Where do I start?......

**BusyMomma24** · 10-27-2006, 11:21 PM

It is my goal to be free of debt as soon as possible.We are about $85,000 in debt, it's all basically old medical bills and bills created do to poor choices/spending habits. We have zero credit card debit and only have a prepaid debit card and a paypal debit card so there's no real temptation to spend there. So where would I get started? I am open to suggestions as I am feeling a bit overwhelmed by all of this especially since my husband isn't really excited about hopping on the frugal train.

Kate

**PrairieRose** · 10-27-2006, 11:37 PM

Firstly

to the village Kate!

The first thing you need to do is consider all of your debt as one debt. The next thing I'd do is read, read, read the debt reduction forum, go way back and you'll learn lots and lots. The third thing I'd do is to consider where you can "find" a little extra to throw at your smallest debt to begin your 'snowball' with. (again read, read, read about snowball debt reduction in the d.r. forum)
We can help you along the way for sure and don't be discouraged about your dh not being on the wagon with you. It took mine about 2 years to finally 'believe' that we could do this. He'll come around......ev.ent.u.ally.

**homemaker66** · 10-28-2006, 08:32 AM

read on how to snowball your debts. It will take some baby steps to get started and before you know it you will be running of becoming debt free. It will take time so don't get discourage along the way.

**dwallyfam** · 10-28-2006, 08:35 AM

Congrats Kate on wanting to get rid of your debt.

Kellie

**emily_hope** · 10-28-2006, 09:41 AM

Well, I'd say you've already made the first step by acknowledging the debt and wanting to figure out how to get rid of it. If you follow Dave Ramsey's plan from The Total Money Makeover you need a Beginner Emergency fund and then you start to snowball your debt. In the debt reduction forum here at the village, there is tons of information. Be sure to check it out. Get you a cup of coffee or hot tea, sit back and enjoy reading others advice, solutions and stories about how they did it.

**pammy** · 10-28-2006, 01:29 PM

I agree about reading Dave Ramsey's Total Money Makeover. It's step by step, takes hard work and dedication, but thousands upon thousands have worked that plan and have become debtfree.

We're working it, too. I always thought 'yeah, become debt free.. whatever' like it was something rich people did. Stumbled upon the book by mistake, read it in one day and was totally hooked! Like a lightbulb going off. There it was, the plan outlined. Very motivational.

It took some actual figures in black and white for my dh to come around to the idea of paying off debt. When I showed him how long it would take to have everything paid off, even the house, his eyes lit up. Maybe men need a goal, and the prize is freedom, to get it. Some men need a big heart to heart with how much this means to you to go along with the plan. Women have different security issues than guys do, so some just don't know that it can be terrifying until you tell them.

Congrats on taking the first step!! Many here are walking along with you, you aren't alone. Welcome aboard!

**bumplett** · 10-28-2006, 05:29 PM

Congrats on taking that first step - and welcome!!

you are not alone, so no matter how frustrated you get - we are here for you!

**TheRootedNomad** · 10-29-2006, 12:56 PM

We're working a modified version of Dave's plan too and managed to become DEBT FREE except for our morgage working our personalised version of the plan last year. Most of my motivation came from

here as well as new ideas to try. I second the motion for reading the back threads......especially the ones were others are struggling too, it made it easier for me when I realized I wasn't the only one struggling with more debt than income.

**rosebron** · 11-08-2006, 09:26 AM

Slow but steady ALWAYS wins the race.
Your at step one already.
Just be consistent and celebrate small victories.
I do this every month when my cc balance drops!

My DH is still struggling with the concept of getting rid of debt.
As far as he is concerned, you only live once, you'll always have bills, yadayadayada!
However, I've got him on a plan to get rid of his current debt (see sig).
He's been boasting to his friends about how well he's doing but gives me a hard time when he can't have something he "needs'.
Sort of like having one foot in hell and one foot in heaven approach!
I just pray!

I'm excited to hear about your progress.
Dave Ramsey's book, Total Money MakeOver, saved my life!
Keep us updated and keep reading.
We're here for you!!!

**Buckeye5** · 11-08-2006, 11:10 AM

Congratulations, you are setting up goals for yourself financially and that is a terrifc start. Read the TMMO, or if you can listen to Dave Ramsey on the net or radio, it helps to stay focused. Lots and lots of great advice here at the village, visit the threads, they will definitely help you. Anytime you have a question, start a new thread, the people here respond honestly and with good advice.

**Dolores** · 11-08-2006, 06:07 PM

Hi, Kate! I have paid down $50k in debt so far, it CAN be done! Depending on the age of your medical debts, you probably can settle for a fraction of the amount you owe. If your credit has already been damaged, it couldn't hurt to look into it.

1. Write down each debt, how old it is, APR, etc.
2. Prioritize the debts. Which ones have the biggest impact on your life?
3. Is the debt something that can be settled (paid for less than the owed amount)? If you are behind on your payments, you may have a good chance to settle.
4. How can you make extra $$$ to pay the debts down?
5. For a debt this size, you may want to consider bankruptcy. I rarely make that recommendation to my friends, but if your credit is already destroyed it can help you get a fresh start.

Dolores

**SammeyG** · 11-08-2006, 08:38 PM

Welcome here to Fv.

My dh is just like yours in a way. He relizes that we do have a debt problem and wants to get out from under it. But at the same time that he thinks that it will be with us for the rest of our lives. I do try to get him to watch every little penny. My advice here is like the previous. Just try to read as much as you can here on the site. This site has been very helpful for me. When I get discourage I just come to the FV and everyone cheers me up.

I am cheering you on.