Your Questions About How Do You Get Out Of Debt

Thomas asks…

What should you do when your husband is financially irresponsible?

When my husband and I were dating he had financial trouble but he told me it was his ex-wife’s irresponsible spending that drove him deep into debt. After we married I discovered he does his fair share of irresponsible spending too. He works 60-80 hours a week at a job for reasonable pay but the money is spent as soon as it hits the bank account. He has even started working a 2nd job but he has a lame story about how he has to wait 6 months to be paid. I think he’s spending the money and not telling me. He’s now taking out loans we can’t afford to pay. He buys TVs and video game equipment and cars and guns that we can’t afford. He is always working or out goofing off with his friends and he doesn’t spend any time with the family. When he is home he is rude to me and he rarely plays with the kids.

I have tried to take a more active role in the finances but even when we work out a budget he doesn’t stick to it. I am a stay-at-home-mom with my own fair share of debt from a previous marriage so I can’t open a bank account in my name and I am financially dependent on him. I have tried to find a job on my own to pay the bills but I can’t find a job that will pay for childcare for our 2 young kids and he is never home to watch them.

I don’t want to get a divorce because I still love him and I hope that someday he will be willing to go to marriage counseling and improve on these issues but I don’t want him to drag me further in debt with him. I live in Texas so there is no legal separation. Is there any other way to protect myself financially without going so far as to get a divorce?

richmama answers:

Probably not. In fact you could wind up with all the bills already existing anyway if he should skip.

You need to talk to a lawyer, and probably you should do it soon.

Nancy asks…

i wish to be debt free. how can i do that?

ok i am 24 just got married.and i dont want my husband to know about my debts.

i want to be debt free and i want my credit score to go back up.

is there someone i can go to help me .

i went to school back in 2007 and owed them 3000 and i paid 2000 off but within months it went back to 3000 again. ( iwas out of a job and had no way of paying it) so once again i paid 1000 off it. but thats all i had . i just didnt want it to accumulate to go higher and higher. i dont know how much i owe them now since. i stop paying it in 2009.

i have a card as well i owe around 1000 too. which i would like to pay off too.
i have another school debt of 500.

i had planned to pay it all off but its hard when you dont make so much and you have decide which is more better for you. pay off one debt and starve for a month and live with only tap water and whatever you can get for under 100 a month or eat well and pay your bills.

i wish i could put all of those debt together so i could make one payment every month i know i could pay it off then.

how should i go by starting to fix my credit score. and paying all of this off? should i pay one off first and then continue to the next one? or is there someone who knows a better option for me.

p.s remember i dont want my husband to know.

richmama answers:

I understand that you don’t want your husband to know about debts – but remember, these are student loans and not something that you wasted on shopping spree … You are 24 and have enough time to recover from whatever damage these debts made to your credit score. And in my opinion you already paid enough on these debts – And since you have stopped paying back your monthly dues on these accounts back in 2009 – the damage is already done. And at this point you can settle these accounts for quarter on a dollar.
And if you are looking for some free professional help call Dave Ramsey @ 888.825.5225

Susan asks…

How to get out of credit card debt if you have to rely on them to make ends meet every month?

Say you earn 1000 and have to pay 1050 for your credit card debt. You have to rely on your credit cards ( again ) for those extra 50 and for your monthly expenses.
What should a person with this problem do?
Would it be ok to take a loan?

Finance gurus like David Bach say to pay the highest rate card first, but what should you do if you can’t?

Thanks ¡¡¡¡

richmama answers:

1. You have to stop using credit cards. Sell the car and use public transportation. Discontinue cable television. Get one local-only telephone at a minimum price. Buy only dried vegetables and whole grains that have to be boiled to make cereal and stews. Do all your own cooking with no convenience foods. Stop buying new clothes. Microwave “oat bran” at work for lunch instead of a tasty snack at a fashionable bistro. Don’t buy magazines. Turn off the airconditioner in the summer and turn down the thermostat to 64 in the winter to save on fuel bills. Only use the cheapest cosmetics from Wal-Mart.

Do all these things so that your expenses are less than your bills. Now, pay off the highest interest rates first.

Don’t “improve” your “lifestyle” until you have paid off everything. My advice is “hard” but necessary because you have dug a deep hole here. You need to live a shockingly simple, frugal life yet go to work every day and not complain about it until you are out of debt. Cut you expenses. Cut, cut, cut.

Helen asks…

What company can help me get out of debt without costing me a arm and a leg?

I would like answer from those who really know how to answer this question because I know there are alot of younger people who use this site that just couldnt have a anwser because of there age. So please if you are a adult,and can give me a reputable company that helps with this, please let me know.I do thank all who answer this question from my heart because Im in debt up to my chin.

richmama answers:

The way to get yourself out of debt is to go on a spending diet. This is something you can do by yourself. There is no need to pay someone to tell you what you already know.

Cut up the credit cards. All of them. Use your checkbook for bills and a set amount of cash each week for discretionary purchases. Put yourself on a budget and start paying down your bills. This is going to take some time and it is going to hurt. You are not allowed to buy anything you do not need until you debt is gone, completely gone.

Buy a loose leaf notepad and write down every purchase you make. At the end of each week, look at the purchases and determine critically which were necessary and which were discretionary. Eliminate as many of the discretionary purchases as possible and put that money to the necessary purchase and to past bills.

Call you credit card companies and ask them for a lower rate. Look into some kind of consolidation loan and use that to pay off your high rate credit card debt. Do not get another credit card.

This is going to hurt, but when it is done, you will have a spending pattern that will last a lifetime. You will actually have the ability to determine what is necessary and what is discretionary. You will have a budget to determine those things you can afford.

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