This week has been one of those weeks. It has been difficult to get through. I have been tense, irritable and last night was spent crying! You see, despite my best efforts, I am having to file for bankruptcy. Yeah, it really stinks! I was cruising along living paycheck-to-paycheck as I was working my two jobs, when I received a notice from a collection agency on our old mortgage, to the tune of $92,000. That, my friends, was the impetus for making me cry, "Uncle!"
Now, I realize bankruptcy is a last resort. I understand that I have worked hard to avoid it. But, it is the sting of having worked so darned hard the last two years and find it was for nothing. That, is what kills me!
I suppose the lesson here is don't get into debt in the first place. Several years ago (maybe 10 or more), I watched a show hosted by a well-known finance guru. This person stated that mortgages and student loans were acceptable debt. WRONG! No debt is acceptable. It is a weight that drags you down.
I have a plan for getting debt free (thank you, #Oola!), and should be there by the time I retire; but, that is a good 15 years away. All of this is a harsh price to pay for not having knowledge and attempting to get it from someone who does not follow God's principles when doling out theirs. Truth is, I have little credit card debt yet I have a 73% debt to income ratio due to student and past mortgage loans. To put it in perspective, the average debt is around a 25% debt to income ratio.
And so hopefully, someone who is thinking of going to school or purchasing a house or car will listen to the advice of Dave Ramsey. He follows solid Biblical principles for debt. The bottom line is stay out of it! At this point in my life, even if I am able to, I will never buy a home again. I don't need the size nor the costs of maintaining one. My car should be paid off in the next 5 years and it was fairly new at the time of purchase. it will probably be the last car I will buy. I use an ATM card exclusively and have no plans for getting a credit card. As for school loans, well, I am not planning on returning to school. I have a great education and although costly, I don't feel horrible about taking out those loans. I have a career I love. If I had a do-over, I would have worked more and taken more time to get through school. I also would've have chosen a public school over a private one. However, I can't complain -- my education is something that no one can take away from me!
And so, as I move forward from this -- yet, another chapter in my life--I am grateful because I have the support of close friends and family. This is a step that probably should have been done right after my divorce, but pride made me want to work to solve this problem. Unfortunately, some problems are just too big to take on alone. In spite of my best efforts, I have to humble myself. I thank God for sending people my way who are able to pick me up in my brokenness and just pray. Some days are harder than others but with the grace of God, I know all things will work out. I will "give thanks in all circumstances; for this is God’s will for you in Christ Jesus." 1 Thessalonian 5:18.
Amen!
**I highly recommend Dave's Financial Peace University. Although I took it just a few years ago, I try to adhere to his principles. In my opinion, they are Biblically and financially sound.
www.daveramsey.com
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