Debt Support Group

I've been lurking around the past couple of days and have now realize that I can't take on this debt burden on my own.  I am hoping that this support group will get me through my bad days, and all the tears that go along with it. 

I've known for a while that our credit/debt was bad, but I just was never ready to face it.  I figured if I just didn't know how bad, it really wasn't that bad............boy was I wrong.   I just pulled our credit report yesterday and I am just beside myself.  I knew our credit was bad, but when you see it in front of you it is an eye opener (it is HORRIBLE).  DH and I have about $14,000 in credit cards, $9,500 in car loans and a mortgage. We are now down to one income as I was laid off the beginning of the year (with 2 kids - desperately in need of braces).    Unfortunately, I cannot discuss this report with DH as he has no idea how bad it really is (he never had to worry about money growing up and just would not understand the are are of juggling bills for the past several years).  Since I am the one who pays the bills, I take total responsibility for this.   I know that it could be worse and I will eventually see light at the end of the tunnel, but it sure is scary to face it. 

Thanks to anyone who listens, and any words of wisdom would be greatly appreciated.

Welcome aboard...

I'm two weeks old to the board and it has been very helpful thus far...

Keep considering talking to your husband..he has a right and a need to know whats going on...

If you post ur numbers some of the folk on here are wizards with budgets...

Post often and slowly start setting some goals...

All the best...

Duke

 

Welcome to the board.

I strongly urge you to talk to your husband. Hiding debt is not going to help your situation. Yes it will be uncomfortable but it's important that you both be on the same page. If only one person in a marriage is trying to pay down debt, you are not going to get very far. With both of you working together you'll be able to pay this down in no time.

Remember that things like Braces can usually wait. You need to focus on paying down the debt you already have.

Post your bills and other budget numbers. Let us see if we can help you put together a budget that will help you pay down this debt.

stacy

Welcome to the boards ... you've come to the right place.  We've all been in your shoes (some of us still are!) and there's tons of good advice here.

I feel for you ... it is really upsetting when you start facing your financial situation.  I remember 2 years ago, when I sat down and added up all my credit card statements.  I was in tears all night.  But looking carefullly at your situation is the first step of the process.  Two years ago I was a little over $16,000 in credit card debt.  As of May this year, I'm debt-free.  Believe me, you can do this.

Admittedly, I'm not married, so I probably am not the right person to give advice regarding the credit report.  Suffice it to say that I feel badly for you that you must carry the burden of the finances alone.  Somehow, it doesn't seem fair that you are carrying the stress of trying to juggle all the bills.  Perhaps you might want to consider getting your husband more involved.

As for the braces, I agree with Stacy.  They can wait.  After all, Tom Cruise didn't get braces until he was in his 30's!!

Hi and welcome. I am very sorry you are going through this. I am about $15,000 in CC debt in total. It sucks but I am slowly chipping away.

I agree with the PPs. You need to tell DH. If he doesn't know, he can't help you and one person can't do this alone no matter how much you would like to.

I also encourage you to post your numbers here. A lot of us have done so at one point or another and its helped significantly to have fresh eyes take a look.

Good luck. Post often!

Bex -

"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."