Mary R
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Not bankruptcy, that is rarely a good idea. Consider talking with a non profit credit counceling company. Everything would depend on your personal situation. Do you own a house? Do you have a huge amount of debt or owe less than $10,000? Is your debt secured or unsecured debt? If it's credit card debt, otherwise known as unsecured debt...talk to someone at a non profit credit counseling company. How these generally work is; if your debt is unsecured debt with credit card companies...the credit counseling company will work with your credit card companies and agree on a set amount to pay back. It usually works out to 25% of your total debt. Each month you send a check to the credit counseling company and they in turn divide it up among the credit card companies. This payment plan usually lasts for a few years. Your credit accounts/cards would be closed but it won't reflect badly on your credit report as bankruptcy would.
Good luck to you! |
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blizzard982002
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There are intelligent and ethical ways to handle debt. Sit down with a pencil and some paper and calculate how much you make a month and what your monthly expenditures are, and be honest about it. Look through your outgoing expenses, determine what you really don't have to spend money on (eating out at restaurants, going to the movies, etc.). Unnecessary spending is what gets a lot of people in trouble. There may be enough to help give you a little more breathing room on your debt. If you have a lot of credit cards or loans, you might look into debt consolidation, eliminating a lot of payments going into interest which doesn't do anything except go into the bank's pocket. Most cities also have pro bono debt counselors that will work with you and help you figure out a plan that works. Bankruptcy should only be used as a last resort. |
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ye
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Wow...I must commend you for your efforts.
I totally understand that being a single mom and trying to make ends meet is quite a challenge.
You may want to consider developing a household budget that is reasonably sound proof for your family follow on a monthly basis.
In my opinion it is not how much you make that makes a difference. It is what you do with your money that counts!
Check out this link for a free Family household budget template from Microsoft: http://office.microsoft.com/en-us/templates/TC010233421033.aspx
Next, contact your creditors and develop a payment plan to assist in eliminating your debt. If you have not done so already ask if you can decrease your interest rate.
They should be able to work with you because you are showing them that you are willing to commit to paying a monthly payment that is in line with your budget figures.
Or you can try contacting a debt counseling company to assist you in paying down you debt. Before you commit to assist with one of these organizations you may want to do some research first.
And lastly, get your other family members involved with your budget. It is a great way to teach them how to handle their personal finances and create healthy spending habits.
When they grow up they will remember how important this is and hopefully follow suit because of your efforts.
Hope this info has helped you.
Best of luck in developing a plan to pay off your debt.
God Bless and Have a Healthy New Year! |
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dmol75
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try debt consolidation, YWCA has classes on it and a program to support that. beware of the fly by night debt consolidator though. bankruptcy is an option but only if you are willing to be a gov't slave for the next 5-7 years. |
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the dream
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I see no mention of a house but I will assume you are part of the 70% of Americans who are homeowners. Why not refinance into a lower rate, payoff some debt, maybe even get some cash out for Christmas or a vacation? Consider debt arbitration to get you reduced rate payoffs on your credit cards.
www.totaldebtsolutionsllc.com |
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ag_tx01
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I personally recommend the John Commuta "Transforming Debt Into Wealth" program...filled with excellent ideas and when you do the math, it's actually pretty simple and it works. I hit rock bottom a couple months and listened to his cd's and am now well on my way to paying everything off! |
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Vegas
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Get out of debt - even doing side jobs. Keep expenses low - do you really need that ... |
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ekleinert
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when u get paid send a little to each debtor. the finance charges are going to kill you and you will never get out of debt- do u own yr own home - take a mortgage out on it |
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?
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bankruptcy ? |
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Steve R
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It's time to do a spending plan. Write down all your expenses in a book for one month to see where your money goes. You'll find out where you can cut back. |
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Joe Cool
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Impressive. Thank you for the inspiration.
Try debt considation. Try Habitat for Humanity for housing. Try church clothing banks/food banks to help w/ that. Try giving at least $1 away each week. We are never so rich as when we give. |
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Dorothy and Toto
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Just don't pay them. They can't throw you in jail. And send the bills back marked not at this address. And when they call you, tell them not to call you any more. If you don't have any assets they can steal, they will probably just write it off and after a few months you'll never hear from them again. |
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arhogs23
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I know how you feel. I did stumble upon an opportunity today. It is not anything huge but could be. It is a new company that is going to launch an online browser. Their is NO COST at all to you but you will need to refer people to it to help it grow. The more it grows the more you will make$$. Just log into the site which is
http://www.agloco.com/r/BBBL5769 The site will have much more info. hope you will join me. Hopefully it will be a hit and I will make some extra income. Remember that there is NO COST EVER!!!!!! |
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