 How much money saved as a back up to survive, you know so you dont become poor? |
im thinking around 10,000 pounds at least
Additional Details
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 If you had $35,000 in credit card debt and got a check for $20.000, would you do with the money? |
yes, i am in that situation. Is it best to put 20K in cash straight towards paying down credit card debt?
Additional Details
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JB | Ok I need some financial advice . My husband and I? |
have been trying to pay off our credit card debt for 3 years now and we are barely making a dent. I have went through and cancelled all our extra things like trash service ect. and bargained with people on other things that we are in contract on. I am going to list our bills so that you can tell me if I am just missing something and if there is anything that I could do to lower our bills so we can pay off our credit cards. thanks
car payments 350
insurance on cars 160
house 700
gro 260
gas 140
credit cards 500 in minimum payments
satellite 30
internet 35
cell phone 85 |
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TXChristDem
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If you are only paying minimums on your credit cards, they will never get paid off. You have to find a way to free up some more cash for payments, then start with the lowest balance card and work towards paying it off. Then tackle the next lowest balance card, and so on.
Since the house is set at $700, and you have to assume that groceries and gas will go up in the near term, you need to look at the other negotiables. Could you sell a car that has a payment for an older car without a monthly payment? Can you increase your deductibles on your car insurance or lower your coverage levels? Satellite tv is a luxury that you can get rid of until you pay off your debt. Internet service can be had for less, also. It may be slow, but it will be cheap. Try getting prepaid cell phones if you are not locked into a contract.
Use these tips and you can probably clear another $500 for your bills. Plan some great reward for both of you when the last bill is paid. Make it something you can both work towards together. |
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smiling_freds_biz_info
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You need to increase the income side of your equation.
Don't fret - it can be done.
Good luck. |
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acermill
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Car payments - You're stuck
Insurance on cars -maybe a higher deductible to lower premiums ?
House - you're stuck
Groceries - you can get creative there. Eat less expensive foods, more legumes, less meat. Shop the sales. Use coupons.
Credit cards - you're stuck
Do you REALLY need the satellite ?
Cell phone- see if you can convert your plan to something less expensive, perhaps by the minute of usage, and then use the darned thing only when needed.
Also, sit down and develop a budget process. Examine where every dollar goes and ask yourself if you can do without some of those items you did not mention.
Good luck! |
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Big R
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500 a month is huge. Have you considered bankruptcy? It's not a real pleasant thought but it may be the best option for you. |
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Terry
 |
Sell the car, and take public transport. A car is NOT a necessity.
You do not NEED a satellite system - just get an antenna and make do with local stations.
You do not NEED the Internet - you can go to the library and use their system for free.
You do not NEED a cell phone. There are still pay phones around for an emergency; get a landline for home use.
Doing this you'll save
car 350
insurance 160
Satellite 30
Internet 35
Cell phone 85
You'll spend maybe $100 a month on public transport, and maybe $20 on a home phoneline.
Your total savings a month which can all go to paying down your debt : $540.
DO NOT say anything on this list is 'impossible'. That's the thinking that got you into this mess. Yes, it will be hard to give these things up. Yes, you'll hate being without some of them. Tough. You have to make sacrifices to get back on track. Once you have paid off all your credit card debt, you can start planning a budget to include some of these luxury items again. |
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Julie
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Have you asked for some quotes on your car insurance?
Are you buying or renting?
The cell phone rate can probably be decreased, or purchase a calling card.
Without knowing what you are short, can either of you get a part-time temporary job to help get there quicker without anymore reductions?
And what you have listed, what about utilities? Eating out, etc.
Write a summary of what is being spect, you will probably find more things to cut back by reviewing that information.
Good Luck. |
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Chrise C
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consolidate your loan
http://e-loan-debt-consolidation.info |
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Doug M
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There's only way to lose weight -- some combination of eating less and exercising more. Similarly, there's only one way to cut debt -- some combination of earning more and spending less.
Something in your life led you to having this much debt. Before you pay it off, that something has to change. Whatever you earn, there's a way to live on 10% less -- you have neighbors who do exactly that. You're paying about $5500 in CC interest, which means you have about $50k in debt, right? Making the minimum payments, it'll cost you about $180k over 30 years to pay off that debt. You will have it hang over you for 30 years. You just can't do it that way.
Far better to squeeze out another $100 per month -- either through a little extra income or savings in your expenses. You'd pay off the debt in less than half the time and cost. Another $100 per month and you can finish in 10 years, for a third of the cost. You need to find a way to tighten your budget, expand your income, and flatten the debt. Then, keep doing it -- just put the extra money towards your home, or your 401k accounts, or both. Pay yourself, instead the credit card companies.
You have a mountain to climb. How to free up an extra couple hundred per month? Never buy a new car again. They're an enormous waste of money -- the sweet spot for value and reliability is 3 years old, 30-40k miles. They cost half as much and will last 80% as long as a brand new car. Plus, you don't need to pay as much insurance! But selling your cars now doesn't make much sense, unfortunately; you're kind of saddled with those payments for a while, too.
Ditch the cell phones. We didn't need them in 1998, we don't need them now.
I'm not sure what "gro" is, but I'm guessing it's food. :-)
If you advance in your careers, do everything in your power to not spend the money. Live the same life as you were and plow the money into reducing that debt.
Good luck, it's going to be a long haul.
Doug |
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fawkesphoenix
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I agree that you need to increase your income. I know that picking up a weekend job is a big time commitment, but if you made just an extra $50 a week, that would be an extra $200 a month that you could put towards that credit card bill, and you will never get anywhere making the minimum payment. I know it would be a hassle, but wouldn't it be worth it if you didn't have to worry about it ever again? |
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Mustbe
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How many cards do you have?
What I would do is keep one...
call and ask them to settle on the other ones |
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Rosie
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OK. First, your bills do not indicate an extravagance in any area and you are to be commended for wanting to find a way to pay off the credit cards. Here are a few suggestions.
Step 1- Get rid of the cards and don't open any more accounts. This requires some sacrifice but necessary if you are serious about paying them off. If you are not the type to be tempted by the open account, just destroy the cards and keep the accounts open unless you have more than 2. It may help your credit score to have some accounts providing your payments are always current. By using only cash you can be sure you are living within your means.
Step 2- If you are both working you should be able to handle the bills and still pay extra on credit cards. If only one of you is working, it's time for the other to find a job even if temporary. Meanwhile, if one of you is not working you should be able to get rid of one cell phone. There are less expensive plans that could cut your bill significantly for one phone.
Step 3- If you are both working and still struggeling, look for more lucrative employment. If you are unskilled, look for in-expensive classes in your community to acquire better skills. Don't quit your present job until you have another and only one of you should change at a time in case the new position does not work out.
Step 4- Call the credit card companies and see if you can re-negotiate the interest rate. Explain your circumstances and ask for their help to put yourself in a more stable financial position. This will allow you to reduce the principle more with the same payment you are making now. If you are not successful, look for a free credit counseling service to help you communicate with the creditors.
Step 5- Your internet cost is not much but unless you live in a remote area, you should be able to cut that in half (approximately) by shopping for another provider at a lower cost, even with high speed service.
Step 6- If all else fails you may have to face some hard facts. It may be necessary to move in with family or share with friends to help with the housing cost for a while. I assume you have no savings for emergencies and no medical insurance. That puts you in a shaky position.
Good luck |
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TD T
 |
i guess that depends on how bad you want to get out of debt. you could get rid of the car, since it just depreciates anyway, buy a junky car or non at all ( that is sometimes difficult depending on where you live).. otherwise a how equity loan would reduce your cost since it would be a lower interest rate then the credit cards. or you need to find another source of income.. |
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rflatshoe
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Here is simplified version of my own budget breakdown. I go crazy with pie charts and projections.
Utilities
Heating bill
Garbage disposal bill
Water and sewer bill
Internet
Land line
TV
Electricity
Gas
Food/grocery
Cell phone
Housing Expense
Rent/Mortgage
Property Tax
Insurance
Health/Medical
gym
medical/dental co-pay
prescription
Car Expense
gas
insurance
car payments
Misc Expense
clothing
others - mailing, gifts, etc
pocket money/allowance
hobbies
Loans
student loans
credit cards
-------------------
I have been cutting a lot expenses since last year to prepare for purchasing my first home. I cut off all unecessary subcription/entertainment expense last year (Sirius satellite radio and cable). I also switched to pre-paid cell phone service, I was still able to keep my #.
I grew up only using credit cards for REAL emergencies (i.e. medical emer, unexpected car repair, house blew up I need to stay at a hotel, etc). |
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Peter P
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I might be able to help.
My group of investors offer both secured and unsecured loans for personal and business loans. We utilize both traditional banking firms and private funds.
Not sure what your credit rating is. Although we do work with different credit levels, credit is a factor. Sometimes we can even help you improve your credit.
Contact me if you want to connect.
skip724@gmail.com |
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