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New- Need a shoulder to lean on & advise

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  19897.1
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  countrygal-2008  Member Icon
date:
  10/1/2008 3:15 pm

Here's my story: In 11/05, the company my husband worked for let him go. Don't really know why, was making $85K a yr. & was ask to sign 2 yr. non-compete. He did & got 6 mos. pay. I paid off a bunch on debt, but still had about $30K in credit card debt. Husband went to work for a small trucking company our son & I had for 5 yrs.  This was when fuel skyrocketed.  We couldn't make it, used all of our 401K's to stay current on debt.  We road it out for the 2 yrs.  He went back to his previous line of work 11/07.  The small company he worked for hit hard times in 05/08 and let him go.  Sadly, because the trucking owed me so much money that I loaned it to stay afloat, we had not been paying unemployed per the advise of the CPA.  My son found a good job, so that was a relief.  So from 05/08 to 07/08 we had only my income of $28K.  We've used every source of income we could get our hands on the stay current.  I use to work at a bank, and have this "I will never pay late charge" mentallity.  It's been nights of sleeplessness for me. Doesn't seem to bother hubby as much.  I'm constantly telling him what shape we are in and asking if he has any suggestions.  The job he took on 07-01-08 is a commission only job.  You don't sell, no pay.  It was one of two jobs he was offered and had wonderful benefits and little start us salary.  Somehow, thank you Lord, I have managed to pay all bills on time.  He's doing great at his job, and has an interview today or tommorrow back in his original line of work that he was in for 20 yrs.  He's asking for a desent salary of $48K plus car allowance & phone expense plus commission.  We're hoping we'll have more income.  I do a strick budget each month.  But since 05/08, I've had to put gas & food on a credit card.  All five, YES 5, are nearly maxed out, totaling $57K.  We refinance our home at 75% in 01/08 for 30 yrs. at 6.75%.  We've trimmed our household expense to almost minimum.  Only very little else could be cut.  I tried repricing auto & homeowners ins. but the savings was risky with companies that did not have a reliable payment for claims, so I pasted on $60 a month for a more stable company that would not cancel in case of an accident.  The way times are, fuel, food & light bills going sky high (two weeks ago, gas was $5 a gallon), I'm really worried.  If he takes the new job, we still have a tremendous job ahead of us trying to pay down the credit cards.  Any words of advise are welcomed to this depressed gal.

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New- Need a shoulder to lean on & advise

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  19897.2 in response to 19897.1
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  beepsmomx2
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  countrygal-2008  Member Icon
date:
  10/1/2008 5:17 pm

don't have a lot of advice - just hugs that you are hanging in there. Any way for extra income is the best route to go but it sounds like you just need to remember to breathe and know that you are NOT your debt.
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New- Need a shoulder to lean on & advise

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  19897.3 in response to 19897.1
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  fabpurplerose  Member Icon
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  countrygal-2008  Member Icon
date:
  10/6/2008 5:36 pm

Hello, and welcome to the board.

My advice to you is to approach it in steps.  Sure, $57k seems overwhelming, but it can be done.  Once he lands a job, won't your circumstances (and therefore your debt repayment) improve?

I say just hang in there until he gets the job and then work on re-doing your budget by factoring in his new income.   Meanwhile, know that you are not alone!

Hugs,

Robyn
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New- Need a shoulder to lean on & advise

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  19897.4 in response to 19897.3
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  countrygal-2008  Member Icon
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  fabpurplerose  Member Icon
date:
  10/7/2008 8:23 am

Thanks for the positive thoughts.  The job he has now is commission only.  It varies so much that I'm struggling constantly to make sure everything is paid on time w/o late charges.  The job he's applied for is salary plus commission in his previous line of work for 20 yrs.  I'm trying not to charge anything, but I don't have enought money to pay for all the fuel he burns in his sales job.  I'm bargin shopping for groceries like mad and bring my lunch 4 days a week.  My treat is to eat out once a week for lunch.  We'v not eat out on the weekend in months.  Oh well, I'll keep grinding my pencil (computer budget) until I can squeeze the most out of it.  I get so tired of penny pinching.  Last week I spent to much in the grocery store and felt so quilty.  This stinks.  I'm not sleeping well again.  Wish me luck!
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New- Need a shoulder to lean on & advise

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  19897.5 in response to 19897.1
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  bga1964
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  countrygal-2008  Member Icon
date:
  10/7/2008 3:49 pm

My situation is very similiar to yours.  I was out of work and had to use credit cards to survive.  I am back to making a decent salary.   Part of it is commission.   My pay goes up every month for the most part but it changes monthly depending on whether comission was go or not.   Some  months my pay is still less than our bills.  I also refuse to pay late fees.  I would rather borrow money and hope that it gets better which it has.   I have a  lot of debt also.  I have debated for years on whether to go to debt relief agency to clear it off.  It seems like it would just make it worst.  I live a week or a month at a time.   i am the only source of income with a family of 5.    You do the best you can with what you have and pray that you will not fail and survive eventually.   

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