Financial advisors, please help...?
Question:
Please help.
Answer:
First, contact each of your creditors. Let them know you are having difficulty and find out if you can make arrangements with them rather than having accounts sent to collections. It may be possible to have interest rates or minimum payments lowered for a certain amount of time to help you.
Second, track all of your household expenses. Find out where you can trim some of your spending. Eating out several times a week? You can save money by cooking your meals at home and "brown-bagging" it to work. Do you have an expensive cable or satellite package that you could eliminate or reduce? Do you have any unnecessary coverages on your car or home owner's insurance that are costing you extra monthly? Expensive cell phone plans that could be reduced? These are just a few of things to consider, but by tracking every dollar you spend including the cash you spend, you would be surprised how much unnecessary spending occurs in a month.
If you can qualify for a debt consolidation loan, that might be a good option. But make sure you go through a reputable lender and closely scrutinize the terms of any loan you get approved for. Beware of credit consulting companies that charge you a fee to lower your payments or offer to negotiate with your creditors on your behalf. While there are reputable credit consulting companies out there, there are also many scam artists who will take advantage of you.
Finally, it may be necessary to increase your income. Could you get a raise from your current employer? If not, you may need to get a second job for a while to help you get caught up.
Some websites that would probably be helpful to you:
The Debt Adviser on Bankrate.com. Literally hundreds of articles including letters from real people (many in your exact situation) and a professional debt adviser's responses and advice.
http://www.bankrate.com/brm/archive_debt...
Association of Independent Consumer Credit Counseling Agencies. Use this website to research any credit counseling/repair agencies you are considering if you decide to go with that option.
http://aiccca.com/
Best of luck!
You need to get a consolidated loan their are companies that will do that depending on your credit that way you have one payment that can be stretched out until you get back on your feet. Do you own a home if you have equit you can get a loan based on that? Do you have any assets like car that you can sell of to pay the cards? Any monthly expenses that can be cut or cancelled like cable or something like that?
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If you can't consolidate...I would pay the minimum on the highest credit cards and put whatever extra money you have on the lower credit card. Once the lowest card is paid off, apply what you were paying on that card a month, along with the minimum you were paying on the next lowest credit card and slowly pay it off. Example...card 1 you owe 5,000, card 2 you owe 2,500, card 3 you owe 1,000. Let's say the minimum on card 1 is 50, card 2 is 25 and card 3 is 10. Every month pay 50 for card 1, 25 for card 2 and 50 for card 3. Once card 3 is paid off...pay 75 on card 2. When card 2 is paid off...pay 125 on card 1. Kind of confusing, but I did it that way, and now I am debt free.
Read The Total Money Makeover by Dave Ramsey
First- make sure you pay necessities first, food, utilities & rent or mortgage. Then pay what you can on the rest but you need a budget and FAST. Ramsey's book will help you with that and help you on how to talk to lenders when you are past due and how to talk to collection calls.
very simple. stop buying things
(1) First try to get a consolidation loan so you could just make 1 payment each month.
(2) Increase your federal tax to 10% if possible. This way you'll get a larger refund next year.
(3) If you smoke or drink, that must be stopped immediately.
(4) End of story
Hi,
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