my husband and me are in financial difficulties right now we don't own a house just credit card debit which is around 7,000 and we own a car that we still owe like 14,000 on it I would like to know what would be our best option and if anybody knows of a good consolidation office that could help us
2007-05-26 10:14:42 · 3 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Go to your bank and get a financial counselor. Do not declare bankruptcy! There is always a way out. I wish you guys the best.
2007-05-26 10:18:39 · answer #1 · answered by Jo 2 · 0⤊ 0⤋
Neither one is a good choice to be honest. I know it can be really intimidating when you're having financial difficulties. I'd recommend something a little different:
- Sit down with your husband and write out a budget. This is a list of EVERYTHING you spend money on. Food, rent, utilities, clothes, savings, debts, etc.
- Compare your total expenses to your income. If you are overspending, you may need to cut your lifestyle, and seeing in a budget shows where you can do it.
- That will also show you how you can start making the payments and getting yourselves caught up.
On top of that, I would recommend taking a look at Dave Ramsey's book The Total Money Makeover. He has a 7 baby step plan that helps you get out of debt, saving, and investing for the future. My husband and I have been very successful following his plan so far.
I wish you the best of luck.
2007-05-26 17:21:09 · answer #2 · answered by Jen G 5 · 1⤊ 0⤋
Bankruptcy is worse. Paying off your debt is better than either. Good consolidation is an oxymoron.
2007-05-26 21:06:05 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋