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Home > More Snow in the forecast...More Debt to add

More Snow in the forecast...More Debt to add

February 4th, 2011 at 06:53 pm

The forecast calls for more snow here on top of the mounds we already have...So yesterday I confronted the list below, but forgot to add to the mound of debt I already have...
(new to the list)
Business Loan: $10,000
Car Loan: $4,000
Target: $1,100 (which is silly to forget, they like to call me in the morning and at dinner)

(first shocking truth listed)
Student Loan: $54,069.63
Mortgage Payment (past due/working with bank): $6000
Mastercard: $16,751.56
American Express: $2,179.48
Discover Card: 1958.78
Orchard Card: $ 1000
Care Credit: $1000
Home Depot: $911.71
Skin Care: $45.89
Hospital: $ 884.99
Citi Card: $1,200
ADT: 130.30
Phone: $366
Electric: $494.52
Gas: $962.79

Yesterdays....TOTAL:$ -81,589.65

(not including mortgage)

This is just really really crazy to me. I am almost at the -93,000 like the mom blog I read about, but there is no way I can pay this off in 3 years like her, especially with what we're living on now. It makes me feel like a very stupid person. $92,689.65 could buy a condo, house, apartment, or lots of vacations...better yet a vacation condo, house, or apartment somewhere really warm and not snowy! It could have paid for the old degree ($54,069.63), which has done nothing and perhaps paid for a new degree that could have done something! It could have bought a second car...after it could have paid for the first car. We still share a car...my husband also takes the bus on alternate days. Now I feel more pathetic. Wow, this is quite overwhelming. I feel as if I need to go through the various stages of grief where a person experiences denial, anger, sadness, and then acceptance. Is shock, pure shock and overwhelm in that phase? More snow in the forecast...to be added to the mound...more debt. It feels like a financial blizzard and I'm standing out in it with just socks on.

9 Responses to “More Snow in the forecast...More Debt to add”

  1. mjrube94 Says:

    Try not to focus on the "wouldas, shouldas, couldas". It's all about where you are now and how you go forward. You are definitely moving in the right direction! Being on this site, posting every day, writing down all of your debts, and taking it one day at a time are great first steps.

    As you catch up on everyone's blogs you'll get some great ideas for both saving money and making extra cash. I've had a lot of success selling books, cds, and dvds for extra cash over the year. (Small dollars here and there, but it adds up, and declutters your house at the same time). Others have had good success with Ebay. Every bit helps. Good luck and hang in there!

  2. creditcardfree Says:

    Admitting where you are is awesome! You are very brave to put that all down. It is a great first step. You can now move forward.

    Dave Ramsey's first step is to get current with your creditors, well after food, lights and housing. So focus on the food you need. Get the utilities current and your mortgage current. You can do this!

  3. My English Castle Says:

    CCF is right--baby steps! Doesn't old Dr. Phil say you can't change what you won't acknowledge. That's a big first step.

  4. ThriftoRama Says:

    I agree with rube. Vow to dig yourself out. Don't get frustrated already. Use the tools available to you, use the community on this site, and start digging. You don't have to make a million a year to be debt free and live a better life.

    I paid off $40,000 in student loans, paid off a house, hospital bills from having two kids, fund retirement, feed four people, sock away in a 529. It's all about making use of every small tiny bit of money that comes your way. AND, like dieting, don't think you can live on water and lettuce. You have to have a small bit of fun in your life to keep plowing forward.

  5. mamas debt time out Says:

    Thanks to all of you for your support. After writing this, I just had to take a break and ended up watching a movie just to numb some of the "I feel so stupid" feelings. However, this is the most encouragement I have ever had in my whole life about finances. The encouragement and support these last couple days is up there with being the most memorable. On one hand, I won't ever forget the feeling and my gut sinking when I saw the total numbers... on the other, I'll never forget the feeling that I didn't hit the bottom as hard as I should have because people were there. It's really cool, thank you.

  6. scfr Says:

    Welcome to the Saving Advice blog.
    I loved the comment on your last blog entry about deciding to know longer blame your parents for not teaching you about money, educate yourself, and become an example for your children. That bodes very well for you.
    Does your husband know what the debt total is?

  7. boomeyers Says:

    Good question scfr!! Does the hub know?

    Also, after you have stressed and grieved, stop looking at the 93000 and look at each individual debt. Most of your debts look very "nickel,dimey" with only a couple that make up most of the debt. Keep looking for more, so that you have the complete picture. Call Mastercard first and make payment arrangements with them. Check with the hospital and see if they will "forgive" your debt because of financial need.

    The rest of your debts look like they will work well with the "snowball" method. Even if you are only sending them $10 a month, you are showing your willingness to pay.

    Most of all - keep an eye on all of your debt. Get a piece of posterboard and list all of your debts and put it somewhere where you and DH can see it.

    I have been here where you are. I have done this. I have slipped and fallen MANY times, but you CAN do this!! Forgive yourself and get busy!!! Smile

  8. mamas debt time out Says:

    The advice is awesome! My husband does know. I only thank God that he loves me as much as he does and that we've known eachother a long time for him to know it wasn't deliberate. I'm not the kind of gal that buys the high designer stuff, more like Target, but the thing that's ironic is that I'm in charge of family finances becasuse he works so much and I've been scared of money all my life even though I've always had the ability to make it,have it, be around it. I showed him round one and two and cried. He's proud that I'm facing things and knows I'm determined. I am successful in so many other areas of my life, but a total failure in this arena. I hope to turn it around.

  9. CB in the City Says:

    It's very important not to focus on how long it will take to dig out. That time will pass anyway. Just keep plugging away. Also, don't compare yourself to others. Every situation is unique. You will find what works best for you. Stay positive and believe that you can do it, because you can!

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