Debt Consolidation Help

Well dear readers, if any of you are out there. I am back to update and continue with this journey of debt reduction.? It’s been eleven months since I closed this blog down. I honestly did not expect to come back to it. I started another one but depression and illness is a terrible thing, and I found myself too overwhelmed with daily life to manage anything else. But in the last few weeks much has changed, to the point where I am ready to return to work and to blogging and am ready to get stuck into paying off debt.

So I guess I owe you guys an update of sorts. ?

Our credit card debt has increased to over $50,000.? We chose to keep DS in college and lived off our credit cards. Yes it’s a bad decision, but we made it believing it was temporary and also selling up and renting wasn’t an option either. We also had increased medical costs related to Dad and I and of course I still had ongoing business expenses, even though I couldn’t work much. Unfortunately my income protection insurance payment was missed when I was in Sydney with Dad for surgery, and so I was unable to claim on it, even though I had paid it every year for the last 6 years.

Certainly the best news is that? I am about to start work at a full time job on a very good income, just under six figures. And all that income will go towards paying off debt. Considering we’ve been living (& debting) on < $40,000 for a few years now, we feel like we have won the lottery!

I no longer have our old faithful car. DH was in an accident a few months ago and it was written off. We got less than $2000 for it and have not replaced it yet. So a new car is also on the agenda at some point.

DS is now finally able to claim youth allowance so that free’s up approximately $200+ a week of our income. DD is preparing to move out in the new year.

My Dad has deteriorated a lot. He now no longer recognises me at all. He has health problems and may need more surgery in the future.? He just sits most of the day in his chair, in his own world. He needs reminding to eat now. I am hoping to get down and see him soon. I have not been able to visit much due to my own health problems over the last year. His costs are not covered by his pension and so we pay any excess bills incurred for him.

So what are our goals?

Well DH and I have decided we are ready to downsize our home to reduce the stress of debt and upkeep. We are going to work on reducing our debt and getting the house finished over the next 18 months ready for sale. Our plan is to buy a small house, hopefully debt free, and then to concentrate on saving for retirement and enjoying some travelling.

I will update our financial figures accurately at the end of the month. I know that our amount of credit card debt is shocking, I’m sure some people will judge and criticise. Don’t bother, the last year has been hell. I want to put it behind me. But one of the reasons I decided to come back blogging is that I think real life stories need to told, and they don’t always go to plan, or run smoothly, or have happy endings. I’m just as curious as anyone else to see what the journey ahead brings.