Bad Choices
Date: Sun, 03/25/2007 - 11:02
After 2 months I realized that what everyone else tried to tell me was true - I can't work with my father! When we came home we still had $1500 in monthly car notes but I had added $19K in credit card debt - IN 3 MONTHS!!!! PLUS we owe $14K in property taxes.
I did all of this without telling my husband - he had no clue we were in the hole so badly. He then went and got a bank loan for $7500 to finish his project vehicle.
Are you keeping track of the total debt my family has as of today? Let me add it up for you...
Primary residence - $191K
8 Investment Properties - $1.165M
2 Cars - $75K
5 Credit Cards - $20K
1 Unsecured Bank Loan - $7K
Property Taxes on 8 investment properties - $15K
GRAND TOTAL $1.5MILLON
In the mean time, I've blown at least $10K in cash that I could have used to pay down my taxes/debt. I can't seem to stop making bad choices! I NEED HELP!!!
Ok---take a deep breath and pause for a moment. Yes, it sounds l
Ok---take a deep breath and pause for a moment. Yes, it sounds like you are in a bit of a financial hole.
First off---I would be up front with your husband. Yes, you might have made some mistakes--your husband deserves to know (and might be a little wise already). I would sit down, discuss the situation with him and decide your next option. Are you back at your previous job?
Second--Don't take this the wrong way, but have you considered that you (or you and your husband) might need some professional help regarding your spending habits? If you are living beyond your means on a regular basis, you are going to come to an abrupt halt at some point and then really be in a mess.
Registering on this site entitles you to a free phone call from a debt counselor. Take advantage of it and explain your situation in full, you can discuss they types of options that are available to you to begin to climb out of this mess.
Good Advice - already taken
Thanks for the quick reply - sometimes its good to just have someone else out there.
1) I am back at my old job - different role, same department more money - GREAT thing!!
2) Hubby and I had this talk about 5 weeks ago. He was rightly upset (ok, furious). Mostly that I didn't talk with him about it to begin with. He didn't really have any great wisdom, but was very loving in the end.
3) I think I'm just super stressed! I'm the bread winner of the family - which adds to the preasure.
4) I'm looking forward to the phone conversation with the counselor - we'll see what they say.
5) It feels like my "normal" spending habits are in check. Its more that BIG decisions/changes are what get me. I don't know how to stop and evaluate before jumping into a financial decision. - i think you're probably right about needing pro help on that!
Thanks again, have a nice day!
Having your old job (or similiar one)back is a big plus. I am gl
Having your old job (or similiar one)back is a big plus. I am glad to hear that you and your husband are on the same page. I imagine the stress level you are experiencing is pretty high, especially if you are the main breadwinner. I am sure once you speak to the debt counselor you will feel a little less pressure. Having a plan of action is always a stress reliever for me. Good luck--