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Do you ever feel as though your debt is insurmountable?

We have come across some rough times and thankfully we had some credit lines to fall back on or who knows what would have happened. NO...I am NOT saying that using credit is the right way...but I feel grateful that we had it available to us. I know that families should have savings set aside, but realistically speaking, that is not the case for most of the families in the US today. Paycheck to paycheck...and even that is a stretch...

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Anonymous

Asked by Anonymous at 11:52 PM on Dec. 22, 2010 in Money & Work

Answers (11)
  • Yep I feel the same.
    ready4baby2011

    Answer by ready4baby2011 at 11:56 PM on Dec. 22, 2010

  • I've been buried under debt before, and when I paid it off, I felt this physical weight lifted off my shoulders. It was HUGE!! I'm so glad we don't have any debt except my student loan at this point. I swore I'd never do it to myself again. It's been 6 years, and so far, I've made it work. We have one credit card that we pay off each month, and that's it.
    musicpisces

    Answer by musicpisces at 11:57 PM on Dec. 22, 2010

  • I'm so far in debt I'll probably never see the light of day again
    ROFLMAO

    Answer by ROFLMAO at 11:58 PM on Dec. 22, 2010

  • I can see the light, but by no means living large.
    dancinintherain

    Answer by dancinintherain at 12:01 AM on Dec. 23, 2010

  • We have been using credit cards & it has been hell. I feel that we only pay the finance charge! It is awful!
    NicolesMommy

    Answer by NicolesMommy at 2:36 AM on Dec. 23, 2010

  • Umm nope. I did two years ago. We were about $20,000 in debt- mostly student loan debt.
    Then we read Dave Ramsey's book Total Money Makeover. Our income didn't change but our attitude did. We got on a written budget, cut up the credit cards, and stopped eating out.

    Now we've just got $2230 left to pay off. We should be done by the end of February. It's amazing what having a plan for your finances can do. I understand the pay check to pay check thing, and tough times, so maybe it's time to try something new...
    Erica_Smerica

    Answer by Erica_Smerica at 4:34 AM on Dec. 23, 2010

  • Yep. We're actually working on filing a bankruptcy becuase we just can't get out of the hole and it gets larger I swear every time I blink. A few weeks ago I got a letter from a collector who's wanting to send someone to my house toa ssess my belongings and proceed to sell of my property. If I loose everything we have the state takes my kids away and my life gets fucked all over agian there, so we admitted it's time.
    BUT We know what we did wrong and we're really changing how we spend and behave with our money. We just need to get on top of it more than i'ts on top of us and I think we'll be pretty golden.
    Anonymous

    Answer by Anonymous at 5:37 AM on Dec. 23, 2010

  • My debt is gone and my savings is built.
    Candi1024

    Answer by Candi1024 at 10:16 AM on Dec. 23, 2010

  • I did feel that way! DH lost his job, 1 1/2 yrs later, nothing but odd jobs. Never lived beyond our means, but losing an income was devastating to us, because just a few mths prior to that, we had 2 close family deaths - totally unexpected. We were considered the "successful ones" and ended up having to charge air fare & funeral expenses to our credit card because no one else had anything to contribute, so about $11,000. A few months later, the engine blew in my SUV, so with CC maxed from funeral, we get another card to pay for new engine $3,600. Then hubby lost his job, no unemployment benefits because it was a temp to hire job.

    1 1/2 yrs later drowning in debt, getting further behind, creditors calling at all hrs of the day & night, no end in sight. We were literally down to our last $100, which I spent signing up for a home biz (Dh, not happy) BUT ... We're almost debt free after 10 mths & quitting my "reg" job soon!
    MaryJacobs

    Answer by MaryJacobs at 10:23 AM on Dec. 23, 2010

  • I feel the same way about my car note. Im 8 k in the hole. Its def. not worth that much with some damages on it, but that so far is my largest debt I have. I will def. learn from this lesson.
    jennibun86

    Answer by jennibun86 at 1:13 PM on Dec. 23, 2010

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