Just starting my Debt Program

**BigTony** · 08-05-2009, 04:47 AM

The 28th ( August 2009 ) of this month I will make my first payment to my Debt Consolidation Program. I am have so much trouble getting motivated for the 5 Year journey in front of me !!

There is no other way for me, the debts are in my Mother and Fathers name, 2 people with big hearts. They thought they were helping me by letting me use thier Credit Cards, but everything has snowballed and now I have my work cut out for me!!! God Help me..

Anotar3@gmail.com

**Siebrie** · 08-05-2009, 07:16 AM

Take a deep breath and keep on breathing, you'll make it!

Welcome here! You can look through the threads at the Village for tips and support. If you have a question or need to vent, we're all here to help each other.

**Greebo** · 08-05-2009, 08:24 AM

Oh dear... which debt consolidation program got you?

**tervsforme** · 08-05-2009, 10:30 AM

Welcome and Good Luck! There is alot of useful information here that will help you along the way. Once you get started and see your balance going down, it will keep you motivated.

**MaryCarney** · 08-05-2009, 10:45 AM

BigTony - run (don't walk) and find yourself a copy of The Total Money Makeover by Dave Ramsey. Pay CA$H for it, or borrow it from the library. Read it tonight. And again tomorrow!!! You'll be happy you did!!

Good luck on your journey, we're here to help!!!

**ladykemma2** · 08-05-2009, 10:50 AM

dear tony,

go to the dave ramsey website and look in the upper right hand corner. there is a button called "listen now" . you can listen all day long to your hearts content the archives of the radio show for free.

i do this to stay on track.

**Greebo** · 08-05-2009, 11:09 AM

Originally Posted by ladykemma2

dear tony,

go to the dave ramsey website and look in the upper right hand corner. there is a button called "listen now" . you can listen all day long to your hearts content the archives of the radio show for free.

i do this to stay on track.

^^^^ This

About 4 or 5 times a week you'll hear true stories from people who found out the hard way that most of these (if not all) debt consolidation programs are a scam.

About 4 or 5 times a day you'll hear stories that will help you really see the alternative to getting your finances in order. There's very little more focusing than hearing the stories of people who, 2 or 3 years ago, were then where you are now, and didn't fix it then.

Either you find the motivation to fix your problems now, or your problems will just grow. Listening to Dave's show will help a lot with that.

**frugalfranny** · 08-05-2009, 02:02 PM

Wishing you success in whatever path you choose to take.......

Monitor the DCP as some of them are not so honest......good luck.

**Thevail** · 08-05-2009, 02:39 PM

Try to think of paying all of this off in context. It takes years to build a solid relationship with a person.. it also takes years to build a solid relationship with money, and to trust yourself with it.

It takes years to get a degree that will help you do better financially in the future, it also takes years to learn good financial skills without which you will never do well in the future.

A messy divorce, or a cataclysmic illness can create a financial mess that takes years to clean up, so can unregulated spending at any stage of life. All you can do is pick up the pieces, clean up the mess, and move on to hopefully live a debt free life. But it will take time. Few financial messes are created overnight, and short of winning the lotto.. almost none of them are ever cleared up overnight either.

This isn't some sort of 5 year purgatory, it's a change in lifestyle for good. From being someone who lives a life that racks up debt, to being the sort of person who lives a life where they pay their bills and control their spending so that they live within their means.

Sure, it will take time, and it probably won't be all that pleasant, but you're gonna love your new life! So much less stressful.

**NikoSan999** · 08-05-2009, 02:51 PM

Originally Posted by BigTony

The 28th ( August 2009 ) of this month I will make my first payment to my Debt Consolidation Program. I am have so much trouble getting motivated for the 5 Year journey in front of me !!

There is no other way for me, the debts are in my Mother and Fathers name, 2 people with big hearts. They thought they were helping me by letting me use thier Credit Cards, but everything has snowballed and now I have my work cut out for me!!! God Help me..

Anotar3@gmail.com

whoa, wait a minute, if the debts are in your mom and dad's name how are they letting YOU do the debt consolidation in YOUR name? Is this thru a bank loan consolidating them or a "get behind and we'll deal with it for you" deal. Something here dosen't sound right.
Can you tell more?

**onencgirl** · 08-05-2009, 02:59 PM

Hi and welcome from NC. You'll learn alot here.

**christina33** · 08-05-2009, 09:54 PM

Hi

Congrats on your start.
However, are you sure that debt consolidation is the best way to go? Is this one of those company that will take your payment for a period of a few years, then when the credit card company decide they will take anything/payment, the company then pay a reduced amount?

Be careful with this.. Did you check the laws in your state? You may be liable and the credit card company can still come after you to make up the difference? How much are you paying the debt consolidation company? Initial fees and monthly etc.

Speaking from experience.. I am in CCCS and have had a very positive experience with them. Yes the Fico score dropped initially but since wasn't planning to buy house or major purchases at the time ... CCCS was not a problem. Score rebounded to 700's after a drop to 550 when started the program.. about a year. I pay $25. for the arrangement.
I am considering exiting the program mainly because I am will start a new job and can pay more etc. However, I have no desire for the interest rate to shoot up to 35%. from 9.9.

Make certain you understand clearly with debt consolidation. Check Suze Orman about this and make certain your company is NOT on the list flagged by FTC or AG offices as bad etc.

Good luck with this..