Anonymous wrote:Op do you have a job now? That is critical.

Agree that you have to stop spending on the cards to make this work.

Then follow the Dave method. You can be debt free in 2-3 years or less if you follow those steps. Probably don’t need to spend fir financial peace university.

Get a job and even a second job, and then it’s “beans and rice, rice and beans” as he says, as you tighten your belt.

No one can do this for you op. Except you.

OP stated he/she is working.

OP, I also wouldn't rule out bankruptcy if you are unable to keep up with payments. You can often still keep your car/house if you file. Do some online research and consult an attorney if you choose to go this route. You may be able to get help from legal aid if you cannot afford an attorney.

Op do you have a job now? That is critical.

Agree that you have to stop spending on the cards to make this work.

Then follow the Dave method. You can be debt free in 2-3 years or less if you follow those steps. Probably don’t need to spend fir financial peace university.

Get a job and even a second job, and then it’s “beans and rice, rice and beans” as he says, as you tighten your belt.

No one can do this for you op. Except you.

Anonymous wrote:This is so heartening to me to read! Has anyone gone through a Financial Peace University?

Do you really need to spend money on that?

This is so heartening to me to read! Has anyone gone through a Financial Peace University?

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Dave Ramsey. I pulled out of 80k in credit card debt in a year. It took massive austerity measures. I now have 40k in an emergency fund, index funds, 401k, IRAs, and 529. We completely turned our financial lives around and did a 180.

This is impressive. What type of austerity measures did you take? Did you have to sell your house and downsize? What about cars? Did you sell them? What kind of decisions did you have to make on a daily basis to keep going?

Not helpful. The poster had to make a lot more than 80k in a year to pay down that much in debt. Most folks in debt don’t have that luxury.

Why would that information not be helpful? Presumably the austerity measures were something more than skipping a beach vacation. I think it would be helpful to hear what someone did to pay off that much debt.

Anonymous wrote:

Anonymous wrote:Dave Ramsey. I pulled out of 80k in credit card debt in a year. It took massive austerity measures. I now have 40k in an emergency fund, index funds, 401k, IRAs, and 529. We completely turned our financial lives around and did a 180.

This is impressive. What type of austerity measures did you take? Did you have to sell your house and downsize? What about cars? Did you sell them? What kind of decisions did you have to make on a daily basis to keep going?

Not helpful. The poster had to make a lot more than 80k in a year to pay down that much in debt. Most folks in debt don’t have that luxury.

Anonymous wrote:Dave Ramsey. I pulled out of 80k in credit card debt in a year. It took massive austerity measures. I now have 40k in an emergency fund, index funds, 401k, IRAs, and 529. We completely turned our financial lives around and did a 180.

This is impressive. What type of austerity measures did you take? Did you have to sell your house and downsize? What about cars? Did you sell them? What kind of decisions did you have to make on a daily basis to keep going?

Ok, OP, deep breath. You can get out of this.

You say you are working now. How much do you make and how much do you spend? How much can you apply towards your debt each month? How much is each balance and what are the interest rates on those cards? What is the minimum payment due on each payment each month?/

From this information, we can help you come up with a basic strategy to get back on track with chipping away at that debt.

Good luck.

can you take a second job at the mall or something for extra income?

Anonymous wrote:Step 1 should be to cut up all the cards and to make sure any purchases from now on and paid for with cash.

Step 2+ is pay down the debt.

You can do it OP.

+1. cut up those credit cards NOW. No more spending what you don't have.

As soon as you get paid, pay all your bills, plus an extra $500-$1000 to your credit card.
Then force yourself/family to live on the rest. No more activities, eating out, shop only for groceries and buy only what's on sale.
Can you take on overtime at work?

Anonymous wrote:Paying down debt is ok when you have the income to do so

Paying down debt is always OK.

Paying down debt is ok when you have the income to do so

Dave Ramsey. I pulled out of 80k in credit card debt in a year. It took massive austerity measures. I now have 40k in an emergency fund, index funds, 401k, IRAs, and 529. We completely turned our financial lives around and did a 180.

Dave Ramsey's advice will be helpful for you, I am sure of it. Pay close attention to the teachings on "debt snowball."

You have a job now, you have income. That is amazing, OP! You're on the right track.

Now, take a deep breath, and STOP SPENDING.

Spend on your NEEDS. Until you pay off a good portion of that debt, you really need to skip the wants.

Best of luck.