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amother




OP
 

Post Sun, Nov 29 2020, 4:43 pm
Que the it’s a yenta thread comments
I get it
I don’t care


How many people are currently in CC debt?
How much CC debt?
Assuming it happened because of needs and not having the finances to pay for it.

I know too many people in what I consider a lot of CC debt, 50k ish.
I’m personally struggling with CC debt due to covid income loss. We’re working to try and pay it off. It’s not as much as many people I know struggling, but it stresses me out so much.

Does it cause you stress?
Do you plan to ever get out of it?
What steps do you take to try and pay it off?
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amother




Azure
 

Post Sun, Nov 29 2020, 4:51 pm
At my peak, I had about $35-40k from my divorce.

And another probably about $35-40k in legal expenses that I didn't put on a cc before I ran out of money OR that my lawyer was willing to allow a payment plan for at zero interest OR I took out a home equity loan to cover.

BH I finally have paid off most of my CCs and debt directly with lawyer. I have bh one balance left that iyh I will pay off soon. I still have the home equity loan that covered other debts.

I live well below my means, as best I can. I don't have cleaning help. I do get help with food (from private sources, as I'm not eligible for government aid).

I've off and on had cc debt, thankfully mostly off. It's always caused me a lot of stress. I budget budget budget and use a lot of dave ramsey methods. I also did choose when I needed to take on cc debt to find 0% interest deals, but I don't balance transfer etc. after that.
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amother




Black
 

Post Sun, Nov 29 2020, 7:00 pm
I rack up between $8-$10k in credit card debt for each baby, as I take the maximum family leave allowed (total 22 weeks in NJ) and it’s paid at $882 max per week, which is much less than we need to live. I do make sure to get a 0% interest credit card for 18 months right before I go on leave, so that I pay it back slowly once I go back to work without paying any extra interest. Ideally I would save that money in advance but I have not been able to yet.
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TwinsMommy




 
 
 
 

Post Sun, Nov 29 2020, 7:03 pm
about 40K in credit cards and about 100,000 K in student loans. We're 46 with no retirement savings---- looks like we won't be retiring. We also don't own a home. BUT--- we're renting a home that works for us and have a roof over our heads and food in our bellies. We're not on foodstamps and never have been. Homeless people are in better financial shape if they have no debt, but we're in better shape overall, so.....
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amother




Cerise
 

Post Sun, Nov 29 2020, 7:06 pm
TwinsMommy wrote:
about 40K in credit cards and about 100,000 K in student loans. We're 46 with no retirement savings---- looks like we won't be retiring. We also don't own a home. BUT--- we're renting a home that works for us and have a roof over our heads and food in our bellies. We're not on foodstamps and never have been. Homeless people are in better financial shape if they have no debt, but we're in better shape overall, so.....



Can I ask if that 100k in debt led to a decent career?
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TwinsMommy




 
 
 
 

Post Sun, Nov 29 2020, 7:07 pm
nope it did NOT. If we had it all to do over again........
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amother




Orchid
 

Post Sun, Nov 29 2020, 7:19 pm
We were at one point 10k in cc debt. We’ve since paid it off and no longer use cc.

I owe a lot in student loans but haven’t paid in so long (covid) I forgot about them. Hashem yaazor!
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amother




Slateblue
 

Post Sun, Nov 29 2020, 7:24 pm
We had about $25K in CC debt. Most of it was forgiven by now, it's been years.
Now we have under $10K in collections.
Then we had about $15K in current debt, plus another $10K or so in private loans. Most paid off thanks to COVID. (DH got a temp job after a month that added to our income, plus PPP.)
And about $5K in current CC debt (we have more on the cards but BH are able to pay it off every month).

For a long time we didn't use CC at all after we first got in over our heads.

Yes, it's all very stressful. I think now we're in the best place we've been since we've gotten married, despite a bunch of kids and crazy tuition!
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