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06-17-2008, 05:10 PM
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#1
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Confused about dryer sheets
Join Date: Jun 2008
Posts: 2
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Sean from Ohio
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.
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06-17-2008, 06:17 PM
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#2
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 46,623
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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!
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
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06-17-2008, 11:16 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Feb 2007
Posts: 3,484
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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.
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08-28-2008, 03:49 PM
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#4
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Confused about dryer sheets
Join Date: Jun 2008
Posts: 2
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Ohio
I'm just north of Akron in Broadview Heights.
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08-28-2008, 04:02 PM
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#5
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gone traveling
Join Date: May 2008
Posts: 3,864
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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.
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08-28-2008, 04:16 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Apr 2007
Location: west bloomfield MI
Posts: 2,222
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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.
__________________
Light travels faster than sound. That is why some people appear bright until you hear them speak. One person's stupidity is another person's job security.
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08-28-2008, 05:09 PM
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#7
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Recycles dryer sheets
Join Date: Jun 2008
Posts: 121
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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)
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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!
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08-28-2008, 05:19 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Nov 2005
Location: Colorado, USA
Posts: 1,127
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Sean, way to take control of your financial life! Best of luck and I;ll look forward to your posts.
Coach
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08-28-2008, 06:32 PM
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#9
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Recycles dryer sheets
Join Date: Jun 2008
Posts: 134
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Welcome aboard from a fellow Buckeye (NW Ohio, near Bowling Green).
Stay Cheap!
-Jeff Yeager
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