New Here
Date: Tue, 01/20/2009 - 07:05
Greetings, I am new here and hoping to give and gain encouragement through this tough battle against the red.
Between the rotten economy, living in a very expensive area, large medical bills, and my former lack of accurate budgeting - I'm at my wits end.
For the past year, I have cut down on so many things. No eating out, getting my hair cut every 4 months, switching to very basic phone service, buying everything generic, switching health insurance plans, etc. In addition, I took on a part-time job. Its hard to work 70+ a week, 7 days a week – but it is what has to be done. Even with all of that – I am still JUST getting by and not tackling my debt. Oh, did I mention the insane cost of heating? My thermostat has not gone about 60° this season. Brrrr – this is no way to live.
As soon as my lease is up this Spring, I will move in with a friend to reduce expenses and begin to double up on my payments. After a few months of double payments (reduced balance and debt to income ration), I will apply for debt consolidation loan with my local credit union. I don't anticipate too much of difference in payment amounts, but will be thrilled at getting a better interest rate!! I know with continued hard work, continuing to cut down on expenses, maintaining the two jobs I should be debt free within 5 years.
But in all honestly, I’m losing hope of ever seeing a better tomorrow. Sure, once the debt is gone, I will have some extra money – yet, its still not enough to live on in the DC area. Oh I’ve already looked in moving elsewhere… but until I get rid of my debt AND build my savings, it simply can’t be done. And even then, I am not so sure its possible with the added cost of moving, ultitlity deposits, etc.
What is really frustrating, just before the Holidays; I was offered this wonderful job opportunity in a new town, with great growth potential. While I would be making less pay; the cost of living is also much less there. Strike One, with my current income to debt ratio, I would be hard pressed to find a safe neighborhood to live in. Strike Two, lack of funds to move. Strike Three, a pay reduction and the need to find another part-time job.
Will this Storm ever clear?
Between the rotten economy, living in a very expensive area, large medical bills, and my former lack of accurate budgeting - I'm at my wits end.
For the past year, I have cut down on so many things. No eating out, getting my hair cut every 4 months, switching to very basic phone service, buying everything generic, switching health insurance plans, etc. In addition, I took on a part-time job. Its hard to work 70+ a week, 7 days a week – but it is what has to be done. Even with all of that – I am still JUST getting by and not tackling my debt. Oh, did I mention the insane cost of heating? My thermostat has not gone about 60° this season. Brrrr – this is no way to live.
As soon as my lease is up this Spring, I will move in with a friend to reduce expenses and begin to double up on my payments. After a few months of double payments (reduced balance and debt to income ration), I will apply for debt consolidation loan with my local credit union. I don't anticipate too much of difference in payment amounts, but will be thrilled at getting a better interest rate!! I know with continued hard work, continuing to cut down on expenses, maintaining the two jobs I should be debt free within 5 years.
But in all honestly, I’m losing hope of ever seeing a better tomorrow. Sure, once the debt is gone, I will have some extra money – yet, its still not enough to live on in the DC area. Oh I’ve already looked in moving elsewhere… but until I get rid of my debt AND build my savings, it simply can’t be done. And even then, I am not so sure its possible with the added cost of moving, ultitlity deposits, etc.
What is really frustrating, just before the Holidays; I was offered this wonderful job opportunity in a new town, with great growth potential. While I would be making less pay; the cost of living is also much less there. Strike One, with my current income to debt ratio, I would be hard pressed to find a safe neighborhood to live in. Strike Two, lack of funds to move. Strike Three, a pay reduction and the need to find another part-time job.
Will this Storm ever clear?
Just hang in there. You've come to the right place. I am just
Just hang in there. You've come to the right place. I am just starting out to the road to becoming debt free myself, so I don't have a lot of advice to give you. Some of the old timers here can give you some excellent tips. I am choosing to try to do debt settlement on my own and it is very stressful to say the least. I started 2 months ago with 6 creditors, and I have already settled with one for 35%....so I am on my way...only 5 more to go.
