My husband I got married a year ago and we had to pay for our wedding ourselves along with our honey moon. We ended up in a great deal of credit card debt from this as well as trying to furnish a home. We have a personal loan for 19,000 that we are paying off along with about 10,000 in credit card debt. We can pay the bills but we can only pay the minimum payments which are leaving us broke every month. I want to do something about this before we end up not being able to pay these bills. Any suggestions?
2007-08-01 05:45:18 · 6 answers · asked by *~Cam's Mommy ~* 4 in Business & Finance ➔ Personal Finance
You are right to be concerned. You have a lot of debt to be starting a life together with. I would seriously consider reducing any possible expense you have. Can you eat for less? Maybe cancel cable? You need to start taking some chunks out of this before the interest kills you. Cut up your credit card, or freeze it in a block of ice in the freezer. Time to live off of cash for while. With this much, I would contemplate a second job. 30k is too much debt to leave out there.
2007-08-01 06:00:43 · answer #1 · answered by Jay P 7 · 0⤊ 0⤋
Well I am not a financial expert, but I would try to contact a financing company to consolidate all of your bills.
If you do not want to go that route, I would suggest paying off all of the smaller bills completely and continuing to make the minimum monthly payments. Also you may want to take out a low interest loan of a small payable amount. Also eliminate anything you don't need (if you do this or have these) like eating out, shopping trips, big cable packages, multiple internet connections, multiple cell phones, etc.
2007-08-01 05:56:25 · answer #2 · answered by solace322 3 · 1⤊ 0⤋
You need to do a lot of overtime and no more indulgences. If you are really serious about bringing your debt down then that means cutting down on other things. If you have cable then now is the time to shut it off, no dining out, etc. Every extra penny should go to the debt. If your APR is high then paying the minumum is not going to cut it. Go to the Suze Orman site. She has great advice!
2007-08-01 06:30:28 · answer #3 · answered by greysfan 3 · 0⤊ 0⤋
There is a great place to go with this. I was in a very similar situation.
This is getting help from real people without the use of banks or credit card companies. Good Luck!
http://www.prosper.com/join/lzc5wh
2007-08-03 00:49:48 · answer #4 · answered by Anonymous · 0⤊ 0⤋
This guy has great advice check out the article and try to cut your spending to what you actually need. No eating out, no partying, no visiting amusement parks, no nothing until you get rid of your debt. http://finance.yahoo.com/expert/article/millionaire/40724
2007-08-01 05:50:33 · answer #5 · answered by Marsbar 3 · 0⤊ 0⤋
the only way would be if you guys could get more work hours,
2007-08-01 05:53:28 · answer #6 · answered by Anonymous · 0⤊ 0⤋