Financial Problem! How can i get out!?
I got serious financial problem, how can i fix it. My life is chaos ans ruin because i got problem in arranging my financial. Every month, is getting harder and harder for me... anyone got some idea?
2007-07-01 14:50:36 · 7 answers · asked by NeoDer75 1 in Business & Finance ➔ Personal Finance
the best website and radio program I have found is www.clarkhoward.com
2007-07-01 14:57:27 · answer #1 · answered by Anonymous · 1⤊ 0⤋
first step- make a list of all of your debt, and all of your montly expenses. the first step is scary but you have to deal with this head on. when you see the total you will feel a pit in your stomach- but you will feel better taking action rather than living in denial.
second- make a budget. you have to curb your spending enough so that you have some left over to service debt. you'd be surprised how much you can save if you turn off cable, stop going to starbucks every morning and bring lunch to work. if you are creative you can find a lot of ways to save without starving yourself of everything that makes you happy.
third- call your creditors. your credit card companies will charge you large fees if you pay late- it can pile up fast and send you into bankruptcy. if you tell them your plan- they can help you. you will be surprised how accommodating they will be if you just talk to them. they love to see people trying to pay.
fourth- measure your results. you have to start to record every penny you spend- to see if you are sticking to the plan and the help you stick to the plan. if you are not having success, it might be time to see a professional for financial help.
important note: you may be offered the option of consolidating your debts into a home equity loan. it seems very attractive b/c it will cut your interest payments significantly from the rate credit card companies charge. realize that you are putting your house at risk. if you don't pay your credit cards- you won't get more credit cards which is bad. if you don't pay your home equity loan they will take your house away- which is far worse. before you commit to anything like this- make sure that your plan is workable for a few months and you aren't making things worse.
i climbed my way out of more than $50k of credit card debt- it took a while but you can do it. along the way you will learn a very valueable lesson- interest is something that you collect, not something that you pay.
2007-07-01 23:18:15 · answer #2 · answered by stains 2 · 0⤊ 0⤋
Get a second job until you are caught up then make a budget for the year and then break it down by month. Each week save 1/4 of you monthly bills like rent and 1/12 of quarterly bills and 1/50 of annual bills also save a few dollars for surprises and gifts and other irregular expenses.
2007-07-01 22:26:28 · answer #3 · answered by shipwreck 7 · 1⤊ 0⤋
Start doing this.
With paper and pen, write Money I have this week ___
Money I need this week ____
If you need more than you have for the week, you'll have to do what's called "prioritize".
Then start putting $20 a week into a hidden coffee can for an emergency.
2007-07-01 22:06:44 · answer #4 · answered by JandJ 1 · 0⤊ 0⤋
It's hard to help with this without knowing a little more about what your problem is.
2007-07-01 21:55:46 · answer #5 · answered by Jen G 5 · 1⤊ 0⤋
STOP SPENDING MORE THAN YOU EARN.
Try making a budget and sticking to it.
Cut up your credit cards. Leave within your means.
Doh, "why can't I figure that out?????????????"
P.S. Learn how to construct proper ENGLISH sentences, so people can understand what you are saying.
2007-07-01 21:54:58 · answer #6 · answered by MELANIE 6 · 2⤊ 0⤋
If you need more than you have for the week, you'll have to do what's called "prioritize
2007-07-01 22:56:30 · answer #7 · answered by Anonymous · 0⤊ 1⤋