Update on son

[tryingtobestrong]

Hello, I just wanted to let everyone know that my son is 65 days sober today. It is a miracle. He has a new sponsor and is doing this on his own by going to meetings. It was a long road. He left the last rehab after 3 days in November! I was so angry that I blocked him for 30 days. I could not deal with it anymore.
I am proud of him for being 65 days sober.
He seems to be doing well but is struggling so with massive credit card debt. Any advice on how to help him get out of that? He said the one credit card is at 24%! How can anyone ever get out from under those interest rates? The interest is snowballing. He doesn't want to declare bankruptcy or use a debt consolidation due to ruining his credit score... I guess it isn't so good now.
Thanking God everyday for every day he is sober.

 

[Copabanana]

Such wonderful news. Could he negotiate with the credit card companies and settle the debt for a lower pay-off amount?

There are a website and books written by Dave Ramsey. This is what his specialty is. Helping people in situations like your son's. Helping them make and follow through with a plan to eliminate debt and increase savings. You can find the website at daveramsey.com. Your son makes good money, doesn't he? I once had a lot of credit card debt but I earned well. I prioritized paying off the credit debt over every other thing.

I am pretty sure that there are counselors at the Dave Ramsey website. These are very trustworthy people and Dave Ramsey has a spiritual point of view and his work is based on ethical practice. I don't think this would be a rip-off situation. Plus, there are all kinds of free tools, calculators, writings. I bought his book. You can find it used at abebooks.com. Just a few dollars.

I am so happy for you trying. And for your son! What a great blessing

 

[Copabanana]

I just looked at the daveramsey.com site. There are all kinds of free tools for debt management, budgets, making plans, etc. There is also a place to find a 1 to 1 coach, and I copied the first paragraph. I'd consider this if it was me.

Your Personal Money Mentor​

Financial coaching is all about you. It’s about understanding your current situation and developing a custom plan to help you win with money. Whether you’re burdened by debt, need help with big money goals, or just want to get on the same page with your spouse, a trained coach will walk with you as you make real progress with your finances.

 

[Nandina]

Hi Trying, I agree with Copa about using Dave Ramsey’s advice for getting out of debt. In addition to the books and website, he also has a radio show that is broadcast widely. You can probably find out through the website if there is a station near you that broadcasts it.

I have his books and used to listen daily to his radio program while I was coming home from work. We are debt-free, and it feels great! He has a segment on his show where people call in after paying off huge amounts of debt and get to announce it to the world—it’s fun hearing the joy in their voices and about how hard they worked to pay it off.

Ramsey also has a course especially for young adults or students that is available on his website. When my son (not CD son) was about 21 and having trouble managing his money, we bought the course and sat down and watched it with him. He’s older now, manages his money well and just bought his first house! He’s already told me he plans to pay cash for the next one. Lol. At least he’s dreaming big.

Best wishes to you.