Hey debt fighters! I have another great, yet heart-wrenching dear debt letter for you today. Today’s letter comes from a new blogger, so I encourage you to stop by, say hello, and encourage him! We all remember being the new guy/gal, right? Drop a line and say hello. You can find Ryan at dadindebt.wordpress.com and follow him on Twitter @dadindebt
The water is cold. Yes, my gas is cut off.
So let me paint the bigger picture. I’m the husband of one beautiful wife, and the father of two wonderful kids; aged 22 and 16. Both the kids live at home (although the 22 year old wishes like hell he didn’t). We live in a big fancy house in the big fancy country club. We have three cars. I have a great job and my wife hasn’t worked in years.
While I make well over six figures, we have exactly $0 in our savings account and we have exactly $23.19 in our checking account. Today is the 13th and I don’t get paid again until the 15th. Oh, did I mention our gas is cut off? I forgot to pay the bill last month and we were out of town the first half of this month when the notice came in the mail. It’s been off since the 9th. It’ll be turned back on again on the 15th so until then, cold showers.
Why is this happening?
Well, in a nutshell, debt. We are drowning in debt. I have over $50,000 in consumer credit card debt, $48,000 in my son’s student loan debt, $21,000 in auto loan debt, and $530,000 in home debt (keep in mind our house according to Zillow is now worth about $466,000). Yep, it’s pretty bad.
The good news is I’m fed up. I’m turning from mild mannered well paid consultant, husband, and father, in to a middle-aged debt destroyer! The decisions will be tough. The measures may be austere. But enough is enough.