Alright,s o I am posting this a bit late, but figured it might help give a bit of light at the end of the tunnel for those deep in debt:
After 4 years of marriage, my husband left when I was 9 months pregnant with our son. Emotionally, that was so incredibly painful and unexpected.
Financially, it was devastating.
For most of our marriage, he'd been underemployed or unemployed and we supported our household on my income (about $24/annually) since after his child support came out, he was lucky to bring hom $600/month. Approximately 9 months before he left, he started working as a recruiter and making twice as much as I was, after child support, bringing home about as much as I did.
Instead of paying off the mountain of credit card debt we'd incurred (in my name) over the four years of marriage, he first wanted to buy a van - so we sunk all of our savings, plus an additional $5k from a credit card (in my name) into buying a conversion van.
When he left, he took the van and left me with all the debt.
There was approximately $10,000 in credit card debt - all in my name. Plus I had a mortgage (in my name only) and all the regular daily living bills and I was 3 weeks away from delivering, driving a car with 180K miles on it and still only making about $24K a year.
It is now two years, 2 months later and...
The entire 10K cc debt is paid off.
I have a "newer" car (only 95K miles on it and many to go) - PAID off.
And I still only make about 25K a year.
How did I do it? Honestly, it is pretty simple - I paid as MUCH as possible on the highest interest card first - paying only minimum on the rest until the highest interest one is paid off, then move to the next highest interest card/loan. I put 95% of my tax refunds toward the highest interest debt (this year, since I had none, I paid off my car instead). And don't put *anything* else on the cc's while paying them off.
I have to admit, I did splurge and buy myself a new computer - putting
it on my one credit card, but I have set up a payment plan with myself - all the $$ that was going to my car payments is now going to that cc PLUS the regular amount I would have paid on it anyway, so I should have it paid off in 2-3 months. I also have very low interest rates (excellent credit and asking the companies for lower rates), so I won't pay much in interest anyway.
So, basically, all I have are daily living expenses and mortgage, which I will start paying off once the divorce goes through.
Not bad for a single mom!