Hi M.,
I just read your request, so I hope all worked out with the family dinner.
Our economy is not in a good place right now, and it looks like it's only going to get worse and we all need to tighten our purse strings.
Based on what you've written, I really don't think you need a financial advisor or other professional help at this point. You do, however, need to get organized and serious about tackling your debt.
First, get a handle on those NSF fees. Do a bank reconciliation and determine what your balance is. The $100 you just paid in fees, could have been applied against a credit card.
I would highly recommend talking with your husband. In order to get out of this situation you're going to need to work together.
There is a light at the end of the tunnel, but only you can make that happen. There's a lot of little things you can do.
Here's a few things I hope will help.
Whether you decide to meet with a professional or not, one of the things you'll need to do is make a list of all your debt. Include the lender's name, the balance, the monthly payment (for credit cards list the minimum even though you pay more), and the percentage of interest. I know a lot of people are not "list" type people. But I believe when you have it all written down in black and white, you get a better picture of the entire situation.
Visit the money section of www.msn.com. There are some great articles and some debt calculators you may find helpful.
Depending on your situation, you may want to look into refinancing your mortgage and getting all those mortgages rolled into one.
STAY AWAY FROM DEBT CONSOLIDATION COMPANIES. Also, beware of "debt counseling". Many times "debt counseling" is another term for debt consolidation. Although, I've never had any experience with them, I've heard non-profit debt counseling can be helpful.
Take a look at services you may be paying for that you do not use, or may not be important to you. For example, do you have a cable service with premium channels (showtime, HBO) that you rarely use.
Think about some of the smaller "luxury" things that you and your family do daily or weekly that you can eliminate or cut back on. What's important and what's not. Example: Stopping at Dunkin Donuts every morning for coffee may be a "luxury" you don't want to give up, but rather than driving the car through the car wash you're willing to wash it at home.
Pay your bills on-line. Most banks offer this service for free and you save on stamps.
Make 2 or 3 smaller credit card payments per month rather than one larger one. Example - your credit card payment is due on the 30th, you're going to pay them a total of $80.00 ($40 minimum), you'll save some interest by paying $40 on the 15th and another $40 on the 30th.
DON'T USE DEBIT CARDS. It's so easy to get into too much trouble too fast. If you miss calculate, you can get hit with overlimit fees and NSF fees. These are really bad if both you and hubby have a card and aren't aware of how much each is using.
If you're in good standing with your credit card companies, try calling one or two and asking them to reduce your rate. Tell them you're thinking of transferring the balance to another company.
Do you get a large tax refund (over $500)each year? If yes, stop using Uncle Sam as a non-interst bearing savings account. Change your deduction allowances and take home more each week. Put it into your own savings account to pay for those unexpected items like a doctor's visit or car repair. If your company offers direct deposit of your payroll check, this is the best way to save.
Do you belong to a membership club (BJ's or Costco)? I've found this to be a trememdous savings for us considring the types of foods and products we use. Although, these clubs aren't for everyone, lots of times you can go better at the grocercy store or dept. store (Target, K-Mart).