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Our debt (gulp)

January 6th, 2007 at 05:26 pm

So my other half is finally really on board with getting out of debt. In light of that, he actually got his credit report. He had more debt than he thought. He made a spreadsheet and we entered items from both our CRs into it. The total amount of debt on the CRs, not including our home mortgage, is $14,202. There are probably a few things we've forgotten that aren't on the CRs but that's what we're aware of right now.

Some of it has been charged off, some accounts are closed or in collections and I'm not sure yet how to deal with those. I'm afraid of "waking the sleeping giant" so to speak by paying them so I'm not sure how to go about this. I also don't even know if it's wise to pay something that's been charged off and is due to roll off the CR in a year or so.

But there we have it, the debt according to the CRs. (she says as she heaves a sigh of relief at just knowing the number)

Posted in Credit and Old Debt | 3 Comments »

3 Responses to “Our debt (gulp)”

  1. janH Says:
    January 6th, 2007 at 05:48 pm 1168105704
    1168105704

    It is a big step when you add up the numbers. I had to pick myself up off the floor. But now I can face the monster and kill it--a little at a time.
    Another big step is that both of you are in agreement. It has really helped in this household when we started working together.

  2. nance Says:
    January 6th, 2007 at 08:22 pm 1168114960
    1168114960

    I probably would not worry about the other debt until you have your mortgage payments caught up, and other "necessities" current. A small emergency fund after that would be a good idea. Then, you can worry about awakening the "sleeping giant". Also, don't let those collection agencies intimidate you.
    They should be the last thing to worry about when it comes to geting on your feet, financially. House, food, utilities, transportation are the essentials.
    It is great that DH is on board. You can make more progress in tandem, than going it alone.
    Good luck, and keep up the momentum.

  3. denisentexas Says:
    January 6th, 2007 at 08:25 pm 1168115109
    1168115109

    Oh, I'm not really going to worry about it much until other things are dealt with. But it's still in my mind and I've been thinking on how to handle it. I'm one of those who ponders ahead of time so that I can just deal with things.. as for collection agencies, they rarely call and I don't read mail from them. I haven't progressed that far yet.! Wink
    Thanks for the suggestions. Smile

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