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: SASSIISSAS at: 2/10/2011 (16:46)
| Pounds lost: 21.0