Sean from Ohio

[Neflihim]

Just wanted to stop in and say hello to everyone here. Been reading these boards and I am trying to work out my personal finances right now. A bit about myself....

I'm 28 years old, married and trying to get my life straight. My wife and I have over $15k in credit card debt that we need to get paid off. I lost my job last year and got way behind on payments and many of them are charged-off now. So I have a lot of work to do in that department. (If anyone has any advice with this it would be great)

I am however working now with a great company and have started retirement savings plan. I know I have alot of work to be ahead but I am determined to get it done. Thanks to everyone here I have a wealth of knowledge and real life exp. to help me.

[W2R]

Hi, Sean! Sounds like you have already made a good start in saving for retirement, by starting your retirement savings plan.

My only advice with the credit cards is to pay them off, one by one, and to refrain from charging any more until your credit card debt is at the level you want. Usually it is best to pay off the one with the highest interest rate, first.

At any rate, welcome to the board!

[Sue J]

Hello from another Ohioan, I'm outside of Akron in northeast Ohio.

If you are looking for strategies and inspiration in paying off debt, I recommend reading some of Dave Ramsey Real Debt Help - Get out of debt with Dave Ramsey's Total Money Makeover Plan. He's got a nightly TV show on Fox Business if you have that channel and he also has a radio show. He sells books and a class and kits but you don't really need to buy any of it. Your local library will have the book and you can find all the steps he teaches on his site.

His ideas may be a bit drastic for some, but I've learned a lot from him recently and I enjoy his practical advise and humor.

[Neflihim]

I'm just north of Akron in Broadview Heights.

[Westernskies]

Welome to the forum. Getting back on track is a lot like eating an elephant. You can do it but you have to take it one bite at a time.
There is a lot of good information on this forum, and others who have been where you are now.

All the Best.

[jIMOh]

I heard that Akron ohio is the only city that people from Cleveland cannot make fun of. 50% of the people which live there cannot sell their houses, the other 50% are in federal witness protection program.

JK- I heard that in a stand up routine years ago. I live in cincy.

15k is not much in cc debt, but you want to get it paid off quickly. Remember you cannot finance your way out of debt, so buckle down and pay it off. Get a second job or cut expenses as much as possible until the debt is gone.

Then make sure you put 3-6 months expenses in a cash account so it does not happen again.

[ladypatriot]

Quote:

Originally Posted by Neflihim I'm 28 years old, married and trying to get my life straight. My wife and I have over $15k in credit card debt that we need to get paid off. I lost my job last year and got way behind on payments and many of them are charged-off now. So I have a lot of work to do in that department. (If anyone has any advice with this it would be great)

Hello and welcome!

You and your wife may have a lot of work ahead of you to pay off your CC debt, but you will be so glad you did. Once the debt is paid off, open a money market account (like GMAC) or an online savings account (like ING) to start your emergency fund. But most important of all, learn to live below your means!

If you can, find others like yourself who are committed to creating financial stability and security. Creating a social network with like-minded couples and families can provide encouragement and ideas.

You mentioned a new job with retirement savings plan. What type of plan is it?

Good luck!

[Coach]

Sean, way to take control of your financial life! Best of luck and I;ll look forward to your posts.

Coach

[Ultimate Cheapskate]

Welcome aboard from a fellow Buckeye (NW Ohio, near Bowling Green).

Stay Cheap!
-Jeff Yeager