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Coming Clean

May 9th, 2017 at 07:21 pm

I have drafted and tossed a few versions of blog entries. I kept trying to dodge the ever-present fact of my debt.

I have accumulated close to $25,000 in credit card debt. Almost all is 0% until next year. The non-0% is typically paid off within the month. I am currently making minimum payments on the other cards.

I have also taken out a 4.5% loan from my life insurance for $7,500. I am paying interest only and a tiny bit of a principle by rounding it up to $50.

$32,500 in debt.

Debt. Debt. Debt. I am officially divorced and all this debt is on me. Kind of scary, but I still feel in control, somehow?

How did I get here? Some of it is paying my lawyer (my side of the divorce will end up over $7k), some are for summer tuition ($2k - going back for a master degree at an online college). Well, and I also took out cash advances, special 0% pay off debt check offers... for a loan for my family. I loaned money during a difficult time. To the tune of $24,500

I should, in theory, be paid back for these loans with interest. I am hopeful. I think it will probably happen. But I also gave it out knowing that it could very well end up a gift. I am ok with that either way. It helped me and it helped them and it cut a lot of stress out of a LOT of people's lives.

So..... yeah. Debt. LOTS of debt.

How am I going to crawl out of this? I don't know. Probably just like you eat an elephant.... one bite at a time. I have been in worse places, so this is just another day. Won't be fast or easy, but I can do it!

It feels good to come clean.

7 Responses to “Coming Clean”

  1. livingalmostlarge Says:

    Good luck

  2. LuckyRobin Says:

    It'll take a lot of focus and single-mindedness. And of course time. But it is doable. I found it helped to have goals of how much I wanted to have paid off by the end of each year. Eventually we got there. We backslid once or twice, but it happens. You just get back on the horse and keep going. And don't disappear. Blogging helps you keep your concentration on your goals. It really does.

  3. creditcardfree Says:

    Darn. Not a fun place to find yourself. But being honest and clear on where you are does help, because only knowing where you are can you move in the other direction. Are you able to make the minimum payments? Have you discussed loan repayment with those you loaned money to?

    The best online calculator I have found is What's The Cost that can help you figure out how to snowball debt repayment.

  4. scottish girl Says:

    Good luck! I agree, keep on blogging. It definetly helps.

  5. CB in the City Says:

    That is close to the amount of debt I used to have, and I got it through a divorce. So you are definitely not alone. You are right about how to get out of it -- one bite at a time. If you are like me, you will find it easier than it appears to you now. Keep chewing!

  6. rob62521 Says:

    I'm sure it is frustrating, but you are smart enough to realize you have the debt and are taking the first steps to figuring out ways to get rid of it. You can do it, and I'm sure it is frustrating and there will be dark days, but your SA friends will encourage you.

  7. PatientSaver Says:

    You seem pretty blase about the whole thing, and I don't think you can afford to be so casual. You really won't have any control over things come 2018 if you're only making minimum monthly payments. I am sure you have your hands full, but I would be turbocharging those monthly payments above and beyond the minimum required for the remaining 7 months of 2017 while you still have 0%.

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