Never thought I would end up in debt!

I’m glad I could join this blog. I guess I needed someone to talk to. I really got my self in a mess and it all happens so incessantly! I will use credit card for this and credit card to take care of that and this cards became a magic wand!! Well know I am in a real mess and told wife it will get worse some day in near future we won’t be able to afford to pay some bills I know it is coming! I am glad know one knows who I am as not to happy with self, but a lot of my debt done with good intentions in mind!

Know I need a load or something as credit card amounts to pay are or will get worse and when only work 40 hours a week and wife part time and want to live the good life and don’t know or won’t say no to wife or self look out for rock bottom to hit. The Titanic will sink and there is signs of water pouring in. Just needed to vent some of this stuff out! Thanks for venting and able to join blog. Have and advice on my situation feel free to advice!

Welcome!

First of all be HONEST about your debt. You must tell your wife what is going on. The both of you need to come up with a plan to decrease your debt and increase your income. A suggestion or two, get an evening job, have your wife work full time and get an evening job, liquidate assets if possible (things you don’t use), if you don’t have kids or another responsibility holding you both back in the evenings then work your butts off to get the debt paid off.

To begin this process, the first thing you have to do is be honest about your finances or nothing will change. Stop spending. Cut ALL of your cards up. Good luck and I am sure everyone here will have awesome advice for you. Remember we are always here for you. You are not alone:) Best to you……

First you need to fully document your situation. You need to do this with your wife. Make a list of all debt and payoff plans. This would include the name, account number, interest rate, total owed, minimum payment then using a spread sheet or other finical software put together a pay off plan. Use the snowball (Mary Hunt, Dave Ramsey) or any method you like. So you can see when this will be paid off. Include all dept, medical, car, credit card, student loans…. Get a copy of your credit report and make sure all account information is correct. Close any accounts you are not using.

Then again with your wife track all spending for 1 month,every penny, include taxes and other things that get automatically deducted from your pay check. Once you have that information put together a prelimary budget. Budgets change but should be kept on a monthly basis. You should have a spending and a savings plan. If you don’t plan then you can’t fix your current problem.

I do suggest you and your wife read cover to cover either Mary Hunt’s book or Dave Ramsey’s books or both. There are several. You can check them out of your local library for no cost. Check out one for each of you once you are finished talk about them and work out a plan together.

Hint: don’t accuse your wife or spending too much money and causing the problem. It is not about how the problem was created it is how to solve it. You can only solve it as a couple and you should both take responsibility for keeping each other on track. If you want to have the same wife in 30 years you need to be able to work together when it comes to money.

There are no short cuts you need to have your documents and budget prior to getting this problem fixed. The first budget takes 4 to 5 times longer then the next one so don’t give too soon. The hills get smaller as you progress.