
Financial Challenges Support Group
This community is for people who are struggling to meet financial obligations of any kind. Financial challenges include everything from the day-to-day challenges of making ends meet to managing credit card debt to bankruptcy. Get support from others who are going through similar obstacles on the road back to financial stability.

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I was just thinking about my own financial struggles and inability to repay my credit card debt right now and wondered about everyone else's stories...
Here's mine:
I had credit debt (about $10000) when I lived alone and was struggling. Eventually I married and was able to pay it off. Then last Christmas we used the card for a little trip and a few gifts, totalling maybe $2000, no big deal at the time because we both worked full time. Then in February I had a miscarriage and emotional melt down, causing me to quit my job and give up the $1400 a month I brought home. I wanted to find a new job in a completely different direction. No luck! We ended up having to use the cards for all the food, gas, and extras...I finally got a part time job a month an a half ago (months and months after quitting my job), but I still don't make enough to pay the cards (about $14000 now!). We can barely pay cash for food and gas.
What's your story?
Here's mine:
I had credit debt (about $10000) when I lived alone and was struggling. Eventually I married and was able to pay it off. Then last Christmas we used the card for a little trip and a few gifts, totalling maybe $2000, no big deal at the time because we both worked full time. Then in February I had a miscarriage and emotional melt down, causing me to quit my job and give up the $1400 a month I brought home. I wanted to find a new job in a completely different direction. No luck! We ended up having to use the cards for all the food, gas, and extras...I finally got a part time job a month an a half ago (months and months after quitting my job), but I still don't make enough to pay the cards (about $14000 now!). We can barely pay cash for food and gas.
What's your story?
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Some people don't want to be wealthy and debt ensures that they won't become that.
Osteoron, Please do not tell me that because people have debt, that means they don't want to be wealthy. Just because people have debt, does not mean someone "hasn't learned their lesson" about having debt. I work for a living helping people with their bonds and stocks, and I consider myself to be pretty knowledgeable about saving. Most people don't have a savings cushion when there's loss of a job, medical problems, or new baby. All of those things can take a toll on a household budget.
In addition to the above situation, we have had a few questionable spending habits and have made some money management mistakes. My husband's business isn't set up to do W2s (so no taxes are withheld from his income), and we failed to set money aside to pay taxes. We spent beyond our means and we owe the govt thousands of dollars (at least they're good about payment plans).
Since a baby is on the way, my husband decided to get a job that will provide consistent income. With this comes the tax deductions. It will certainly help the tax situation, but in the meantime, he's bringing home quite a bit less than what we're used to. So we have all kinds of debt from this summer as well as mounting medical bills and a few bills we got behind on in addition to our regular expenses with less money to pay for it. Heh oh yeah, and my student loans are going to start being due in a month or two.
Being a single parent...I wanted my girls to have new shoes/school clothes when they needed them. If insurance didn't cover an expensive medical bill..I charged it. I needed work clothes...charged them. If the car broke down I would charge the repairs.
I had 2 nephews who married out of state (different years). To this day, I am not sorry that I charged it so we could go. My mom has since passed away, and I am so glad we had that time to spend with her on those trips. However....I am now paying for living beyond my means.
Christmas, birthdays...I charged the gifts.
I make a decent middle class wage; however with all my credit card debt-$25,000 :~( I live paycheck to paycheck. I now have a roommate, (which I rather not). It helps me to make my ends meet.
So, basically I lived way beyond my means; and now I am paying for it. I now have to live within my means, trying to pay off this debt. It will take me many years to get out from it. So...there is my story. As I pay off my cards, I am closing the accounts- so I'm not tempted to charge on them.
One of the big traps I fell into was having low interest on my cards when I first started using them. Now the interest rates are over 20% on most of them. The credit card companies are a bit like vultures. But hey...I really can't blame anyone but myself for being where I am! So...I usually read or watch TV for my entertainment these days. Can't afford beach vacations, or new clothes...all that good stuff.
I also have lots of medical bills, from all the cancer tests, treatments and follow ups.
I still have hope for the future...getting out of this debt! I am thinking if I sell my condo, I could pay off my debt, and start over. I need to do some organizing and cleaning up to put it on the market. In the meantime, I make my payments...without much left over.
We learned the hard way.. not to spend any money we don't have and never use the credit cards. So now we are in recovery mode.