I need all the advice I can get!! In debt and want out!!

**jIM_Ohio** · 03-10-2007, 09:42 AM

assuming you were connected to auto industry... (I lived in MI for 7 years... and I think everyone there works for automotive something).

Have you considered:

1) relocating there are plants in Ohio, Indiana etc not to far away
2) working for a supplier (such as software) software companies like people with industry experience
3) having one of you increase your education to get better paying jobs?
4) contacted a recruiter? I get calls all the time to relocate back and work for an automotive something
5) considered relocating to a cheaper area

I would list bills and expenses in the meantime
list the CC debts, list the medical debts... list your monthly bills

then list income, job possibilities etc...

**th_tan** · 03-10-2007, 09:46 AM

I'm sorry for your losses, hopefully things will work out for the best.

Theres alot of ways to go about this, do you have a budget? If not, I would recommend making one first. It would be helpful to setup a savings account as well and put even $20 a week in it if possible and don't touch it, let it grow.

I'm not sure what you owe money on, but if you owe money on more then one credit card, you should consolidate them so your making 1 monthly payment on them with a lower interest rate.

Most places let you pay $20-$50 a month on bills if you still owe on medical bills, long as you do that they won't report anything to the credit agency.

Lastly, look over your utility bills, cell phone bills very carefully. I'm sure there are things you can take off to reduce your monthly expenses.

**JanH** · 03-10-2007, 09:49 AM

Wow, you've been clobbered! Welcome to the forums. Great people here. The first thing I would do is to take it in little steps so that the big picture doesn't overwhelm you right now. Like Jim says, list your bills and your income in two separate lists. Then organize them into fixed things like rent/mortgage, etc. Then groceries, gasoline, clothing, etc. You can see where the money is going. Then keep track of everything you spend for a couple of weeks to see how you spend it. It will give you a picture of your finances. If you list your bills and stuff here, a lot of these people can give you great ideas of what to look for. You will be able to turn it around!

**2 many bills not enuf $$** · 03-10-2007, 09:56 AM

Hi...Thank you for the reply. We were in manufacturing but not in automotive...we were in the other big Michigan decline....OFFICE FURNITURE! It has not been good for the office furniture manufacturers since 2001.

I have considered moving to Ohio...I was offered a job there, however, since both of our families are here in Michigan, I am receiving quite a bit of static from EVERYONE including hubby. I'm game for moving....no one else is...but I am the one who has to deal with all the bills so I can understand why I'm ready to run!! Plus, houses are not selling in this area so it would be hard to leave and attempt to get housing in Ohio with a current mortgage in Michigan.

We currently live in a small town which is cheaper than the surrounding cities we live near.

Also considered going back to school but didn't want the added debt due to my daughter starting college this fall.

The only thing I can think to do is get another job but even that's hard because I never know when I'm going to get off work at the first one.

Do I sound like I'm making excuses???? Guess I've been looking for the easy way out.

Thanks for the info!! I do appreciate it!

**2 many bills not enuf $$** · 03-10-2007, 09:58 AM

Working on that budget as we speak!!!! Now if I can only stick to it!

**2 many bills not enuf $$** · 03-10-2007, 10:01 AM

Thank you for your words of encouragement. I will keep working on the budget and will most likely be back for help.

)

**JanH** · 03-10-2007, 10:04 AM

You've just explained some more of your situation. The fact that you are trying to learn from these folks is not a small thing. You are working on it!

**jIM_Ohio** · 03-10-2007, 10:14 AM

Originally posted by 2 many bills not enuf $$ View Post

Hi...Thank you for the reply. We were in manufacturing but not in automotive...we were in the other big Michigan decline....OFFICE FURNITURE! It has not been good for the office furniture manufacturers since 2001.

I have considered moving to Ohio...I was offered a job there, however, since both of our families are here in Michigan, I am receiving quite a bit of static from EVERYONE including hubby. I'm game for moving....no one else is...but I am the one who has to deal with all the bills so I can understand why I'm ready to run!! Plus, houses are not selling in this area so it would be hard to leave and attempt to get housing in Ohio with a current mortgage in Michigan.

We currently live in a small town which is cheaper than the surrounding cities we live near.

Also considered going back to school but didn't want the added debt due to my daughter starting college this fall.

The only thing I can think to do is get another job but even that's hard because I never know when I'm going to get off work at the first one.

Do I sound like I'm making excuses???? Guess I've been looking for the easy way out.

Thanks for the info!! I do appreciate it!

It's admirable to help a child go thru college... how much of the college tuition and costs are you subsidizing? Is a community college an option? Is your child commuting or lving on campus? If you go into debt (even further) to help them thru school, are you sure

a) they will finish
b) there is financial reward for you 4 years from now

I believe you need to clean up your personal financial picture before helping adults kids with theirs.

**2 many bills not enuf $$** · 03-10-2007, 11:16 AM

Point well taken. She will be going to a Community College for the first 2 years to get her basics and then on to a University to finish up. She will be living with my dad while going to the Community College; probably living on campus to finish up at the University.

Hopefully, she already has some scholarships and will hopefully receive some financial aid so....I don't know the whole picture yet....but I know you're right. It's time for her to get a job!!

**Ima saver** · 03-10-2007, 11:47 AM

I worked full time when in college and it did not kill me. Now, we need a run down of your bills, so work on a budget!!

**creditcardfree** · 03-10-2007, 01:18 PM

Congratulations on making a decision to do something about the debt. That is half the battle. Any part job may help. What about a part time job at a grocery store that you shop at, in order to get a discount. Maybe you shop at Target or Walmat often. They offer discounts to employees. My point is that you get two financial benefits this way. Just don't buy more stuff because of the discount.

Is the debt all medical? The first place to start is what and how much your debt is. You also need to know your income and expenses. I know you are working on this and we will all be able to help give some insight once we can see where you are.

You will want to look at everything you spend money on and decide if it is a want or a need. Cable isn't a need. Newspapers, cell phones, caller id are not needs. Needs come first. Wants will need to be reduced, so that money can be used to pay off debt.

Do you have any emergency funds?

I look forward to hearing more.

**Scanner** · 03-12-2007, 06:25 AM

Hi,

It's hard to know everything about you on a short post but I'll take a stab at it based on the limited amount of information..

It sounds like you have "cornered" yourselves a bit by both working for the same co. (and in the same industry).

I kinda beleive in "diversfying" your careers as well as your portfolio and your example is a great example of why to the rest of the forum.

WHile others can help you on the expense side, I will help you on the "income side." It sounds like you and/or your husband are "underearners."

I think you need to concentrate on your own education and beef it up. I know it doesn't sound like a wise thing right now with all of your debt but as Warren Buffet said,

"It''s better to be mediocre in a great field than great in a mediocre (or bad) field."

So. . .I am not sure what you could think about changing into or what you may have an aptitude for but I have a health care background so let me point you to a couple of great fields - radiology technology, nursing, sonographer, maybe even an EKG technician or phlebotomist, if you don't want to go for the longer educations. Physical therapy asst.s can do well but sometimes finding work is hard there. You'll never want for benefits by working for a hospital. Plus, given the fact that a hosptial operates 24/7, it makes for a perfect opportunity to moonlight while going for other credentials. That is, you could start as a phlebotomist and work your way into nursing.

If health care isn't your cup of tea. . .

I also live in the shadows of the Atlantic City casinos - not sure if there are any casino's in MI but dealers really do pretty well there - crappy hours and people for sure but they do fairly well for just kind of a high school degree + certficiate.

I would skip the 4 year degree for now and concentrate on a "skill position" at your place in the game (BA/BS's are overrated anyway) and again, a different industry altogether for further safety and diversfication.

Good luck to you.

**jIM_Ohio** · 03-12-2007, 06:52 AM

The number one financial asset every person has is their earning power (the ability to make more money). Once you lose this asset, your options become extremely limited.

I second the advice for "job training" for one of the parents in this situation. There are tax deductions for this as well.

**Scanner** · 03-12-2007, 06:56 AM

BTW, I have kind of a theory on this - most "well-to-do" couples I have met usually have diversity in their careers. One person will teach, the other will be a business owner.

One will work healthcare, the other finance. One will work resteraunt/hospitality, the other will work technology.

Usually, one career has "stablity and benefits" and the other has "risk and money."

I think having your career complement your husbands and vice-versa and constructing a "career portfolio" that is diversfitied should be the goal. No. . .it isn't necessarily the path to riches, but I think it's a path to security.

I need all the advice I can get!! In debt and want out!!