My husband and I want to sell our house, but have made the really difficult decision not to at this time, since our debt seems to be really high. We%26#039;ve got about five student loans, two mortgages, two car loans, four credit cards and then all the rest of the house stuff - utilities, insurance, etc. What suggestions do you have for paying off these debts so that we can pay more off on our mortgage and start actually getting ahead of the debt? We%26#039;re already trying to pay off the smallest debts first, and once paid off, paying that amount towards the next smallest, but this doesn%26#039;t seem to be going fast enough.
What is the right way of fixing your credit/paying off your debt, without outside assistance?
Well paying off things is a great idea, but instead of paying off the smallest debts first you need a better plan. Most financial advisers say to find your accounts with the highest level of interest and pay as much as possible every month on those. Keep up your minimum payments on all other accounts but focus on paying them in order of interest. This will save money in the long run by not paying as much in interest. Also if you are able to make one extra mortgage payment a year, such as tax time or maybe a bonus, it can shorten the life of your mortgage by almost 5 years in the long run. Hope these little tips help.
What is the right way of fixing your credit/paying off your debt, without outside assistance?
call those places and just tell them you are having a financial hardship, be nice and they might lower the payments or even forgive some of it.
What is the right way of fixing your credit/paying off your debt, without outside assistance?
Why do you have two Morgages? Sell one of the houses, and use the money to pay your debts.
What is the right way of fixing your credit/paying off your debt, without outside assistance?
Keep up the minimum payments on all, then put any available amount toward the highest interest rate items. With that much debt, you may need to look at getting second jobs for a while.
What is the right way of fixing your credit/paying off your debt, without outside assistance?
call them and set a payment budget. u should set how much $ u can set apart to pay those bills and let them know payment is on the way
What is the right way of fixing your credit/paying off your debt, without outside assistance?
Sell the cars, drive beaters for a while. Attack the smallest debts with those former car payments. Cut up the credit cards and change spending habits. Cook at home etc. They will all start to go away. Just takes time and conviction. Good luck..
What is the right way of fixing your credit/paying off your debt, without outside assistance?
It is a lot easier to get into debt, than to get out. It sounds like you are on the right track, the train just doesn%26#039;t move fast enough! Do not call creditors unless you are in REAL trouble. This can effect your credit scores negatively. What you may be able to do is call and ask them to reduce your interest rates, sometimes this will work. The other thing to do is watch the mail for 0% offers. But be careful of these, read the fine print, be aware of how long the offer lasts, what the interest rate is when the offer ends, be aware that any outstanding or purchase balances won%26#039;t be paid off until the zero percent amounts are paid off, and if you use a new account to pay off an existing account, don%26#039;t close the existing, just cut up the cards. Credit scores are funny things, if you have too much credit but low balances it can hurt you, but too much credit with moderate balances can help. Don%26#039;t close accounts that you have had for awhile, the amount of time you have had the account is valuable to your score. After you begin to make changes I would suggest you go to %26quot;myfico.com%26quot; and sign up for a fee based service that monitors your credit score. It will notify you if anything happens to effect your score. Good luck, and don%26#039;t be afraid to take your time.
What is the right way of fixing your credit/paying off your debt, without outside assistance?
Go back to the basic%26#039;s. If you have cell phones and a home phone get rid of one or the other. Sell one of the cars and either share a ride with each other or take turns car- pooling. and since you are on the internet give that up too.
internet cost min= $23.00
cell or home phone= 50.00
car payment aprox = $300.00
extra ins on car = 30.00 month
This is just an example if you put a little thought in some of your extras can save you hundred%26#039;s a month. Hell cable t.v is at least $50.00 a month. Just do a little cutting back and it will pay off very soon. Good luck
P.S. rates`are great right now maybe a re-finance on you home could be the answer.
What is the right way of fixing your credit/paying off your debt, without outside assistance?
Well, a couple of things you might want to consider.I%26#039;ve had good luck here...http://debt-consolidation.featured-resou...
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