i am going mad am running into debts how am i going to get out of them?

Question

my first debt is the instalment of the car 2500$ second small debts are reaching 1000$ also i forgot my car instalment is every month i have to pay for the car 800$ i havent bought a baby cot bed for my new born child i really dont know where am heading also my wife is not that appreciative she just wants what she wants and she is right as a husband i must cater for my family so what am i to do

Answer 1

You AND your wife have to sit down when the babe is asleep and do a budget! First use your records to list all the bills you have. Start with bills that come every month like your car loan, lights, water, mortgage/rent, phone...then add in your quarterly bills like taxes or car registration. Then add in what you spend at the grocery store and shopping for non-essentials. List EVERYTHING including the DATE it is due. It is kind of fun!

I use an excel spreadsheet and a calender to list what bills are due every paycheck. I check them off once paid. Make sure credit and loans are first to pay b/c interest and penalties will accrue if late and they are usually the largest. It will take some time and some figuring but try to even the amount of bills due over the month. Once you get into a system you can then say, " We have $--- to buy that extra thing we need" or "We can save $25 a week for the babe".

Your wife has to be part of it as a responsible parent. You may argue over some items but the end result of keeping your head out of the water to reduce stress and care for your child appropriately has to be pointed out. She needs to understand also that items do not have to be brand-new. Babies grow out of stuff quickly and there are yard sales and out-grown shops that offer some good items. Good Luck!

Answer 2

Tell your wife that this is not the 1950's. If she wants stuff, she must work. If someone left her millions of dollars, great! If not, she needs to work and earn a paycheque. As for the rest, prioritize. If you live in a city that has excellent public transportation, ditch the car. If you need the car, keep it but use it only when you must -- such as when you go to work, buy groceries, etc. For baby supplies, such as food, the government gives you WIC support. With the money you save, buy a cot. For your credit card debt, you have 2 options: Either go to a GOVERNMENT-APPROVED credit counseling agency or talk to the various credit card companies yourself. Cancel your cards and work out a payment that is affordable for you. Once you are out of debt, you will be able to get credit cards again. Kill all expenses that don't bring you any financial return -- disconnect cable TV, use internet from work, instead of paying for a home connection, disconnect either your home phone or cell phone -- nobody really NEEDS both, eat more often at home and pack a lunch when you go to work, buy from Target instead of Saks Fifth Avenue. Slowly, the savings will add up and the expenses will go down. It may take 2 to 3 years for you to see the results. And, yes, it is hard -- VERY hard! But you can do it. I did it.

Answer 3

First of all write down what you spend a week on what..list EVERYTHING...next get your wife to read it and point out that as you are married it's up to both of you to keep the cost of the family to a reasonable level..next how necessary is the car..is it a big one..if not see your creditors and explain the situation.Shop only for the necessity's.no beer or chocolates etc..keep everything in perspective..one thing ..DO NOT TAKE OUT A LOAN TO COVER THE PAYMENTS>>this is not only stupid but non productive..chop up and pay off your credit cards..keep jars of money for budgeting..stick to a budget..and put maybe a few dollars in a jar for baby...make a list of the most needed things..e.g.Baby's cot..Remember we all go through I'm in debt thing..I ws in debt to the tune of £44,000

Answer 4

You must get rid of your debt asap. There are several ways to save up to $100 every month to take care of all your debts within 2 years. The webpage below gives advice on how to do this.

Answer 5

Maybe you want to consider debt consolidation and start working towards paying off the bills? This is a helpful site with information about how to do that. Best wishes! http://loan.divinfo.com/
And, as far as the baby crib goes...maybe check out Craig's List..many people try to get rid of furniture on here & sometimes it's even free, as long as you pick it up.

Answer 6

A good book that address debt reduction is David Bach's "The Automatic Millionaire"

You can borrow the book from your local library or go to any bookstore for it.

Here's the table of contents for the book:
http://www.finishrich.com/books/automatic_toc.php

The first chapter (pdf):
http://www.finishrich.com/pdf/tam_chapter.pdf

Best of luck.

Answer 7

stop spending money.

if you can't afford a car, take public transportation. or get a used car...they're cheaper.

you and your wife need to have a serious conversation. she cannot just go spending whatever money she wants to. you need to teach her about fiscal responsibility. does she contribute to the family income?

rule of thumb: never spend more money than you have. that way you will never go into debt.

Answer 8

Get a debt consolidation loan. Your interest rate will be lower, and so will your monthly payment. You can comparison-shop at the website below

Answer 9

go and see a financial adviser/planner. they will be able to help out. once this is in place tell your wife she also must stick to it. in the long run she will be able to have things but at the moment she will have to wait