Shameful Debt

I am too ashamed to admit how much in debt I am. Most of it is student loan debt, but I also have significant credit card debt. I recently had an issue where I was a bit over the maximum on one credit card and the minimum payment due was nearly $900. Thankfully I have never had a late payment so they worked with me on it and enrolled me in a program where I only have to pay $150/month until January (when I get a job and will be making $80k annually!)
mspac mspac
22-25, F
30 Responses Jul 18, 2007

I was in trouble with payday loan and don't know what to do but my brother in law told me about a payday loan consolidation company called Be Free Financial, I gave them a call and talk to Will he assisted me and explained how the program works, now i'm saving 100's per month on my payments. Call 407-949-0305

What kind of job will you have that's $80k/year to start out?

If you believe in God an didnt blasphmey the holy spirit have faith pray the prayer jesus taught in secret everyday an also take care of you love debts I sure theres hope for you an wont have to wake up ashamed like I do.

Your situation makes me a little sad.... I remember when I had my student loans... they were sold as an investment... as I would get a job with my education and pay it off.... that was true then... but society has lied to our youth and it troubles me... My student loans were a small fraction of what student loans are today... mine were reasonable and easy to pay off.... but the kind of debt that the system is handing out to students today... not only puts you all in indentured servitude for a long time... but allows schools to crank up tuition egregiously... because the market seems to be able to come up with the cash... ughhg its a viscous cycle and my heart goes out to you.

Good on yon sharing and admitting the debt. It does take something to admit. most people dont and thats where it starts blowing our of control.. its a bit like gambling... <br />
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By admitting, you have confronted the debt and hopefully have had some resolution :) Good luck

25 and making 80K DAMN Im in the wrong business.

When you do start working, use all your extra money from the salary to pay off as much as you can every month! It's not fun, but one day, hopefully in the near future, you'll be debt free. Or at least down to a level you can manage!

Spend less than you make. Live frugally. Seek opportunities to expand your wealth and savings. Invest in assets. Sounds simple eh? No it isn't. If you make over $80,000 a year then I recommend living as person with a salary of $35,000 a year. Save money in accounts (or investments) where it can grow and earn better returns than a stupid savings account. The new millionaires are not made overnight, but you can become a multimillionaire in about 10 to 15 years if you save and invest your money wisely. <br />
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Don't be afraid to take risks, but take them within reason. Don't go empty out your $300,000 savings account to play craps in Vegas, but also don't let a run down 2 room bungalow home pass you by that could be purchased for $125,000 and resold for $225,000. You get my point, too bad I couldn't effectively employ my own advice.<br />
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Am I a saint in all of the above recommendations? Heck no. I am trying though. I declared bankruptcy less than two years ago due to over $100,000 in hospital debt (I also had about $12,000 in credit card debt). Sometimes it's really just necessary to hit the reset button and no I did not feel bad about it. What's obscene is my over $95,000 in student loan debt that was not discharged. I found a solution for that issue. It's called work for the government and apply for Income Based Repayment plan while enrolling in the Public Student Loan Forgiveness Program. I will pay about $20,000 on my loans and the remaining balance will be forgiven. <br />
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This debt is my shameful debt. It is shameful that I never finished my graduate degree and went so far into student loan debt. I hate it too. Imagine having to pay over $850 a month in student loan payments. To manage this I staggered my loans, e.g. I placed some in forbearance and paid others and then flipped them until I found out about IBR which was a godsend. I am now scheduled to pay only $494 a month for the next ten years.<br />
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I earn about $35,000, but I live like I make half that income. So I immediately set aside $1250 a month for me. I think I'm worth at least 50% of my net income. The remaining $1250 is used to pay bills. In ten years I will be completely debt free with an estimated principle savings over $150,000 (not including interest or returns on investments). This has not been easy, but I have no credit cards anymore nor do I plan on getting anymore, ever.

Rule one: only use a credit card for Bills over £100.<br />
Rule two : Only spend what you can afford to repay in 30 Days.<br />
Rule Three: Run a budget remember the McCCorbera quote from Charles Dickins about Misery and happiness. (depends whether income exceeds expenditure or the other way round)<br />
Rule Four make an agreed list when you go to the shops and keep to the list.Do not buy stuff not of the agreed list.<br />
Rule five Cut all but one credit card up.<br />
Rule Six pay a little every month even if it does not hit the minimum.You can try to get them to freeze the interest if you pay a little You have no chance if they have not had any payments for several months. <br />
Rule Seven Keep in touch with the people you owe money to. even if you don't give them any money.<br />
Rule Eight make sure both of you keep the eight simple rules <br />
Best wishes for a happy new year

I must say that I am also in a huge amount of debt and have not been much of a saver, except when it comes to my childrens money, I definitely don't touch that. I have a business in Bundaberg, Australia that I am trying to sell so that I can spend more time with my children and get rid of some of the debt that I have. My husband is a hard worker he works seven days a week sometimes but is trying to spend more time with us as a family. I have about 6 credit cards that I am trying to pay off and am slowly learning that debt is not something for me, but it is definitely a slow learning process. I find that I can get myself out of debt but slowly fall onto the debt band wagon again. It is a vicious circle. I just wish someone would by my business so that I can start again and just work for someone else for a change instead of working for myself, 6 days of working and 1 day with my kids is just something that I don't want to do anymore. And Debt well I guess nobody wants that either. Keep your chin up, if you are determined to do it then I can't see why you wouldn't succeed. Happy New Year!!!

I have credit card debt too and it irks me to no end. I set up a savings account with an online bank, INGDirect, because their interest rates are good and I don't get a debit card with it. Then I had that account siphon off money from each paycheck, eventually forgetting about it since it isn't with my regular bank and I would forget to check it. Then when I need money for something, voila. It's come in handy quite a few times, just an idea.

Debt sucks thats for sure. You should definitely look into a debt consolidation program. about 3 years ago i joined one of those programs and I only ended paying about 1/2 of what we really owed to the credit card companies. It was great.

I had a card or two, but some kind of alarm bells kept going off in my head ohhh around 2002. I worked hard to pay them off and when I did, I chopped them up in tiny pieces. Then with out any one telling me I followed the advice from the banker in the post above. IF I did not have enough cash to purchase something, I did not get it until I saved the cash up. Now like the person above, I own 2 cars, an RV, a Boat, my house, all my furniture, and have no debt, except the monthly utilities. I am not bragging about this, just to tell you that if little old me, can pull it off so can you. Pay them off and get rid of them.

Hi...I am new to this website, BUT...I am a certified debt arbitrator and work at an Attorney based Debt settlement company. I help people get out of debt, by reducing the debt you owe, cutting your monthly payments in half and getting you debt free in 3 years or less! Anyone is welcome to e-mail me if they need any financial help!

Living within one's means is one of the most difficult things to do. It's never fun being responsible. Good luck with your debt. It took me 10 years to crawl out from under mine and it was miserable.

I have ALOT of student loan debt too. I mean way more than I should at the point. What job are you getting or what field rather?

Its interesting that being in debt causes 'shameful' feelings. I have debts too from credits cards that I feel ashamed to admit the total amt. of debt. <br />
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But I totally stopped using my credit cards and pay about $1,000 a month on my debts to make them go down faster so I the interest amt will go down.<br />
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I have gotten out of debt before and I'm sure I can do it again.<br />
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I know you will too.

I know you can see your Financial Destination Solutions!!!

The problem will be over soon.

trouble is all those who have saved are seeing thier savings wiped out by the present climate , if more money is printed by our governments , then inflation will go through the roof , so any savings will have less buying power , our banks have ripped us off , and our governments have allowed them to do it , if we are going to survive , we must avoid debt .

I have read a book : "How to Get out of Debt, Stay out of Debt and Live Prosperously (based on Principles & techniques by Debtors Anonymous) by Jerrold Mundis, it's a good book...*smiles*

I have read a book "How to Get out of Debt, Stay out of Debt and Live Prosperously" (based on Principles & Techniques by Debtors Anonymous) by Jerrold Mundis; it's a nice book... *smiles*

Doesn't make you feel much better about being under it, but what AlDente says about Debt is true. Buuut...if everything is going to **** and the currency is going to collapse, you can pay off those debts with lots of worthless monopoly money. Preferably the kind you wiped your *** with first. Stop eating and start $aving!

If you ever thought you could handle having a credit card, or even if you've had issues with should watch the documentary Maxed Out! It was quite an eye-opener.

Work hard and try your best to get back on track. Sadly the economy and illness has me living with my estranged husband and I am at the point of looking for a cardboard box and a bridge.

Lucky , you will be able to put it right , & you can learn a lesson from it for later in life , could prove to be a valuable lesson , if you are tempted to get credit again , just remember how you feel now & re-consider , but i would not beat yourself up about it the lenders have played there part . good luck

ya CARDS can be a big pain in he A**, i just read that having cards are a really dangerous thing & can wreak havoc with ones finances.<br />
i have one but am planning to use it as less as possible.

A member of the family was a credit counselor in a bank some years ago. He gave me some good advice:<br />
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If you have to buy, buy only what you can pay for in cash. If you dont have the cash, or if you dont have sufficient funds in a checking account, dont get it. So where has this gotten me?<br />
I own my house free and clear. I own both cars free and clear. No mortgage payments, no loan payments. Considering the economy, that is something worth working toward.

I have never been able to save. I have always lived for today. As I get older I am really having a hard time. It is true, what you do when you are younger sets the stage for when you are older,

Hopefully once you get your job you can get out from under the debt. What we do with savings and debt early in our lives can dictate our finances for the rest of our lives. My Dad told me that there is a tipping point with both saving and spending, where we can save enough to be set for the rest of our lives, or spend enough that we will always be in debt. I like thinking of it that way, makes it easier to save!