Please help ....

So, im currently up in the deep water of debt, not to include my mortgage and car payment. I have started a debt payment plan but that didnt take in account the two more credit cards, and three diff loans ... 

I have even got so bad as to use cash advances and now i am stuck in the cycle of never getting out. First month on YNAB and I have been pouring over youtube vids and the Podcasts ( which in two days I have listened to 40 of them lol ). 

If there are anyone , I mean i cant be the only one , please let me know what in the world i can do to get out of all this. 

Didnt mention i have a fixed salary due to the military and get paid once a month . 

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  • Hi Pat - have you tried attending one of the debt workshops:

    Just know that you are on the right path by getting everything out in the open and facing it head on! 

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  • Can you work a second job while in the military??  You’ll probably need to bring in a bit more money to start getting them paid off 

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  • Wild ideas:


    1. Sell the house for a profit. Pay off the mortgage. Pay down some of your other loans. Rent for a while (maybe even just a room in a house?). Buy a new house only when you have no debt, lots of savings and when you are sure you'll live in the same place for at least 5 years.

    2. Sell the car. Pay off the car loan. Hopefully you're not underwater. Buy a secondhand cheaper car that is still reliable enough to get you to and from work. With the freed up cashflow pay off the other debts faster, too.

    3. Do the 34 day reset: It's going to be brutal, but you will get ahead financially if you do it.

  • You're not alone. A lot of people have been in your situation before and have gotten out. Awareness is the first vital step.

    Other not-so-wild ideas:

    * Transfer your loans to get lower/no interest using credit card balance transfers. Make sure the new credit cards have no annual fees.

    * Consolidate and refinance your loans using Credible, Prosper, or a similar source (I did this in 2019/2020).

    * Any regular monthly payments or bills you have, call and ask for a lower temporary rate while you figure things out

    * Cancel any streaming services or subscriptions that are leaking money from your wallet

    Raise your income:

    * Furnish any spare rooms or garage at your house, rent them out

    * Sell items and appliances that you're not using that much. You can do yard sale, Craigslist, or ebay

    * Get a part-time job, especially with something you already know how to do: delivering, driving Uber, moving lawns, contractor?

    I haven't used him but I know a lot of people got a lot from listening to Dave Ramsey.

    You can do this!!

  • Are you looking for specific tips and advice, or are you looking fir support in knowing you’re not alone? Or both?

    Like 1
  • I’ve been there. Not cash advances but that’s because I have crazy good credit.  My husband retired, we didn’t have a real good idea of our real expenses and so we lived like we were both still working. Oops. First go over your budget with a fine toothed comb. Can you cut anywhere, reduce expectations ? We sold a car right away and then I started whittling down expenses,  YNAB helps you see what’s going on so you can see where your choices actually lie. But take it from me, you don’t want to actually pay down your debt right away. I tried that the first year, went deeper into debt!  You want a little nest egg, get a few dollars ahead so  things don’t blindside you all the time.  I started with $75 a month just kept rolling it over month to month, adding a bit every month, I’m now about a week ahead and it’s a huge improvement in my finances and my stress level.

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  • The debt cycle can be vicious but know that you’re not alone. You’ve already done great work by setting up a repayment plan. Is it possible to rework the plan to factor in the two credit cards and three loans that weren’t accounted for? It sounds like you’re already at your fill with resources, but this also might be helpful:

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