hummingbird358

Anyone have any advice to give regarding drowning debt from addiction and how to pay it off? Between the rent and paying the minimum on his credit cards, son has nothing left of his pay... I refuse to help. Did that and it never did any good.
He needs to get through this but I was just looking for advice on what others did to rebuild their lives once in recovery? The mountain of debt he accumulated is unbelievable and honestly do not know how he will ever pay it off.
Has a full time job and is looking for a better paying one now.

Ariesagain

As gently as I can...isn’t that his problem to address, not his mom’s?

hummingbird358

Just asking the question to get ideas for him if he reaches out to us again for help- that is all.
Wanted to know what others in his shoes did to rebuild their lives.
I am just trying to gain knowledge about this.

resolute50

If at all possible he needs to get the debt moved from high interest credit card to a lower interest loan. Debt consolidation.
And there's always bankruptcy as a last resort.

trailmix

Yes, a loan from the bank, any loan is better than leaving the balances on the credit cards.

I imagine his credit is not that great? So he won't get the best interest rate but still - better. Right now if he is just paying the min or close to it, he's mostly just paying interest.

Opivotal

Hummingbird, when my son was in debt, he went to a credit counseling service and they set up a payment plan for him. It's a free service and they consolidate everything into one account.

The other option is to have him file for bankruptcy.

I'm so sorry, I know this is difficult as a Mom.

Seren

I suppose hard financial times and tons of debt are not always linked to addiction. When my first husband and I divorced, I was saddled with half of the retail debt even though he was the one who accumulated it. I think the key for me was to refinance what I could, and then hammer away at the highest interest debt first until it was paid off, then on to the next highest, etc. It did take years, but I paid it all off.

Bekindalways

In the event he did ask for your help, it is probably best to direct him to professionals in debt counseling. As he is an adult, he can probably figure that out on his own if he is interested.

Robert88

My sponsor has told me that as long as I am doing the next right thing everything will work out. I am in debt too and it will take time for me to pay it off but I am getting it down. He is just going to have to buckle down for awhile and do everything that he can to save money. I would suggest asking for advice from a company that deals with this type of thing. I know that if he keeps doing the next right thing everything will work out for him and let him know that please.

velma929

I suppose the first step is to stop drinking, and use that money to start paying down the debts. One can declare bankruptcy, though there are repercussions from that. I might refrain from offering suggestions in a case as severe as this one, as the indebted may come back and blame me for the process not working.

He has access to the same internet you do, Hummingbird.

LovePeaceSushi

I haven't done it yet, but my husband's niece and her husband did the Dave Ramsey Financial Peace University and had success. I can't wait to get all our (husband's) medical bills paid off. Addiction is an expensive disease!

Eauchiche

By the time I "hit bottom," I had lost my house, business, had a car repossessed and had over $250,000 in debt.
I have been 5-1/2 years sober now. I just paid off a chapter 13 bankruptcy 3 years early, have zero debt and am out house shopping. I often tell my friends that if I had the money I spent on booze for 30 years, I could own a whole house free and clear.

Mango212

There are many ways to recover financially, just as there are many ways to recover from trauma, addictions, etc.

Some of the ways already mentioned in this thread, plus various other routes. Some Al-Anon groups hold financial workshops. I've heard amazing, inspiring stories at them, including stories shared by recovered alcoholics/addicts.

velma929

When I was a kid, the old-timers knew advice from someone you already knew would be discounted. the old saying was, "An expert is someone 20 miles from home."