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Last Chance

November 19th, 2009 at 03:26 pm

I told my husband that I am finally ready to go to one of those non-profit credit counseling places. I have had it with trying to do this on our own and getting nowhere. I like to do things by myself, so it's been hard considering this option. I know we have the money to do it, it's just these stupid unexpected debts that keep coming up. I hate them I tell you!

Anyway, I have been battling similar situations for our almost 6 year marriage and I am finally to the point where I don't care if we get out of debt on our own or with the help of a counseling agency, I just want to see progress! I'm hoping that perhaps having a third party involved would help him be more committed and somehow these personal debts will end.

He asked for one more chance to try and do it on our own. I asked how long he'd need for that "one more chance" before we reconsidered this option and he said that it was up to me. So, he has one more chance. I really would like to do it on our own and I do think that the changes coming in February will help us in our goals, but if the counseling could help bring more stability and the peace of mind I'm craving, I'm interested.

Have any of y'all used these services? Do they set it up that you can still tithe (as we do and will not stop) as well as have some money for a cushion? Basically, we pay about $750 a month in minimums right now, but if we kept to our budget we should be able to send $1200 (my goal) a month even after tithing and setting money aside in a Freedom Account.

I'd like to hear your thoughts and personal experiences of how they work out your budget with you. Also, most of our credit cards are at 9-13%, not 20 and 30%, will they still be able to help us in getting those rates down?

Thank you in advance!

5 Responses to “Last Chance”

  1. momcents Says:


    Good luck - my best friend is in a huge financial mess right now - she makes good money ($80K) but can't be disciplined enough to deal with her poor decisions. She called one of those companies and they said they would be able to negotiate her interest rates down to about 8%. She then called Chase herself and they closed her account, brought her interest rate down and cut her minimum payment in half. Have you tried to renegotiate the interest rates down yourself? If not, then I would. It seems that was what the credit counseling service offered to her - but if you have that much money to throw at your debt, you should be able to make headway. Does your church offer any sort of money management classes? We did the Seven Steps to Financial Freedom at our parish, and I know local places sponsor the Dave Ramsey Financial Freedom courses. That might promote accountability and discipline - I know it helped us.

  2. Personal Finance Student Says:

    Thanks momcents. I tried to renegotiate my rates at one or two credit cards a couple of years ago and they were not interested. I think I'll try again before going the counseling route to see if it'd help. It can't hurt, I suppose. Thank you for reminding me of that option!

  3. creditcardfree Says:

    Momcents has good advice. You might even tell them you will go the counseling route if they don't negotiate with you.

  4. Broken Arrow Says:

    Why does your husband feel the need to try to do it on your own? Potential commission fees aside, there's nothing wrong with asking for help. As you say, whatever it takes to make progress.

    I sympathize with your frustration.

  5. Jerry Says:

    Guys can be like that, not wanting to ask for help, because they think that it leads to some sort of emasculation. It doesn't. Getting help when it is needed is sometimes the best insurance that you can make progress out of a hole, and see daylight again. I hope that he comes around.
    Jerry

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