niecey89 wrote:I am so jealous of you. I currently only have 8 oops now 9 credit cards (all in good standings). 3 of them i am thinking of paying down if not off by the new year. I am hoping to only have car loan, 2 credit cards, and *bleeping* Sallie Mae with balances by TAX time in Feb 2009.
My daughter wants to get a house. she only 5 years old. She wants a purple room and a puppy. Poor baby puts her money (family gives her)in the several money banks around our apartment. I want to be able to go house or condo hunting in 3 yrs. I will be 40 by then.So now i know i can do it based on what i see you have done.
I’m not sure having this much credit is a good thing. I'm very thankful I have these credit cards under control. Mostly, I guess my obsession with credit is direct result of a need to prove to myself I can handle all of this credit.
Like Woodstock, I was in debt over 150K last October. I had three car payments, a 43K student loan debt to Dept of Ed, and maxed out credit cards. Fortunately, I was able to increase my income substantially and pay off the majority of my debt. At the end of November this year, my two remaining debts will be paid off. Then I will be totally debt free. It’s a lot of debt to pay off in a very short time period. But it didn’t come without sacrifice.
Sounds like you are well on your way to realizing your dream of financing your own home for you and your daughter. And you are in a good place… or getting there. So yes you can do!
Starting Score: EQ 797, TU 781, EX 781 (03/15/18)Keep your head up. It will take some time to pay off, but it sounds like you have a good plan in place. Worse case, you could get a job working in a war zone... like me. Hehe... naw trust me, it's not worth it. Stay the course man. You're on the right path back.
woodstock wrote:Several things got me into this position. The #1 reason is my ex-wife. She has major spending problems and also had trouble holding down a job. She went to professional school and then started her own business. About half of that debt went toward helping her get through school and then start her business. The other half she spent at the mall. When we separated it took multiple moving trucks to move all of her junk out of the house.You're right, I make a six figure salary. That is both a blessing and a curse. I make several times the limit to be able to file Chapter 7 and dump the credit card debt. Under Chapter 13 my 60 month repayment plan would have me pay back all of this debt so there is no point. So instead I work as much overtime as I can, take my entire paycheck and pay my child support ($2150/month, which is a ton cheaper than trying to keep up with her spending in my community property state) and put the rest toward the credit cards. I don't really have the cash every month for an apartment so I live like a nomad for the time being. Like I said, I should have the cards paid off in about 3 years. I can hardly wait!Oh, I forgot your last question -- it took just over 15 years to rack up all of this debt.
@JRInWA wrote:@niecey89 wrote:My daughter wants to get a house. she only 5 years old. She wants a purple room and a puppy. Poor baby puts her money (family gives her)in the several money banks around our apartment. I want to be able to go house or condo hunting in 3 yrs. I will be 40 by then.So now i know i can do it based on what i see you have done.I’m not sure having this much credit is a good thing. I'm very thankful I have these credit cards under control. Mostly, I guess my obsession with credit is direct result of a need to prove to myself I can handle all of this credit.Like Woodstock, I was in debt over 150K last October. I had three car payments, a 43K student loan debt to Dept of Ed, and maxed out credit cards. Fortunately, I was able to increase my income substantially and pay off the majority of my debt. At the end of November this year, my two remaining debts will be paid off. Then I will be totally debt free. It’s a lot of debt to pay off in a very short time period. But it didn’t come without sacrifice.
Sounds like you are well on your way to realizing your dream of financing your own home for you and your daughter. And you are in a good place… or getting there. So yes you can do!
Thanks for the words of encouragment JRInWA . It will be a struggle for me as well but i am making it happen. But if you know a rich person for me to marry or know the tricks to hitting the Mega Millions. Give me a holla (LOL)
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