About to go insane....

**lawnman2006** · 08-27-2006, 07:49 PM

Hello. I am new to the site. I have a HUGE favor to ask someone...anyone....who can help me. I am 23 and I have a huge amount of unsecured debt. I also have an auto loan, which I am not too worried about. I really would appreciate some advice from someone who has had success, and experience from lowering their debt...to even annhilating it. I also am a small business owner. The business is doing fine, but my personal debt is drowning me. I am so tight on spending when it comes to my business. Before I locked down and stopped spending money via credit I had already racked up $5,100 in debt......not including debt payments (cc payments) I have to make $740 a month in payments. One credit card is maxed out at $3900.00. Intrest rate at 13% and I have asked for a reduction. I have seriously considered consolidating everything into one payment and asking for enough extra to make minimum payments for the next year on all my standard bills (cell phone, auto payment & insurance). That way i could just start paying down on everything!! I don't know what to do......

This post is just a snapshot, I can get more in detail is someone would be willing to point out what I need to do to get a grip on everything...and...possibly an accountability partner???

**Kimberlina** · 08-27-2006, 07:55 PM

Hi and

I know you will get absolutely great advice here. If you head on over to the debt reduction forum [ame="http://www.frugalvillage.com/forums/forumdisplay.php?f=147"]Frugal Village Forums[/ame] and give us more details, I know you will get LOTS of ideas. Specifics really help us pinpoint where you might do things differently.

You are already off to a good start in that you have stopped using the credit cards and figured that out at such a young age- I didn't figure it out until I was 29.

**Nada.Leona** · 08-27-2006, 09:46 PM

to the Village!

Coming here is a great start. There are some wonderful success stories and some of the folks on this site should certainly be able to help you. Good luck and keep us posted. We're great cheerleaders, too.

**kabin63** · 08-27-2006, 09:55 PM

First off, welcome to Frugal Village. You will get lots of great advice and tips here. I agree with Kimberly and Nada that you are off to a great start and lots of cheer leaders here. This is also the best place ont he web for support. Keep us all posted.

**Mom23boys** · 08-27-2006, 10:16 PM

Hello and welcome to the Village.

I know you are going to receive some great advice here. You are already taking some great steps on your own. You stopped using credit cards and you have asked for interest reduction on another. Way to go! It does take time to eliminate your debt, but it can be done. Don't give up and read all you can.

**frugalfoster** · 08-27-2006, 10:38 PM

Have you read anything from Dave Ramsey? If not, check it out from the library, it has changed lives for a lot of people......it's a road map to financial peace...

**autumnlynn** · 08-28-2006, 12:39 AM

Welcome to the Village. I agree with Frugal Foster. I am also working the Dave Ramsey Plan and it has really made a difference in my life. I would recommend reading TMMO and Financial Peace Revisited.

You will find a lot of help and support on this board.

**PrairieRose** · 08-28-2006, 08:55 AM

to the village! Be sure to read the debt reduction forums and somewhere way back in there I tell about how we've paid off $140k+. You surely might be better off to get a consolidation loan if you can get a good interest rate (due to fico scores, credit ratings, etc.). IF you can resist starting to charge again once you've lowered those payments. It just takes some self control but you can make huge strides in a pretty short amount of time.

**frugalfarmwife** · 08-28-2006, 09:25 AM

Howdy and welcome! I agree with the others, check out other areas of the forum here and also go to the library and check out some of Dave Ramseys books.

I'd look at all angles before getting a loan, and put all those CC's away where you won't touch them again

kj

**duchess** · 08-28-2006, 09:40 AM

Lawnman, call you cc companies and see what they can do FOR you!! I called mine several years ago and they put us on a repayment plan where our interest rate was reduced to 5.9% and has stayed that way for years along with a reduced minimum payment of only 1% instead of the normal 2 - 3%. See if they can do anything - every little bit helps.

I wouldn't consolidate personally, but I would get one of those freebie cc offers that offers 0%.

Can you take on any type of second job? Even a night or two of delivering Domino's could lighten your load.

Good luck.