Like many people I have been not so smart when it comes to money-for a short time I had spent more than I earn (when starting off as a new family) - so to fix that I had made the mistake of tieing the debts into loans - now on top of those loans I have several montly bills that just drain me - On the average I make between $650 and $1000 /week (depending on OT) - I have some equity in my home - But I have also filed BR. Things have gone down hill and momentium is growing - My income is O.K. and I should be able to get out of this But it seems there is always something that keeps me from getting out of this - I have to start building a nest egg but first I need to get out of this hole!
ANY SUGGESTIONS?????????
2006-11-08 21:03:04 · 6 answers · asked by warlord_grapx 1 in Business & Finance ➔ Credit
Do you have credit card debt? Please explain what you mean by debt's into loans (do you mean like payday loans) just to claify, this often means different things to different people? and what are the monthly bills?
First, cut all "luxuries" down to the bone, cable, cellphones, internet, eating out, grande latte's, etc..If you have two cars, can you get by with just one? If so, sell the other. Sell anything that will help to pay off your debt. Once your out of debt, you can always replace what you sell..but this time paying all in cash.
If you have credit cards, call the company and explain to them what is going on, emphasize your desire to pay the debt, and see if you can work out a better payment arrangment...most will be willing to...if not, look into a debt consolidation company.
I need to know more about your situation before I could give you anymore advice. Do NOT touch the equity in your home. Here is a site that I found helpful...http://www.crown.org/ E-mail me if you want to talk more indepth about your situation..
2006-11-08 21:21:48 · answer #1 · answered by karleigh25 2 · 0⤊ 0⤋
Your determination to eliminate debt is still far too hazy. First firm up that. Once you are determined that this situation has to change, you should begin making a steady payment of an adequate sum from your minimum earning every week. Whenever you get extra earnings like, OT wages. use half of that to pay off the debts.If you can, use 90% of these extra wages to repay the creditors. This may look impossible in the beginning, but years of experience helping friends in similar situations make me bold to assure you that God will give you many more ways to seetle the full debts, once you prove to yourself that you are sincere about repaying your obligations.
2006-11-08 22:32:54 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Get a savings account that's really difficult to access ie. don't have a cheque book or online facilities - one where you have to go to the branch with a little book to get the money out. Or make it an account held by someone else you trust like your parents or a sibling or something.
Then set up a standing order from your main account for a certain amount of money each month eg. $50-100 to go into that account. You'll manage to deal with the shortfall somehow and bit by bit you'll build up a lump sum to help pay off debts.
Needs a bit of willpower to leave it alone, but if you get the most inconvenient account possible it really helps.
2006-11-08 21:16:16 · answer #3 · answered by Anonymous · 0⤊ 0⤋
i have the same problem like you, i struggling to get out of the hole too. i would like to recommend you the 2 things that makes me think differently. it helps me and i hope it helps you either. one is the rich dad series, you may read it but i think the best part is Robert Kiyosaki said our thoughts can make us go better or go worse. try think which 4 type of people you are and choose to become the type that you want and then change the mindset. the other it's also about thoughts, very simple, you think about only debts and loans in your mind, there will be more negatives coming in; think more about the positive things the energy in you will lead you to the world you wish. believe or not, you try, you have nothing to lose.
2006-11-08 21:19:37 · answer #4 · answered by y6hueeey 1 · 0⤊ 0⤋
Go to your Bank they will set up a meet with your financial advisor I did it got great advise and got my life ritiously straightened out from your scenario
2006-11-08 21:13:44 · answer #5 · answered by fsjock 2 · 0⤊ 0⤋
slow and steady wins the race!
E>I=D
remember that equation:-
"When your Expenditure is MORE than ur Income it equals to your Downfall.
oh! man persevere with ur family and u shall see urself thru this mess.
2006-11-08 21:06:59 · answer #6 · answered by choilein 3 · 0⤊ 0⤋