Help. Our financial situation is horrible. I know how to get out of debt but I just feel like we never will.

Question

We have credit cards and I have cut them up already, but it seems like I'll never get them paid off. It's discouraging. Any pointers to keep me on the right track

Answer 1

I sympathise. I have taken a higher paying job in a place no one wants to live...gonna do it for 2 years and get out of debt and make some extra money to put away so it doesn't happen again. I find what helps is this: list all your debts with their totals. Then put them in order from the lowest to the highest amount. Then, list the minimum payments next to each one. Once you have done this then you need to do a budget for your monthly expenses (or if you are paid every 2 weeks then do a bi-weekly budget). Look at the budget and see where you can cut so that you will have at least $100 a month extra and apply that $100 to your lowest debt PLUS the minimum payment for that debt. Pay JUST the minimum on all your other debts. You will pay down your first debt quickly because that is the smallest amount. Once you have eliminated the first debt you will feel a sense of accomplishment which will encourage you to continue. Once you have finished the first debt reward yourself with something that costs just what you would pay on the eliminated debt (eg, if you paid $300 a month on the first debt, then you can treat yourself to something that is up to $300 in cost) From the next month roll the first payment into the second debt you have (so, take the $300 and add it to the minimum payment for the next debt on the list). You will see that this snowball effect works well and it is inspiring to have a plan to get rid of the debts. The trick is NOT TO USE YOUR CARDS AGAIN and to STICK TO YOUR BUDGET.
Hope this helps!

Answer 2

If you own yor own homw you can refinance and pull cash out to pay off your credit card bill and raise your credit score dramatically. I work for United Lenders Group and I work with over 45 different banking companies so I could get you a mortgage loan no matter how bad your credit is or how much in debt you may be
916-606-1090
keyon

Answer 3

Well, I don't have any pointers, but I do send a hug filled w/ sympathy!
We are in the same 'boat', here. Yes, it really does get discouraging. We're trying to do the right things, & dig our way out....& I know we will, eventually. But on a day-to-day basis, it seems like it'll always be this way.
The strain & worry have taken a toll on us. Luckily, we're doing OK as a couple. But I know it bothers him as much as it does me. I can see it!
Now I'm just rambling...Sorry!!!

Anyway, I sincerely do wish you the best!!!

Answer 4

It appears like the one alternative you've gotten together with your present residing predicament is to transport to a small location together with your fiancee and 2 kids and do as fine you'll in the interim till you'll have the funds for a condominium. A condominium is high-priced and an rental can avoid your saving however you'll do away with a condominium for one more yr if it method getting out of a poisonous atmosphere with the household and mentioning your kids in a steady, riskless and loving atmosphere.

Answer 5

Cutting them up is good. Most credit card companies will work with you on lowering their interest rates so you can pay them off. Call them and set something up.

Answer 6

You can always consolidate them into one payment, that way you don't feel like you have to keep up with several different ones

Answer 7

You can do it, heres some sensible, common sense advice
http://www.quazen.com/Home/Personal-Finance/Managing-your-Debts,-a-common-sense-approach.525