opportunities that using our credit afforded us. Now that life has settled down, it is time to pay off the debt. We're improving our cash flow and working harder.

Life happens.

Step #1 - Write down every financial transaction. Figure out where you money is going.

Step #2 - Write down every debt and note the interest rate. Attack the highest interest rate item first. Note: I sometimes like to pay off the debt that is a low amount and can be erased quickly because I like the 'early win'. After that, pay off the highest interest rate item first.

Step #3 - SAVE! As a matter of fact, build up an emergency fund BEFORE you attack the debt. Unless you have an emergency fund and have a consistent habit of saving money FIRST, you will just go back to using the credit cards again (like with Christmas).

__________________
"Poor people work for their money. Rich people make their money work for them."