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SOPHIEMAE2007's Photo SOPHIEMAE2007 SparkPoints: (53,181)
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2/13/11 9:35 A

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Good luck to your husband on getting that job! I think we all are working hard to get our debt down and don't want to pat ourself on the back just yet.....for fear we will backslide....at least that is my opinion. LOL!

Kim

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DENISEFULLER's Photo DENISEFULLER SparkPoints: (22,682)
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2/12/11 6:34 P

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You all deserve pats on the back for even just realizing you need to get out of debt. My husband and I have been working on getting out of debt since we got married in June 2008. He lost his job in December of 2007 and was on unemployment benefits until July 2010. In July 2010 my hours at work (less than part time with no benefits) were cut. If we hadn't worked as hard as we did before that to get our debt level down, we never would have made it. As it was, we didn't have any extra to put on debt for several months and were just keeping our heads above water, but my husband is in trucking school and has one week left to go. He already has a job offer pending him finishing the course and getting his CDL license. Things are looking up for us!

I started SP at 138 lbs in October 2010. My goal weight was supposed to be 125, which I reached in January 2011. I have stayed at 125 (give or take a few pounds) ever since.


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MACKANDME's Photo MACKANDME Posts: 6,103
2/10/11 6:05 P

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After I refinanced my Jeep the second time, I did the numbers and was so angry with myself.

~Michelle Macari in St George UT~ Lifestyles of the fit and meatless!
What is it that should trace the insuperable line?… The question is not, Can they reason? nor, Can they talk? but, Can they suffer? —Jeremy Bentham (1748–1832)
A dead cow or sheep lying in the pasture is recognized as carrion. The same sort of carcass dressed and hung up in a butcher’s stall passes as food. —J. H.
www.youtube.com/watch?v=zUMUvYLC5iM
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LEFTOVERS4LUNCH's Photo LEFTOVERS4LUNCH SparkPoints: (11,834)
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2/10/11 5:44 P

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I make $20k a year. My husband has a really good goverment job and makes $60k a year and we have a combined total of $50k in debt basically. We suspect it will take us 5 years to pay off completely.


~*~ LEAH ~*~

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SASSISPRING's Photo SASSISPRING Posts: 11,030
2/10/11 4:41 P

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Thanks for clarifying. It can be overwhelming to look at debt in that fashion. I was $45K in debt when I began the journey and I only made $11K in a year. It pulls a person right down and what I learned was to get on top of it immediately. You may already be doing that - figuring out where your loan sits, sorting out how much to pay each month and set the goal for full payment out. I went from $45K to 20K on my own and for most of those years, I worked at minimum wage without benefits. (or just above minimum) The 20K is what went into debt consolidation and we broke that down to a 5yr repayment plan. I am at the end of the 5yrs. December 31, 2011 I will be debt free.

One thing that I did with the consolidation is that I didn't look at it 5yrs ahead, I literally the first year took it one month to the next. The budget set was not realistic and we all knew it. I could not live on $25 for groceries, meds, personal hygiene and chiropractor treatment. So rather than get bogged down, every 2wks I reset my budget and every month I celebrated another month bringing down my debt.

After a year I was able to look a year ahead and celebrate in December when I received my statement showing how much debt I knocked off that year.

So if it does get overwhelming, just break it down until it feels more managable and go from there. :)


It can be done. The outlook is positive, just flip it around and set up a plan, you'll do this. You really will.

Edited by: SASSISPRING at: 2/10/2011 (16:46)

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BILLIEB1120's Photo BILLIEB1120 Posts: 205
2/10/11 2:06 P

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Sassi I dont think you understood what I meant! I meant it would take ALL of my income for 1.5 years.
Luckily I am now working a job that pays more but the outlook still isnt great. Down here the Government is the one who sells our student loans and lets the other loan companies sell them.

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SASSISPRING's Photo SASSISPRING Posts: 11,030
2/10/11 12:01 P

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Kim, I have to say that living on 12K and owning a home is (also) impressive. It would not be possible up here. Mortgages alone average between $1-2000 per month which would calculate more than the income brought in, if you made only 12K. Even at the average income level of the USA I'd suggest that you are doing very well to maintain and keep a home on low income.

I know there are big differences between the countries because of the cost of living and tax base. I remember when Drue told me he made "big bucks" working as a manager at 40K per year and I sent him the same job from up here - 80K. As I told him though, that was impressive wage for KM and done because it was a chain restaurant. My kid sister is a bar manager and every other duty known in her workplace (janitor, server, kitchen manager) and makes $12/hr. She supports herself on tips.

Anyhow, just wanted to say that living on 12K and owning a home is also impressive. Sometimes we can be bogged down in the weight of life and debt, forget about the really positive things that are happening, so it's always good to remember the good that is coming out of it all.



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SOPHIEMAE2007's Photo SOPHIEMAE2007 SparkPoints: (53,181)
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2/10/11 9:42 A

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I know that 7 yrs ago I went from earning 37k down to 12k and I just bought a house before leaving a career I enjoyed at one time. It was a choice I made because it was either get my sanity back or death at that point. I had major depression and under a LOT of stress. I came out before I had a heart attack.

I only survived by spending down my IRA. I had my house pymt, car pymt, and all the other expenses. I also charged up my credit cards because I had hardly any income. Big difference between 37k and 12k and it was terrifying to me. I am still in my house, but still scraping by as I am not back up to that income. Probably will never be back to that.

I also have to agree that living on $10k is impressive.

Kim

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SASSISPRING's Photo SASSISPRING Posts: 11,030
2/10/11 2:18 A

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1.5yrs is nothing and I'm serious. You made $10K last year - that was it? That's way below poverty level here in Canada. When I lived on similar, I ended up using credit cards to pay rent, hydro and water, ate many times at my friends homes in exchange for babysitting and many times simply didn't eat. I'm curious how you made that work out because that's pretty impressive. And since you figure that you'll be able to pay off your debt in under 2yrs with that low of an income, how is that scary? In fact I think that's very impressive.

I make between 30-40K per year depending on contract hours. I am on a 5yr pay back plan and this is my final year. Prior to that I had spent 15yrs working on paying off my debt with a salary that ranged from 20K-30K. It made a huge difference when I (a) got a raise, (b) got back up to full-time hours and (c) got involved with debt consolidation.

I think that you are doing fine. The only thing I would stay on top of is the constant changing in student loans. You all in the USA sure have it different because up here the gov't is the overseer of the student loans and it can't be bought and sold to other places. How does that work down there that a loan can be sold to different places?

Edited by: SASSISPRING at: 2/10/2011 (12:02)

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SOPHIEMAE2007's Photo SOPHIEMAE2007 SparkPoints: (53,181)
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2/9/11 8:03 P

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Never really thought of it that way, but I suppose it could be kind of scary!!

Kim

Birdwatchers Team Leader,
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Love All Dogs, but partial to Cocker Spaniels...! Spaniel Lovers Team
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BILLIEB1120's Photo BILLIEB1120 Posts: 205
2/9/11 4:10 P

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I just realized that it would take a year and half of income to pay off my debt.that makes my debt sound HUGE but keep in mind I only made 10000 last year! And that is an estimation on one of my student loans b/c since they keep selling them off to this place and that place I have lost track of how many I have still. Am I the only one scared by a realization like that??

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