So sad - CC debt | Imamother

amother

Fri, Oct 28 2022, 8:14 am

Yes, another thread on cost of living, inflation and credit card debt

Over COVID between the stimulus checks and unemployment we were able to get our CC debt down to close to 10k (was about 30k before that)
DH and I both weren't working, we were on medicaid and had very few expenses aside for food and mortgage (our school tuition was extremely reasonable)
Fast forward two years and bh DH and I are both working. Our food expenses and everything else have skyrocketed. Our health insurance is more than 12k a year and we still pay high copays for almost everything (and right now have a bunch of expensive medical things going on)
Our tuition has gone up significantly since we are both employed

And our CC debt is back up to 30k Crying

DH is hoping to get a raise soon, but really how much can that be already...
I work PT, so my salary isn't as high as it could be, but per hour I get paid quite well, and having to pay the extra babysitting/tuition of having my kids taken care of more hours and all the days they're off, wouldn't really increase our salary much

I really don't get how people are living right now

relaxation

Fri, Oct 28 2022, 8:32 am

Obviously I don't know all the details of what your expenses are but perhaps maybe would it be more doable if you go back on medicaid and have a lower income ? (Unless you are making way more than the limit) It seems as if the insurance is playing a major factor here.

(BTW there was a thread about this a few days ago)

amother

Brass

Fri, Oct 28 2022, 8:39 am

Sadly we are in the same boat. Just so many unexpected expenses put us over the edge. We don't make enough to save a penny.

A child just needed a root canal that's over 2k. Just went on cc. I'm feeling so lost, hoping Hashem can help somehow.

amother

Olive

Fri, Oct 28 2022, 9:01 am

Yup I’m in the same boat I had zero debt two years ago last year my husband got a good job he makes 150k a year and I’m drowning. It’s insane what’s going on. I don’t know how much longer I can actually do this I have not a dollar for extras. I have not gone in vacation in 4 years. I just feel like we can’t catch our breath.

amother

Apricot

Fri, Oct 28 2022, 9:01 am

I can totally relate. DH and I were busy paying off our credit card debt but now , we started using the credit cards more because of the crazy expenses on basics and now I have debt on cards I’ve never had debt on before and I can’t pay the full balance anymore.
My daughter broke her arm and the 10 minute doctors office visit , the doctor charged $950 to my insurance , but I have a deductible, and I’m responsible to pay $680. This does not include the visit we had to the urgent care and the x rays that were done there …I didn’t get that bill yet. It also doesn’t include the actual cast and the follow up visit. We are paying more tuition than we ever have before. I have serious anxiety when I go grocery shopping. I withhold from buying bare basics. Sometimes my fridge had two items in it and I rummage through the pantry to figure out how to make something out of nothing.

amother

DarkPurple

Fri, Oct 28 2022, 9:19 am

Yes I also could relate.
I never had cc debt until a few years ago.
My husband gets disability from an injury he had. Will never be able to go back to work.
I was fired during COVID and can't get a decent paying job whatever I make is a drop in the bucket.
One kid needs a tooth implant and a crown plus other health related stuff other kid needs medical and mental doctors we can't afford.
Our house is falling apart.
The list is endless.
We are on Medicaid but when we applied for food stamps they said we make too much money.
I would love to know where that money is because I don't see it going to try again to apply.
But I just feel like I'm drowning and I can't creep out
So I understand you completely.
I wish I had an answer.

amother

Fri, Oct 28 2022, 9:53 am

We are making 140k before taxes and for our kids to get on Medicaid in our state we would need to be making under 90k and as adults way less.
It's definitely not worth the 50k salary cut

amother

Papaya

Fri, Oct 28 2022, 9:56 am

amother Apricot wrote:

This is why people play the system. It’s a broken system to begin with. People shouldn’t be punished for working.

amother

Moonstone

Fri, Oct 28 2022, 10:11 am

amother Lawngreen wrote:

We closed our credit cards. Best decision ever. It forces you to live within your means.

Do you have some type of plan for an unexpected medical emergency? I’d guess that most people even with credit cards know how to live within their means but emergencies come up and I’d rather be in debt temporarily than pain long term because I can’t afford treatment. Same trade off for a pipe bursting, car breaking down, etc

amother

Geranium

Fri, Oct 28 2022, 10:27 am

My cc debt has reached $50,000, our annual income is $40,000😢. I have 4 accounts and I transfer balances between accounts until the end of each 0% apr balance and more or less minimize fees that way. I Bh have big credit limits but I wouldn’t recommend it for the faint of heart.
(Obviously would be better if we were living within our means and working on that)

amother

Apricot

Fri, Oct 28 2022, 10:30 am

amother Lawngreen wrote:

We closed our credit cards. Best decision ever. It forces you to live within your means.

For us it would mean we go hungry . I do have the card locked, the one that I had the most credit on and maxed out , and weve been paying down over a few years . But , we literally wouldn’t have food to eat if we didn’t have a card to put it on. Sometimes we don’t have enough credit on the card and I have to wait until Friday afternoon to shop until we could get some funds. It’s crazy .
And we earn six figures. It’s not enough . We don’t have heat because we can’t afford a plumber and we try fixing it ourselves , it lasts a day and then doesn’t work again for 5 days until we figure something out. Constant shut off notices get mailed to us. Life is simply unaffordable now even with a decent income. We live under our means, if that even is possible.

amother

Brass

Fri, Oct 28 2022, 10:51 am

amother Geranium wrote:

Same!! And please don't let anyone guilt you that you should get better jobs. Here we make pretty much $50k. We are doing the best we can, yes technically DH can get a better job, but he is happy and in a frum environment. Hashem provides parnassah, I'm telling myself that.

amother

Aqua

Fri, Oct 28 2022, 10:58 am

Wow making 6 figures and not having enough money for food! This boggles my mind! Can you go to your local food pantry and tomchei shabbos? Make a payment plan with the dentist? Is dental work really that much? We live oot on 150k and while its tight with the high tuition we cover our expenses. Would you consider moving?

amother

Olive

Fri, Oct 28 2022, 11:22 am

amother Aqua wrote:

I live in a cheaper house already. Can’t move now cause of my kids ages the transition and all and tuition in other places would be more. I feel stupid going to ask for food when we are earning that much. Everything went up utilities almost doubled its insane what’s going out there as frugal as I am we are still not making it. And I don’t see prices going down anytime soon.

amother

Fri, Oct 28 2022, 11:50 am

Quote:

How many kids do you have? Do you have teenagers yet? The amount of food my kids eat is just getting more and more as they get older.
My mortgage is already a joke, bh we bought many years ago before the housing market exploded.
But between tuition, health insurance, health expenses, food, and just the cost of literally every single thing going up significantly (ie my cleaning lady asked for a raise, my bookkeeping software price went up...) it all adds up

amother

Maroon

Fri, Oct 28 2022, 12:52 pm

amother Olive wrote:

If you need the food, take the food. That's what it's for. Of course make an effort in other areas too. But it's not taking advantage if your family needs to eat. I hope things get better soon!