Home

Give me some "got out of debt" success stories!
1, 2  Next
 
Post new topic   Reply to topic    Forum -> Household Management -> Finances


View latest: 24h 48h 72h


amother




OP
 

Post  Thu, Dec 05 2019, 8:30 pm
Looking for some encouragement! If you were in significant debt and BH managed to pay it off, please share!
Back to top

amother




Orchid
 

Post  Thu, Dec 05 2019, 8:35 pm
Call Mesila.org organization. They help you get out of debt.
They are the jewish version of Dave Ramsey's mehalach.


Last edited by amother on Thu, Dec 05 2019, 8:37 pm; edited 1 time in total
Back to top

trixx




 
 
 
 

Post  Thu, Dec 05 2019, 8:35 pm
Dave Ramsey does that for a living (pun)
Back to top

Elfrida




 
 
 
 

Post  Thu, Dec 05 2019, 8:41 pm
Mundane rather than inspiring, but I just kept strictly to a very tight budget. Used cash as far as possible, so that I knew exactly what I was spending. Had a single credit card for use only when necessary. If the money wasn't there, we didn't spend it. Including for the chagim. Clothes were worn until they were beyond repair. Money for major purchases was saved in advance rather than put on the credit card to be paid for later. It was a hard slog through what felt like years of drudgery but we got there in the end.

The satisfaction was to able to look at the figures and see the debt drop every month - and really that is what gave me the strength to keep going.
Back to top

ellacoe




 
 
 
 

Post  Thu, Dec 05 2019, 9:01 pm
Angels of Debt was started by someone who was in debt and after navigating the system he realized how difficult it is for the average person, so he began Angel's of Debt to help people consolidate their debt. It is now a very successful company. So thats one success story.

Also
https://www.savvyladies.org
offers free financial coaching and advice for women.
Back to top

amother




Natural
 

Post  Thu, Dec 05 2019, 9:43 pm
I'm with you OP Crying
And currently taking on another loan because I have $40 in my bank account, haven't paid rent this month, months behind in tuiton and no food in my pantry Crying
Back to top

amother




Brunette
 

Post  Thu, Dec 05 2019, 11:03 pm
amother [ Natural ] wrote:
I'm with you OP Crying
And currently taking on another loan because I have $40 in my bank account, haven't paid rent this month, months behind in tuiton and no food in my pantry Crying


Ditto Sad
Back to top

amother




Crimson
 

Post  Thu, Dec 05 2019, 11:06 pm
Just want to add the I finally contacted mesila but it's so expensive!!!
I'm confused if it's supposed to help people out of debt why does it cost so much:(Sad
Back to top

dankbar




 
 
 
 

Post  Thu, Dec 05 2019, 11:07 pm
amother [ Natural ] wrote:
I'm with you OP Crying
And currently taking on another loan because I have $40 in my bank account, haven't paid rent this month, months behind in tuiton and no food in my pantry Crying


Sorry for what you are going through. Maybe someone can arrange for you to get from your local org some food packages weekly?
Back to top

amother




Olive
 

Post  Thu, Dec 05 2019, 11:22 pm
kosheronabudget.com has her story, if that helps.

For commiseration, we are several thousand behind on our tuition, have $1400 out of $1800 for LAST month's rent, $15,000 in credit card debt...
Back to top

amother




Turquoise
 

Post  Thu, Dec 05 2019, 11:32 pm
amother [ Crimson ] wrote:
Just want to add the I finally contacted mesila but it's so expensive!!!
I'm confused if it's supposed to help people out of debt why does it cost so much:(Sad


Maybe so people take it seriously?
Back to top

amother




Cobalt
 

Post  Fri, Dec 06 2019, 12:12 am
We also tried Mesilla (in Israel) every meeting was over 100$!!
We didn't feel it helped us concretely at all!
We made plans, discussed our huge debt, but the only way out is to increase income and try to cut spending. Easier said than done! Especially in Israel.
Back to top

amother




Burlywood
 

Post  Fri, Dec 06 2019, 12:14 am
amother [ Natural ] wrote:
I'm with you OP Crying
And currently taking on another loan because I have $40 in my bank account, haven't paid rent this month, months behind in tuiton and no food in my pantry Crying

Almost the same with $60,000 in CC debt and $11,000 that the IRS is saying we owe after someone stole some of my kids SS#s and claimed them as their dependents. Fighting this for five yrs as the interest and threats keep adding on... its a wonderful life
Back to top

baby12x




 
 
 
 

Post  Fri, Dec 06 2019, 3:16 am
amother [ Cobalt ] wrote:
We also tried Mesilla (in Israel) every meeting was over 100$!!
We didn't feel it helped us concretely at all!
We made plans, discussed our huge debt, but the only way out is to increase income and try to cut spending. Easier said than done! Especially in Israel.


Honestly thats the only way its going to work.
You either need to make more money or cut your expenses
There is not really any magic tricks

Its not easy and anyone who tells you otherwise is lying or trying to sell you something
Back to top

kollel wife




 
 
 
 

Post  Fri, Dec 06 2019, 11:59 am
Are you living very frugally? Where do you live and what age are your children? I think I could give you advice how to live very frugally. I can't give advise on debt with credit cards or loans (consolidating them, etc.)
Back to top

amother




Powderblue
 

Post  Sat, Dec 07 2019, 2:08 pm
me!!! we had a failed business in 2014. we had about 20legal debt files incl cc. bh bh this week we closed 1file. last month 2. we still have 3 open.1will ijh be closed this week. I did it by believing in hashem because otherwise I would have drowned. and bhbh I found 3years ago a better paying job. such siate dishmaye.awhole different story. I do worked very hard fulltime job and studying... not easy... still working hard but bh got my degree this year.hugs op not easy at all. Confused Hug

eta: we also had debts to friends and relative. still have some but repaid a lot already bh!!
Back to top

SacN




 
 
 
 

Post  Sat, Dec 07 2019, 3:12 pm
This may not be a popular opinion here, but I'll give it my shot.
My husband and I are both professionals in Israel with high paying jobs. We have over 300k dollars in student loans, and pay the minimum every month. At 30 years, we'll get our loan forgiveness and be hit with a whopper of a tax bill for over 110k from the irs.

We are otherwise above board and in the black, with the occasional dip for emergencies. We have some savings. We will probably be able to help our kids when they get to college /marriage.

I'd rather save my money for investing, buying a home, etc, than paying off my (mostly my husband's) debt. It's not worth it. It won't pass to my children, I don't have any estate, I will probably retire very late (if at all) and am not likely to ever own my own home. If I (or my husband) die with tax debt to the IRS, that will just be... Fine.

Why should I also scrimp and save and live in a way that's not healthy for my family? My kids need private therapies. My socially struggling kid needs a trendy backpack. I work 45+ hours a week +commute and need someone to mop my floors. I like the Kelloggs cornflakes, I don't like the cheaper telma ones.

I used to live like someone with no money until mental health challenges brought it all into focus. I can't give my whole life to paying back debt. I need to feel the success of working so hard. I have money in my bank account, and Dave Ramsey thinks it should all go to my loans. I think he's wrong.
Back to top

HonesttoGod




 
 
 
 

Post  Sat, Dec 07 2019, 6:47 pm
Took us 3.5 years, used an adapted version of Dave Ramsey and we could have done it faster but didn’t want to be totally miserable in that time.

There’s a huge weight of our shoulders and now we can live calmer and more relaxed.
Back to top

amother




Bisque
 

Post  Sat, Dec 07 2019, 7:45 pm
sacN- I'm trying to understand. after 30 year when you get that 110 k tax bill you plan to just not pay it. don't they start garnishing your wages?

would you feel the same way if it was money owed to an individual? right now my dh's old business partner ( frum guy) owes us thousands of dollars. It's been a nightmare...
Back to top

Mommyg8




 
 
 
 

Post  Sat, Dec 07 2019, 7:53 pm
amother [ Bisque ] wrote:
sacN- I'm trying to understand. after 30 year when you get that 110 k tax bill you plan to just not pay it. don't they start garnishing your wages?

would you feel the same way if it was money owed to an individual? right now my dh's old business partner ( frum guy) owes us thousands of dollars. It's been a nightmare...


It's completely legal, it's called debt forgiveness. She will get a tax bill on the percentage (let's say 20%) that she owes in taxes because she got an economic benefit from the loan forgiveness.
Back to top
1, 2  Next Recent Topics

Page 1 of 2 View latest: 24h 48h 72h


Post new topic   Reply to topic    Forum -> Household Management -> Finances

Related Topics Replies Last Post
Why do US frummies "make Pesach"? Is this Yeshivish dialect?
by amother
44 Tue, Apr 07 2020, 4:36 pm View last post
Where can I give like-new toys
by amother
5 Tue, Apr 07 2020, 2:10 pm View last post
BD"E Smilingmom 56 Tue, Apr 07 2020, 12:22 pm View last post
What can I do with extra filling from "Meat Cigars"?
by amother
6 Tue, Apr 07 2020, 1:10 am View last post
"Like He Saw The Future": Chilling Story Before He Passed
by Yael
0 Mon, Apr 06 2020, 5:41 pm View last post
by Yael

Jump to: