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Debt Discussions about debt and how to deal with debt.

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Old 07-11-2015, 10:15 PM
TightSituation TightSituation is offline
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Join Date: Jul 2015
Posts: 1
Default Needing Help

Here is my current situation. I have a total of 10 debts ranging from $500-$27,000, one is a car loan, 2 student loans and 7 credit card/personal loans. Ill admit some of these debts were stupid decisions made that were not thought about. Now my family is in a bind, with one losing a job and recently finding out about a new addition to our family.
We are living paycheck to paycheck struggling to pay bills and afford groceries. I have looked into trying to get a debt consolidation loan but our credit is poor and I will not be approved for a loan and the loans out there that are "designed" for people with poor credit will give me a lower overall APR but the payments will be higher than my current payments.
This is where I need advice, how can I get my family out of such a bind to where we have a little extra to add to one debt at a time. I have looked over the debt snowball approach, but I cant get far enough to even start the savings account or add additional funds to a single debt.
Really any advice will help.
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Old 04-02-2016, 12:19 PM
Here2help Here2help is offline
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Join Date: Feb 2016
Posts: 21
Default Re: Needing Help

I'm new to the site. First off congratulation on the new addition! I hope that this advice still helps.

I think that you stated it well that you don't have enough income to get you where you need to be to pay off your debt.

The next is to make sure that you have a budget. Yeah I know... no body likes that word. But trust me it will give you the freedom you're looking for. A Budget is just an outline of what you want to do with your income. It tells you were you spend your money for you to decide if that is truly where you want your money to go.

Once you have that, you can decide what is important right now. Always make sure that you have cover your basic needs: Food, clothes, shelter, and transportation to work. These don't need to be big and fancy. The lower you can keep these cost the quicker and further ahead you'll become.

Now that you budget is done, you need to save $1000 for any emergencies that come up. This will help keep you from getting into more debt.

From there is where you'll come up with your debt repayment plan. You can google different ones. I've used Dave Ramsey's with success. Otherwise here is another source:

www . reddit . com/r/personalfinance/wiki/debt

This is a good start. If need more help please reach out to me (here or here's my personal email tesla440@yahoo)
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Old 04-13-2016, 11:40 PM
micvanlen micvanlen is offline
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Join Date: Apr 2016
Posts: 16
Default Re: Needing Help

Declare personal bankruptcy and start over my friend. Sometimes a hole is just too deep to trying and climb out of.
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