Help!! I need some serious financial advise on this matter.?

Question

I'am currently in debt big time due to poor financial decisions that I have made in the past. For the past several months, I have been living on a budget, but because I have so much debt that I'am paying on, I barely have enough money to live on and saving money is almost impossible. A large chunck of my debt consist of 3 revolving accounts (credit cards) and two personal expense loans that I'am paying on as well. The total debt from those accounts is about $20,000. Besides having to pay on those debts each month, I also have a $600.00 monthly car payment, cell phone bill, a $200.00 monthly auto insurance premium, and I pay $525.00 per month for rent (I currently live by myself). If I didn't have to worry about my loan payments and the credit card payments, I would be in much better shape and would be able to actually save some money. WHAT COMPANIES OR AGENCIES (if any) could possibly consolidate those 5 debt accounts for me into one monthly payment (I have a Fair credit score b.t.w.)?

Answer 1

Sell the car. Pay cash for a decent used car. That way, you won't have a car payment or the high insurance payment. Then start working on the other bills. You're crazy to pay more for your car than you're paying for rent.

Answer 2

First of you need to sell the car this will give you 600.00 more a month. If you can't sell it see if the dealer you got it from will take the car back and pay off the loan. Explain to them. Honesty will go along way. Second this will lower your insurance premium and you will have that extra cash. I would take these funds and start paying on the credit cards lowest balance first. After you pay off that card take the funds that you where paying on that card and add it to the next card and so on until you have them paid off. Then you can take the funds after all is paid and start saving what you want. Our society is sometimes very materialistic. Live with in your means. Good Luck.

Answer 3

There are only two things you can do when it comes to money;
spend less or make more
*Shop around for better deals on cell phone or contact your cell phone company to downgrade your account to something basic. Avoid text messaging or sending email with the phone that uses up minutes.(you can upgrade later)
*Contact the credit card with the best interest rate, and see if you can increase the amount on the card to consolidate all debt to one credit card. Bear in mind, you won't be using this credit card for anything until you pay it down first. Cut up the other credit cards once they are transferred.
*Call your insurance company and see if you can downgrade to another agreement. (you can upgrade later). Also shop around. I found Progressive had the best rates for insurance for what I needed.
*Consider getting a room mate. Check to see if you can sublet, and have the space. This could also be a six month temporary living arrangement just to help you out for a time.
*Always use your tax returns to pay off debt.
*Use overtime or money earned elswhere on your debt
*Budget fun money like $20-40 bucks per week for play and that's it. The rest goes to the debt
*Look up ways to save on yoru food bills. Generally cutting back on meat, junk food, alcohol, and other things you don't need can help.
*quit smoking. This saves tons of money, improves your health insurance and live insurance rating, and is best for heatlh.
*Look into an extra job. Some things you can do online like writing articles, selling things on ebay, or doing surveys. Just be careful about scams.
Good luck

Answer 4

You need to change your ways. Seriously, you must get rid of your credit cards. So many people get wrapped up in this problem and i feel sorry for you. The big companies have made it so easy for people like you to get in a hole that is next to impossible to crawl out of.
So, you MUST change your ways. Get rid of the car. (either start using public transportion, a bike, or learn how to buy a cheap but good car at a car auction) I always buy my cars at car auctions. The last one i had, i paid $400 and sold it for $400 4 years later. ! You can too. Just be smart and have patience.
Get a roomate or move back in with your parents or WHATEVER. Until you get out of debt.
Once you do get out of debt, stay out! make sure you make a pact with yourself NEVER to go in debt again.
that's what i do. I work now only 8 weeks a year except for the occasional guitar/vocal gig that i do for extra money when i need it.
I bought a car last year that cost me $1300 and have already been offered $3,000 for it. Good luck, let me know when you are out of debt. You can do it. It's easier than quitting smoking.

ps. One more thing you can possible do but it takes time. You can call those credit card companies up and tell them that you don't have a job, don't have any money, are in debt big time with other companies also and want to figure out what you can possibly do. (i know people who got 80% of their debt wiped out by this solution but it took 2 years of red tape and calls and letters)

Answer 5

Get Rid of the $800 monthly expenses for your car and insurance. take the bus for a while and use the 800 towards your debt. you'll be paid off in two to three years. Forget the rest, you're only going to waist your money trying to save your money. Take my advise do it yourself.

Answer 6

Uh, if you could consolidate the loans, they wouldn't just disappear, you'd then have a large payment on the consolidation loan.

You don't define your "fair credit score", but it's very unlikely that you'll be able to get an unsecured consolidation loan.