The Truth: 50k In Credit Card Debt How Do We Get Out Of This

[@SweetwaterLegend]

thank you all for the support. It is way more than i expected. I am trying to respond to all your comments. You guys rock!

[@Major_Win]

Much love to you Steve! Just remember “a ship doesn’t sink from the water around it, it sinks from that water that gets IN it…” we’re in this ship together! Haha

[@MrUGOTTALUVIT]

Steve Bob here again I talk to you yesterday at Scott’s Don’t wanna step over my boundaries but taking unsecured debt and switching it to your home as collateral is a bad idea if anything went wrong in the next year your house is in jeopardy because if you default they buy out your first mortgage & the bank will own your house. you’re better off working a plan out with your credit card companies. Ask any attorney if this is a good idea they will tell you it’s not sacrificing your house.

[@SweetwaterLegend]

We are aware that it isn't the best approach. At this point we have no idea what to do and not to do. We are pretty confident that if we take the debt against the house we would be able to keep up with that. Right now we are just looking for a way to get out of the immediate danger. I will look into working with the credit card companies as well.

[@MississippiPickers]

hey Swamp Picker sent me and me and my wife are right there with ya! we have 41+K in debt and are currently digging our way out while trying to pay off our house. I have been talking about it on my last few videos. Your not alone my friend

[@imagonna8330]

Dave Ramsey program rocks in these situations. Why two cars with payments? Sell at least one but preferably both and buy a beater with cash. Put the car payment money toward lowest balance CC. Pay that one off then move on to next highest balance. Debt snowball method. Check it out

[@SweetwaterLegend]

We may use some of Dave's ideas. We have 2 cars because she was working seperate from me and needed a car for work. We were doing much better at the time that the cars were purchased. We are currently upside down on both of them so selling isn't an option and we still use both of them.

[@knitix]

@@SweetwaterLegend Dave Ramsey would still tell you to sell the one that's less under water and add the deficit to the debt snowball. To have 2 cars in your situation is crazy.

[@knitix]

Dave Ramsey also says that you can't borrow your way out of dept. I think you have an income problem. Get some sort of side job like delivering pizzas. I would not take out a HELOC. You will be making the problem even worse. My husband and I were $60000 under water with 2 little kids and thanks to following Dave Ramsey's baby steps we dug ourselves out of the hole in 2 years.

[@lag9]

Steve you got this. You’ll look back at this as a learning experience. You can do it. You got a lot of people rooting for you.

[@SweetwaterLegend]

I am a very blessed individual to have as many folks behind me as I do. Thanks LAG

[@NCGirl-tg1dg]

Will be praying for you guys. Love you Steve. I quit selling as a business because I ran up to $8,000 on my business cc. I still sell as a Hobbyist on eBay only but mostly to get rid of inventory. I just couldn't make it with Amazon and don't have the storage for eBay. My house got so bad with the clutter i got depressed and let things go down hill. I held out hope for the nesara and foreign currency RV which still have yet to occur. So, I went on Social security early at 62. That extra $2186 is really going to help out and is how i will pay off the credit card.

[@SweetwaterLegend]

Wishing you the best :)

[@robertbowman5257]

God bless you guys, I have no doubt you’ll get through this. Y’all are definitely not alone, just most won’t admit it. You’re going to help many people start dealing with debt problems. Thanks for sharing and hang in there, you guys will prevail ❤

[@SweetwaterLegend]

We will be ok, I know that. It will be a struggle, has been for a while now, but we will get through this.

[@lonelyprepperhomestead911]

Get prepared to leave your comfort zone behind. It can get tough doing what needs to be done.

[@SweetwaterLegend]

I am aware and am prepared.

[@ICDucks]

You are so NOT alone! The past 5 years have been brutal for a lot of us. Please know you have a lot of good company in this. I am working my way out and I can tell you once get rolling you will be surprised what you can do in short time. It does feel weird to not be 20 years old so we can blame it on being young lol. but hey life throws us curve balls and we just gotta catch em go. You will get to the other side trust me! And somehow you will find a gift in the experience, I promise! I will be following along. Thanks for being so open, we need more people like you!!!! 🥰🥰

[@SweetwaterLegend]

Thank you so much for your encouraging words!

[@angel-ij4xv]

stay away from credit cards simple i only use a pre paid debit card

[@vintagevids2236]

You guys got this Steve! Stay focused and continue making content.

[@SweetwaterLegend]

Will do

[@postgamecards3169]

Your videos popped up for the first time tonight. New sub. I’m also a reseller selling sports cards… was a teacher for 12 years.

[@SweetwaterLegend]

Thanks for the sub! I hope you enjoy your stay here.

[@SideGig]

Doing ride share or food delivery is an easy way to bring in a couple hundred dollars a week. You need a strategy because you are using your car and gas. But it can help pay down that debt faster. And when you need to buy food, you can go out and earn the money. Automatic financial management.

[@SweetwaterLegend]

Thanks for sharing, unfortunatly we have applied to do those things but due to the nature of where we live there were no openings. :(

[@SideGig]

@@SweetwaterLegend Keep trying, one might open up. Good luck!

[@stevenssbargainbarn2294]

@@SweetwaterLegend you don't have much options in small towns i live in a small town too we don't have them kind of services around here too i have to drive 30 miles to go to a good hardware store if you want to drive pizza delivery one is paying 20hr it is very hard on a vehicle and some time if insurance found out you using it for delivery insurance can go up

[@rondanoh8630]

I know this was a hard video to make. I have been in the same situation. We are now debt free except for our mortgage. I would not jeopardize my home with an equity mortgage. With the fragile economy that we are facing, I would rather owe a credit card company than a mortgage. I will keep you and Marsha in my prayers. I know you will succeed!

[@ghostpicker7719]

After going bankrupt in 1986 and again in 1998. I own my home free and clear. I would go bankrupt again over using my house to back unsecured debt. Stupid if you do. Or go ahead and jeopardize your “main residence “ which can never be attached in bankruptcy. Feel for you dude but weigh costs. Never attach home to ANYTHING.

[@SweetwaterLegend]

Ultimately we will do whatever we think is the best. It may not align with what others would do but at the end of the day it is our choice. We still don't know what that choice will be.

[@SweetwaterLegend]

One thing we are not considering is bankruptcy. My wife has been there before and we would like to avoid that scenario if at all possible.

[@BigBossman740]

hey steve your not alone ... i to found myself in the same boat almost 3 yrs ago i was near 100 grand in debt ... the main thing you have to do is get out of your comfort zone and up your drive .. weigh out all your plans and try to look at them from every point of view there is . i am now back above water and by the middle of the year i should be back in he black .. the main thing that has helped me and it sounds silly is a goal board ... list as many things as you can think of on there and when you mark one off add 3 more to it .. can be as simple as to putting something as small as dinner for you and your family somewhere you never been before ... it sounds like it is simple right but right now you are thinking if you buy that dinner it could be a payment towards a bill .. but once its on your goal board it will be a goal to do it AFTER you paid off another bill ... some people dont see as spending money on such things as a dinner or a tank of gas as a goal but when you do buy that where is it putting your money plans after you buy it ? it will all work out man just keep your head up and work towards your goals you can do it if you set your mind to it

[@SweetwaterLegend]

Thank you, I will look into that goal board. I've never been a goal oriented person so that in itself will be a chalange but without effort nothing will change.

[@BigBossman740]

@@SweetwaterLegend when i was first told about a goal board i felt the same way ... did you ever play videos games ? think if it the same as a video game beating levels .. this is the same thing i was told when i first learned of the goal board and it worked for me ... i thought they was crazy when they was telling me about it and they was just talking to act like they knew about my own struggles ... but it really did work and it cost me a buck to set it up ... also another thing that helped me was to never ever carry another credit card on me ... lock them up in a lock box and only get them out if they are the very last option you have .. not a well we got 2 days before we get money and need something . do without for them 2 days ... good luck man cant wait to see the video you make when your back above water !

[@PatDees]

Nice to talk about this - the banks many times aren't our friends and we lack in money education.

[@SweetwaterLegend]

Thanks for stopping by Pat!

[@PatDees]

@@SweetwaterLegend your welcome..im listing and going to film 🎥 a video

[@asitpatel5658]

Steve...Kudos to you! It takes courage to talk about personal things let alone in front of 5 people and here you are talking about your own finances in front of thousands....It takes courage to own up to own short coming. You defintitely not alone...Thanks! for your selfless motivation!

[@SweetwaterLegend]

Thousands may be a stretch but it wasn't easy to open up and admit failure. Just hope it's helpful to someone else.

[@MrUGOTTALUVIT]

For instance, Citibank credit card they have a program If you can’t make your payment, it’s called a hardship program. They will switch your account without hurting your credit and you can pay it off 0% interest in a payment that is affordable to you. This would be much better than jeopardizing your house as collateral

[@SweetwaterLegend]

We will look into that

[@harbourshope5450]

Thank you for having the courage to do this series. I'm here for the long haul.

[@SweetwaterLegend]

Thank you!

[@harbourshope5450]

@Steve Alcorn I have been where you are now. In fact, most people experience this, but like I told you when we talked the other day, most people only show the good side. Why I think you and Marsha are relatable is that you are not trying to impress others. That is huge with me.

[@jasonwalls2710]

Thanks for sharing Steve! I was hoping you’d decide to document your current journey. All we normally see on social media is the upside. It isn’t pretty, but it’s necessary to have hardship to appreciate the successes.

[@SweetwaterLegend]

Thanks for watching, I'm just trying to be open and honest to possibly help others and help myself along the way.

[@jamesw.3491]

Glad you did the video Steve. Getting debt under control is hard, after you have dug yourself into a hole. I have no idea what your area is like, but I would be figuring a way to make money in your local communities with that glow forge. Even though debt is a problem, it's solved with more income. If you can make promotional items for local businesses, create unique packaging or whatever else with that machine and sell to locals, it could generate the income to get out of debt faster. I know you are a reseller, but my small local community provides my business with enough income to live comfortably. Sometimes the solution isn't a bigger audience, it's community. Lean on those local businesses and pander to the people with money. If I were a creator in my local community, I would be making classy, unique nautical themed items (loads of lake homes here). You have the tools, make them work for you and allow it to dig you out of debt. The first step is getting you or Marcia out selling. You can do this Steve.

[@SweetwaterLegend]

I'll look into those things. We are in a financialy depressed area so the opurtunities are a bit less but we will try and figure something out.

[@chadchad4331]

Thanks for being real Steve! God bless yall, yall will make it!!!

[@SweetwaterLegend]

I try to be as real as I can

[@silverhairstacker8664]

Debt is a soul-less heart breaker and dream taker. Debt does not care the color of your skin or your circumstances. I wish the best for you to overcome this!

[@SweetwaterLegend]

Well said

[@Tee4U]

@Bob so true Steve please don’t do it.

[@SweetwaterLegend]

we are still looking at all options.

[@tommycalahan5050]

Liquidate slow selling inventory or all current inventory and pay off those cards, start building inventory back up with smarter buys that are more profitable and faster sellers.

[@SweetwaterLegend]

Currently working on this idea. Will be going through my inventory.

[@swamppicker8279]

Thank You Steve for Sharing. Did you try getting on the Dave Ramsey web site, they have people in different cities that deal in finances. will add you to prayer list.

[@SweetwaterLegend]

I'll look into that.

[@Dennisdaniels10]

Hang in there buddy. I believe the good Lord can provide a way for that debt to be removed. I pray for all the favor from Christ over you and your families life.

[@SweetwaterLegend]

Thank You!

[@stevenssbargainbarn2294]

thanks for sharing your story you will overcome this your journey will help other too

[@SweetwaterLegend]

I hope so!

[@brendayankoski8325]

Honesty is not always pretty. You are going to help many, I think. I’m subscribed and will follow and share your journey. God bless and good luck!

[@SweetwaterLegend]

You're the best!

[@crazyxmas1]

Steve you got this! Always following!!!

[@SweetwaterLegend]

Thank you!

[@moronicpest]

Steve I've been there, had 42K in debt as a reseller at one point, in around 2015. I avoided home equity loans since felt they were too risky. Instead I used several Paypal Working Capital loans, the type that use your income history from ebay sales to get you better interest rates. I think they may still be offered, not sure. I chopped down my debt quite a bit with those. Perhaps there are better loan offers out there now, but I liked those. Hope to retire within 2 years, even though I'll still be an ebay seller to supplement my retirement income. Good luck in your journey.

[@SweetwaterLegend]

I did have a PayPal working capital loan a couple years ago and had a hard time with it. Perhaps it was just because it felt like a good portion of my earnings went straight back to paypal. It was when they were still the payment processor for eBay. I looked into the current eBay version and it wasn't a good fit for us even though I was approved.

[@denisespicks122]

Great Video Steve! This is a problem for MANY people... so you are going to help alot of folks out. Thank you.

[@SweetwaterLegend]

I hope so!

[@cardinals677]

Great Video. Looking forward to the series as you get out of this.

[@SweetwaterLegend]

Thank you!

[@Major_Win]

Great video man… we’re small time resellers ourselves and man we appreciate the honest things you shared. We’re rooting for you and it sounds like you’ve got a solid plan to get over the finish line. My wife and I are both going to like and subscribe to your channel. Let’s do this! ;)

[@SweetwaterLegend]

I appreciate that!

[@kengreene6804]

Great video steve you have helped me a ton

[@SweetwaterLegend]

Glad to hear it

[@AdventuresWithTheHudsons]

Thank you for sharing this video, we know this was not easy for you to do. Stay strong and drive forward!

[@SweetwaterLegend]

Thank you, we will!

[@atcommuk]

90% of a problem is admitting there is a problem, now you're there I have no doubt you will fix the remaining 10% . Sweet water out :-)

[@SweetwaterLegend]

Sweetwater out indeed!

[@OperationLiquidation]

Best of luck and hope you guys crush that debt.

[@SweetwaterLegend]

We will!

[@makkahaka445]

Move & change name😁👌🏴󠁧󠁢󠁳󠁣󠁴󠁿🏴󠁧󠁢󠁥󠁮󠁧󠁿🦁

[@SweetwaterLegend]

Sometimes I think about that....... LOL

[@Amylee_ct]

I would look in to opening a line of credit with a local credit union. You can consolidate the credit cards down to a much much lower interest rate. I also disagree with putting your home on the line. Uber eats can easily rack up a couple hundred bucks too. Takes gas but it's also a nice mileage write off

[@SweetwaterLegend]

Ultimately we will do whatever we think is the best. We may make wrong decisions along the way. We may make some right ones as well. As far as Uber Eats or those kind of services, there are no positions available in our area :(

[@edmundmelmeda9272]

God bless you always ❤️😇

[@SweetwaterLegend]

Thank you!

[@edmundmelmeda9272]

@@SweetwaterLegend your welcome ❤️😇

[@Bigdaddy1992.]

Good morning. I was not good with money or business till dusty got me hooked on to the ramsey plan. Please look into it 🙏

[@SweetwaterLegend]

Will do

[@Bigdaddy1992.]

@Steve Alcorn Steve I sent you an email it might be in spam

[@bluegrasspicker1204]

Most people have either been there or know someone who has. Kick its A$$!! At least you should know that you have a great voice. Use it

[@SweetwaterLegend]

Working on the voice thing

[@bluegrasspicker1204]

If you run a household, you're a business man. Don't tell yourself incomplete data. You're not done being a business man so stop saying that🎸

[@SweetwaterLegend]

Thank you

[@kathyhayward5730]

I was in a similar situation when it dawned on me that making minimum payments would (and did) keep me in debt for decades. I crawled my way out of the swamp by transferring my smallest balance to a zero-interest credit card and paying it off before the interest-free period ended. It might have been better financially to transfer the largest balance, but psychologically I needed to reduce the number of payments I was making to feel like I was making progress. Rinse & repeat until everything is paid off. And you might need a co-signer to get such a card if your income to debt ratio is too high. However, if I'd had the option of getting a home equity loan to wipe the cards out, I'd have done it. Yes, you're risking the equity in your home, but the much lower interest rate will allow you to pay the loan off much faster. Also, consider getting inventory from online estate sales. Doing so allows me to research comps before I ever make a bid, and I pick everything up in one trip, which saves me time and gas.

[@SweetwaterLegend]

Glad things worked out for you. We have few online estate sales here but I will look into that option further.

[@JDubKillinKicks]

Maybe get some insta cart or uber going.

[@SweetwaterLegend]

We have applied to those but there are no openings in our area.

[@jimkvp]

👍

[@TheShamrockPixie]

🍀💚

[@SweetwaterLegend]

:)

[@alabamaflip2053]

Don't worry about how you got into this or why. It doesn't matter. That's a different topic completely. What matters today is that you are going to pay this off. That is the focus. Other loans may help but be careful. There are other things you can do along the way that can also help. You can do this. You have a good credit rating and you need to keep it really good. Using the zero balance transfers will be a major part of your plan if the other loans don’t pan out. You may want to consider keeping up with the minimum payment due each month to help you with cash flow on the months where money is really tight. You want the minimum payment to be reduced each month. (This tells you the money you have to find in your budget each month. You want to find more of course.) If you are good with excel then you want to keep up with dates, minimum payment due, amount you paid, balances and etc. You may be surprise how fast this debt will go down once you really monitor the metrics each month. Also if it takes an extra year, so be it. It will get done. I highly recommend a "cash flow calendar" for your laptop front and center. Daily Refinement is the go to guy for the business side of eBay. Osborn to thrift is the man for running an everything store. Cactus Pat is a young man who just started a $20 challenge for trading options. (Learning a new skill paper trading and proving that you are better at business then you think is a great goal for 2023.) I will get a lot of flak for that one, but I believe it is a viable skill to know and to hand off to your heirs.

[@SweetwaterLegend]

Thanks for all the tips!