As I await confirmation of my Chapter 13 Plan, and I continue to tweak my budget, I am learning some very important things about myself. The difference between fighting the CC debt I had on my own and finally filing C13 is this - it has made my life, and more importantly me, simpler. What I say that follows is the clarity of hindsight.
When I was spiralling downwards with job changes that paid less money and an economy that made things cost more, I had a tool available to me to "help" - consumer credit. That little piece of plastic enabled me to purchase that needed item. Needed items such as a car repair, a new iPod to replace an old one, a TV for the bedroom, clothing, a hotel room, etc. Without realizing it I was in the western civilizations financial rut of middle class America. I didn't realize I had concocted definitions of living comfortable, and what a necessity was. I saw the CC balances building, but somehow I truly believed that just around the corner was a better paying job that could pay down my CC debt. I saw my mortgage balances and my other monthly costs, yet I recalled years ago the salary I was making and knew without a shadow of a doubt I would return to those better salaries. I also knew that I wasn't going to retire. Hey, I'm a CPA. I can work at a desk so age won't effect me as much as a job that requires physical skills. I was a believer that I could do it.
Then the wife gets sick. That job doesn't come. My income goes down. Costs go up. The debt is staggering. I decide to file.
I walk into C13 without a lot of emergency funds, but I'm not scared. I'm actually relieved. My life really is simpler. I'm not juggling multiple credit cards and looking for that next 0% balance transfer. Now I start the month with $X in the bank. I have a budget I've made that makes sense. And when a surprise comes along like Hurricane Irene that has some costs associated with it, I add that to my budget and reduce something else for that month. It's not that hard.
I don't know what major monetary surprises are in store for me in the future. But I won't worry about it until I cross that bridge. Instead I'll concentrate on the today. I now live a simpler life with a checking account. No plastic to fall back on, and that's OK. I've redefined necessity. I look at what I have and realize I have plenty. Sure I run the risk of a medical or other catastrophe that could force me to lose my house or fail the C13. But why worry about it. Concentrate on my job and try to make more money. Live on a budget that makes sense, and my wife who was never into the finances until C13 knows the budget and understands it.
Truth is, we will survive C13 no matter what. Why? Because I have my wife of 30+ years, two wonderful children, a grandson, and great parents. With a good support system, failing isn't an option. All it means is not knowing which road I'll be driving down tomorrow. That's fine. My life is now simply a nice Sunday drive with some direction but not mapped out. I'll drive forward and see where the road takes me.
When I was spiralling downwards with job changes that paid less money and an economy that made things cost more, I had a tool available to me to "help" - consumer credit. That little piece of plastic enabled me to purchase that needed item. Needed items such as a car repair, a new iPod to replace an old one, a TV for the bedroom, clothing, a hotel room, etc. Without realizing it I was in the western civilizations financial rut of middle class America. I didn't realize I had concocted definitions of living comfortable, and what a necessity was. I saw the CC balances building, but somehow I truly believed that just around the corner was a better paying job that could pay down my CC debt. I saw my mortgage balances and my other monthly costs, yet I recalled years ago the salary I was making and knew without a shadow of a doubt I would return to those better salaries. I also knew that I wasn't going to retire. Hey, I'm a CPA. I can work at a desk so age won't effect me as much as a job that requires physical skills. I was a believer that I could do it.
Then the wife gets sick. That job doesn't come. My income goes down. Costs go up. The debt is staggering. I decide to file.
I walk into C13 without a lot of emergency funds, but I'm not scared. I'm actually relieved. My life really is simpler. I'm not juggling multiple credit cards and looking for that next 0% balance transfer. Now I start the month with $X in the bank. I have a budget I've made that makes sense. And when a surprise comes along like Hurricane Irene that has some costs associated with it, I add that to my budget and reduce something else for that month. It's not that hard.
I don't know what major monetary surprises are in store for me in the future. But I won't worry about it until I cross that bridge. Instead I'll concentrate on the today. I now live a simpler life with a checking account. No plastic to fall back on, and that's OK. I've redefined necessity. I look at what I have and realize I have plenty. Sure I run the risk of a medical or other catastrophe that could force me to lose my house or fail the C13. But why worry about it. Concentrate on my job and try to make more money. Live on a budget that makes sense, and my wife who was never into the finances until C13 knows the budget and understands it.
Truth is, we will survive C13 no matter what. Why? Because I have my wife of 30+ years, two wonderful children, a grandson, and great parents. With a good support system, failing isn't an option. All it means is not knowing which road I'll be driving down tomorrow. That's fine. My life is now simply a nice Sunday drive with some direction but not mapped out. I'll drive forward and see where the road takes me.
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