How do you get out of debt when you're in the negative every month??

Question

ONLY SERIOUS ANSWERS PLEASE....I don't need any smart alec comments...I need help that I can't seem to find anywhere...I've gone to debt consolidation cos. that refuse to work with me because after I give them all the figures I'm in the negative ALOT....I have a family of 6 and my husband works about 70hrs a week ....It's not feasable for me to get a job because of the ages of my children...i would be spending what I make every week on daycare....I need some good sensible advice...I need nothing short of a miracle....

I have a car that will be paid off January...it has to be kept...only vehicle getting my family anywhere..I have 6 people in my family not 8...6 total...I do things to make extra money, I have a NY cos. license but live in state where I have no license but still do hair for friends, I also sell Mary Kay but don't know alot of people so its hard...i homeschool my children and my husband doesn't come home at the same time each day so getting a job when he's not working doesn't work. Have no extras, sold all i could sell, we all where hand me downs or good will....don't buy new....buy groceries that are about to expire, put in freezer, and dict stores like Aldi....I've tried everything...i just thought someone would ahve a solution i hadn't thought of yet...i was wrong....

Answer 1

Pay only for the basic necessities, shelter, food, clothing and transportation.

Get on a real tight budget (beans & rice / rice & beans), no cable or satellite, no internet, no cell phones, I mean go commando, sell everything you don't need and start paying off bills.

If your paying on a car note, do everything and anything to dump it. Get yourself a cheap vehicle for cash, somehow.

After the basics are paid for, look at the cash you have left. For example, if you have $100.00 left over and there's 5 creditors to pay, they each get 20% ( or $20.00). Send them each a letter explaining your budget, and why they’re getting this amount.

Will they like it? No. But they can scream all they want; as long as you’re making an effort and their informed they won't do much. What are they going to do? Ding your credit? It's probably already dented a bit.

Try this web site for help.

http://www.daveramsey.com/

Answer 2

You should start your own business slowly. If your husband is unable to raise enough money to feed all 8 mouths then something needs to be done on your part. Try and online job. Or open your own daycare. He is pushing himself to the limit already working 70 hours. By the way how does he have time to spend time with the kids? They need a father influence too. Another answer may be to move to a higher paying area for your husband's work.

I understand that no consolidation companies can help you because there is no extra income to work from. Do you know where all of your money is going each month? What kind of debts do you currently have? Maybe you need to cut back on your expenses and using high interest rate credit cards. Also there is always government help.


I'm not sure what else to tell you besides I hope you are using birth control now since you are to your limit with expenses from a full household.

Answer 3

Well, without knowing your exact situation it is not possible to know what to tell you?

Usually, a family has a large mortgage that is killing their finances. Is that the case here? Do you have a house payment that is causing problems? If so, then what would it take to sell that house and get something smaller and more affordable? The same goes with cars. Hopefully you are not upside down on these items though.

Have you cut out all unneccesary bills? Do you have cable? Get rid of it. Do you have high speed internet? Get rid of it. Do you have cell phones? Get rid of them. Does your family eat out? Stop doing that?

What about selling the stuff that you have to maybe settle some bills? A nice garage sale to sell off stuff. Cut deep and hard. Which is better, having a TV and going bankrupt or selling the TV.

Getting a loan to get out of debt is something that people expect will get them out of trouble. It does not necessarily work that way. If you want to get out of financial trouble then you need to address your budget and figure out how to get the household finances straight first.

Don't wait for a miracle to happen. Make a miracle happen.

Answer 4

I can relate to your situation. I will assume you have a mortgage and credit card debt. First lets tackle the mortgage. You should search on line and find an equity accelerator service. What is this you ask. What they do is withdraw half the amount of your mortgage from your bank account out every two weeks. Let's say your mortgage is $1000 a month. They would take out $500 every two weeks. What is great about this is you can pay off a 30 year mortgage in about 17 to 22 years. The reason this works is because you are actually paying 13 payments every year instead of 12. It allows you not to have to increase your house payment to get out of debt early.

While you are doing that you should take all your credit cards and find out which one is charging the highest interest. Pay the most you can on that one and pay the minimum on the other ones. As you pay off the highest card do the same on the next one that has the hightest interest rate. Keep doing this until they are all paid off. Don't cancel any of them because that can have a negative affect on your credit score. You can get other tips like these from the free ebook on credit repair offered at http://www.your-credit-solution.com . Good Luck!

Answer 5

Can you possibly work from your home, online? Could you possibly take in more kids to babysit/daycare along with your own kids? If you could somehow put your job skills or talents to use while still staying home & caring for your kids, it would be a step in the right direction. Although it takes know how and startup money/inventory a lot of people make a living selling on ebay. Good luck to you!

Answer 6

I really don't see how you could pull yourself out of debt without getting a job especially since your husband's job isn't getting you out of debt either. What you can do is try to budget your money. Only spend money on things you absolutely need and not on things you want. I know it's hard especially when you have kids. I'm basically living paycheck to paycheck. So I kinda know what you're going through. Sorry I can't really give you any good advice on your situation though. Good Luck!

Answer 7

Two options:

1) Increase your income; and/or
2) Cut your expenses.

Beyond that, there is nothing you can do.

Sit down and figure out where your money is going and start cutting. No eating out - No cable - No High Speed Internet -No new clothes - No new anything. You may be surprises as to the number of things that you thought you need but you don't.

And be carefull.....most "Work At Home" offers are scams.

Answer 8

examine the full funds Makeover by Dave Ramsey. And to maintain on funds - borrow it from the community library. Yahoo solutions is a stable gadget for user-friendly questions - yet i think of you want a shown gadget for debt help. Get gazelle extreme! (it will make greater experience as quickly as you examine the e book)

Answer 9

You don't say how old your kids are.,,, but would I would like to know is ...are they all in school?? The reason why I am asking is because .. perhaps you can speak with the principal of there schools to see if they need anyone for kitchen duty... or playground duty.... .perhaps they need s teachers assistant....and I am sure it would be something that would have similar hours to your childrens school time. If not...then go out and get a partime job with the hours that revolve around theirs. If not...then I really don't know what else to suggest.

Lots of luck to you and your family !!

Answer 10

What you are looking for IS nearly a miracle. Those to whom you owe monies are not overly concerned with your personal situation other than in those facets which would help them recover what is owed to them.

Have you considered a job where you work hours opposite of what your husband works ? It's not easy to manage and juggle, but it CAN be done.

There are no easy solutions to those holding excessive debt. Each and every one of those to whom you owe monies wants to be paid, and has a right to be paid. If you incurred the debt, it's your responsibility to figure out how to retire the debt.