I have a debt of $6850(different things) total and I have a Good Job i make a little bit more than $2000 a month how can I pay all the total amount in 3 o4 for months.?
2006-09-29 08:11:25 · 11 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
i don't pay car and rent is 200
2006-09-29 08:18:39 · update #1
It depends on your expenses. How much do you pay for rent, food, bills, etc? You have to get a partime job on the side and only buy what is necessary. If you pay it in 4 months you need to pay $1712.50 per month leaving you with only $287.50 for other necessities.
2006-09-29 08:23:48 · answer #1 · answered by junkee 4 · 0⤊ 0⤋
You are going to have to come up with around $7250 (give or take) to get rid of the debt in 3-4 months. Remember, you have to pay not only the principle but the interest that will accrue on the unpaid balance. The amount you really need will depend on the interest rate on each account.
With your income level, you will bring in around $8000 in four months. Assuming a 15% tax bracket reduces that to around $6800 assuming no other taxes (local, state, etc...). Reduce that by the $800 that you pay for rent and you will have about $6000 to pay the debt. Wouldn't get all of it but you would get close. Of course this also assumes that you don't spend money on ANYTHING else. No food, no gas for the car, no utility payments, no ISP to logon and ask questions on Yahoo, nothing. Not realistic.
You either need to greatly increase your monthly income or set a more realistic goal for the payoff timeframe. Cut down your spending (don't charge another dime to a credit card), and focus your extra cash towards paing down the account with the highest interest rate first. When it is paid off, focus the amount you were paying to it towards the next highest interest rate account. Keep this up until you have them all paid off. Then take the money you were spending to pay down debt and start putting it into a nice investment account.
2006-09-29 15:59:18 · answer #2 · answered by troythom 4 · 0⤊ 0⤋
You have approx. $1800 each month after rent. In four months, that is $7200. If you pay off $6850 in that time, you will only have $350 left to live on. You need to make a budget and cut out everything that is not absolutely necessary to keep you clean and fed. You can possible get out of debt in 8 months.
2006-09-29 15:24:54 · answer #3 · answered by karen wonderful 6 · 0⤊ 0⤋
A part time job where you can earn quite a bit in three months, thats what is did I work a full time job and two part time jobs as a cleaner it was very hard work but you know it's only for a short time so you crack on with it and make sure every penny goes on the debt. Cash in hand is better because then you dont pay tax.
2006-09-29 15:15:28 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I assume you have a bank account. go there and ask for debt consoldation.
OR
Use your God given brain to work out a payment schedule that you can stick to, because 3-4 month is not long.
don't be too ambitious - with debt it can sometimes set you up for failure. Don't be afraid to take 6-8 months, as long as you pay it off.
Also, pay off the highest interest loans first.
For me, clear a debt is an awesome high!
Hope this helps
2006-09-29 15:15:48 · answer #5 · answered by orangeontherocks 2 · 0⤊ 0⤋
You can't do it unless you don't have to pay your living expenses - ie, you live with parents or a spouse who pays the rent or mortgage, you don't have to pay for a car, etc. $2000 a month towards your debt would leave you with no money at all to use for food, rent, utilities, all that stuff.
2006-09-29 15:15:25 · answer #6 · answered by Ralfcoder 7 · 0⤊ 0⤋
cut back on everything u absolutly don't need, maybe turn off ur tv or phone or something. Call one of those hotlines on tv maybe? Get a second job mowing lawns or something like that because if u get paid in cash that isnt deductible on taxes i dont think. REALLY cut back on all your expenses until you get it paid off. Getting it paid off in 4 months is a stretch though unless u really work at it and get a second odd job to help. Don't get ur hair cut or buy any new cloths or anything like that, save it all to go towards the debt and be careful next time :)
2006-09-29 15:14:50 · answer #7 · answered by MMC 1 · 0⤊ 0⤋
you cant?? well you can if you arnet gonna spend anything meanwhile but i know for sure you have to spend...so, that is too much money for you to pay that fast. try paying 1000 per month, divide all the payments to equal 1000, per month....you should be done by by next march if you start in october. or get a checking account and set it up for automatic bills and go from there
2006-09-29 15:15:54 · answer #8 · answered by gmoney 2 · 0⤊ 0⤋
Pay $2000 per month, for the first three months, that is $6,000
The forth month, pay $850.
Voila $6,850 is paid
2006-09-29 15:14:50 · answer #9 · answered by Anonymous · 0⤊ 0⤋
you will have to save majority of your paychecks for 6-7 months only way to get them paid off in 3-4 is to save your entire paycheck and thats kind of impossible.
2006-09-29 15:14:17 · answer #10 · answered by Sweetpea 1 · 0⤊ 0⤋