I’m a 25 yr old mother and wife. When I was 18, starting college in 2001, I signed up for one of those “Hey get a free t-shirt! Sign up with MBNA!”, yeah big mistake… later on I was offered another credit card by the mail, I took it, I was never taught anything about credit… I paid on time for about 2 yrs, till I was hospitalized, than went back on my regular non-late payments.
Fast forward to 2006, I lost my job, my husband lost his, and hear I am, in debt, both of us. I’m swimming in about $5,000 in credit debt [it used to be $2,000 but you know how interest rates go], and about $2000 from a cell phone company. How Sprint took a $600, and a creditor brang it up to $2000 with their fees, and now their coming after me legally. I feel like I’m sinking right now, as both of us cannot provide financially the way a parent should. I thank God that I was able to get a little part time job, giving me an income of about $600-700 a month. I’m currently back in school, finishing my Bachelors in Education, and the only thing that is prestine at the moment on my credit report is my student loans, as I’ve never defaulted, and they have yet to go into repayment.
I’m ready to look at the horror that is my credit report and fix what my 18/19 yr old self got into, so that I can be able to buy a house one day along with my husband, so that we can improve our quality of life.
I had the following questions that I’d like for you to answer before I can answer your question. Please post your answers in the comments section of your question. I’m looking forward to helping you for free.
- How much total debt do you have?
- How much money do you have from you and your husband that is available for debt repayment each month?
- When do you graduate?
- Which is more important to you, moving forward or repairing the past?
As soon as you can post the answers to my questions above I’ll be able to help.
If any reader wants to offer advice in the comments section please feel free to participate.