I have asked my dad for help and he will. Should I try to get one big loan and pay extra or should I do debt consolidation with a credit counseling service. I am not late. I have good credit. My debt/income ratio in not good. I make about 60,000.00 a year. I have destroyed my credit cards. Please help. Worried
2006-11-28 00:01:09 · 6 answers · asked by Worried 1 in Business & Finance ➔ Personal Finance
With those figures, your best bet is probably to set up an appointment with a credit counseling agency or financial advisor and they will be better suited to advise you as to the variety of plans available to you both "in" your area and "for" your financial situation. Have your dad go w/you for personal support. You may be able to get out of the hole you're in WITHOUT digging a deeper one.
In the meantime.....
**Destroyed the cards? GREAT start!!!
You can also take better control of the other expenses that nip at you month to month by...
*get a cheaper cell phone plan-maybe even a prepaid one (you control your spending better that way)
*If you have the "full deal" cable tv service...cut it down to basic for a while till things iron out, you can always re-upgrade later.
*If you have ALL the extras on your home phone, get rid of it all and keep just basic service and MAYBE the caller id. Pick up a cheap answering machine for a one time expense rather than have the voice mail that you pay monthly for.
*Any other "installment" plans that you have PAY BEFORE THE DUE DATE! You'd be AMAZED at how much more will go to the principal instead of the interest.
*If you have "high-end" internet, cut down to basic for a while...that too can be re-upgraded later.
There are ALOT of little ways that you can cut down on some of the "over-head" while you get things straight. And you'd be surprised what you discover you can live without, You may end up realizing just how much and wonder why you were wasting so much money!
GOOD LUCK!
2006-11-28 00:13:15 · answer #1 · answered by secret_oktober_girl 5 · 0⤊ 0⤋
What the HECK do you do to get 80 thou in dept.?
What kind of help can your dad give you.?
Is this dept all in credit cards or something else.
Is this all one dept or a lot of different dept.? A bank loan might have a littler interst rate then a credit card. If you have a good credit card rating I would suggest a bank loan.
Try that before you have to borrow money from family.
Good Luck.
2006-11-28 00:13:23 · answer #2 · answered by LadyCatherine 7 · 0⤊ 1⤋
Debt consolidation is your best bet,Cut up the credit cards NOW. How did you get into that much debt That is a lot of money ?
2006-11-28 00:04:40 · answer #3 · answered by Bella 7 · 0⤊ 2⤋
I would go the debt consolidation route. Going the other way, you'll have extraordinary interest on top of the pay back agreement cost per month.
2006-11-28 00:05:00 · answer #4 · answered by Anonymous · 0⤊ 2⤋
You should be worried. Any one who makes $60,000 a year and cannot even spell "outweighing" correctly and has $80,000 worth of debt and is going to their father is in serious trouble and more than monetarily. I'm not a financial whiz, but I know common sense and you're in need of some. Good luck. (Sorry to sound so rude, but you should really think about how you spend/charge money more and be honest about it. At least you recognize a big red warning flag, though.)
2006-11-28 00:42:59 · answer #5 · answered by HisChamp1 5 · 0⤊ 3⤋
I've heard both of them, and I like Dave Ramsey's advice much better.
2016-05-22 21:56:59 · answer #6 · answered by Caitlin 4 · 0⤊ 0⤋