The Journey Begins

Thanks for joining me!

Hi! You might as well call me Debbie Debtor! I have messed up really badly and now I need to fix it fast! So I need your help for company and encouragement. If I had no hope I would tell you that I have ruined my life and the lives of my husband and children. I don’t know how, but I still have hope that I can turn this around.

I’ll warn you though, this is the worst situation I’ve seen. Worst than any story I have ever read on a blog or heard on Dave Ramsey’s show. My bills are astronomical and unending. Hence, my debt darkness. There will be no light or FIRE at the end of this tunnel for a very long time.

Good company in a journey makes the way seem shorter. — Izaak Walton

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We have close to $300,000 in consumer debt. We usually have a combined gross income of about $200,000 depending on a non-guaranteed end of year bonus. The income sounds decent. However, we have now reached a critical point where we can’t pay all of the bills, and we definitely can’t afford food, gas, or anything else. Right now I’ve started to address the mess by:

  1. getting organized
  2. stop using credit cards
  3. implementing Dave Ramsey’s Baby Steps and the debt snowball method
  4. limiting spending and
  5. strategically either delaying payments or making partial payments for certain bills.

I’ll lay out the numbers in a future post but right now I’m facing a dilemma. With the last $7000 of my bonus I’m trying to decide whether I’ll pay my car notes through this October or pay off three small bills (Wayfair Credit Card, Hospital bill, and Home Depot credit card). The combined payments for these 3 bills are about $300. My car payments are $725.

Obviously, I’m leaning towards paying the car payments, and I’ll stomp out those 3 bills with my income tax refund in a couple of months.

Please tell me what you think!

Thanks!

Debbie Debtor