I am a single mom and have over 40k in credit card debt, unbelieveable but true. 2 years ago I was debt free with a credit score of over 700, then I went to graduate school, that was my debt downfall, although an academic and career uprise. I am trying to get out of debt within the next 2 years. I keep my personal expenses relatively low, but my debt payments eat all my money, the minimum payments are about 00 a month! None of the credit card bills are delinquent but I only make minimum payments. I took a new job making a more $ so I could pay more than just the minimum to at least 2 cards a month, but I also have a baby on the way. I own a house, which I always pay late because my tenant pays late. Also the repairs to the house keep me drowning in debt. I have the opportunity to move in with my boyfriend rent free, but am skeptical because we aren’t married nor engaged and I don’t want to end up a girlfriend forever even though his offer will help me financially. THOUGHTS???
(FYI) It wasn’t grad school tuition that I charged to my credit cards, I took student loans for that, but I went to an Ivy League school that gave us many opportunities to travel as a group primarily at our own expense and I took those opportunities, which I charged to my cards!
Additionally I rarely eat out and brown bag breakfast and lunch to work everyday! there are no more costs for me to cut, unfortunately which is why I am looking for additional alternatives
Is that the catch to filing bankruptcy? the bills have to be delinquent at least 90 days? do you know how much money I can save in 90 days!!!
; ) Thank you for that advice, I called a bankruptcy lawyer and am waiting to see if I qualify.
Related posts:
- How much does this affect my credit score? So If I have had four credit cards for about...
- What can my mother do to get credit card debt relief? My mother is 76 years old. She lives on a...
- Should I take out a loan to reduce credit card debt? I have about 10K in credit card debt. I have...
Sun, Apr 11, 2010
April 11th, 2010 at 4:01 am
I just posted a technique on how to get out of debt on my blog. There are absolutely no adds.
April 11th, 2010 at 4:01 am
Let me play monday morning quarterback here for a minute. Why would you possibly have put grad school on your credit cards when there are SO many student loan programs out there. Interest rates on student loans are SO cheap while credit cards are so expensive. OK, so hindsight is always 20/20. Pay the minimum payment on ALL of your cards excpet for the one with the highest interst rate and highest balance. Put ALL excess funds towards that one card each month. If you want to live with your boyfreidn (who I’m assuming is the father of the child…do so. I think it would be good for the baby. Then, take half of whatever you are paying in rent right now, and SAVE it. This way, if the two of you do decide to split, you will have some money saved so that you don’t feel trapped. I am NEVER one to recommend liquidating retirment accounts, but in this situation, I’m guessing the interest rates on your credit credits will probably equal the penalties and taxes form cashing out an IRA/401K. This is the worst possible solution…but it may be the only one…if you can do it.
April 11th, 2010 at 4:01 am
Be very aggressive about cutting your costs on everything. I mean eat out no more than once a week, brown bag a lunch, cut out all the extras.
If the guy wants to be a sucker and pay your bills let him. Pay all of your extra money on the card with the highest rate.
If your tenants are on a month to month then raise their rent a small amount like 5% and tell them I was going to raise your rent 10% but as long as you pay by x date (put this in writing) I will discount your rent 5%. This means you get an extra 5% if they pay on time and 10% if they are late.
April 11th, 2010 at 4:01 am
I’m not an expert on debt control, unfortunately. The only thing I can say is that it’s really not a good idea to move in with your boyfriend for financial reasons. I’ve known people who have done that, and it kind of sucks because if you two start fighting or break up, you don’t have anywhere to go. Yeah, not a good idea.
April 11th, 2010 at 4:01 am
do not pay credit cards for 90 days save that money,see a lawyer file chapter7,after completeing the chapter 7 get 2 secured credit cards,use them and ask the bank to report their use to the credit buera,within 3 years your credit should be good again.
April 11th, 2010 at 4:01 am
That’s nothing people have gotten out of worse with Forex trading. What you do is save as much as possible (cut out EVERYTING YOU DON’T NEED, fast food, extra TV channels, etc.) then you invest it in Forex trading using a trading system (you need at least $500-$1000).
What you do (and what I did) is make sure the trading system has a 60 day money back guarantee first; then make sure you can use a demo account. A demo account let’s you play the trading game with "play money" so you can see if you can profit from the trading system without investing your real cash.
Use the demo account for 59 days and if you see you can make profit you keep the system and invest your real cash. If there’s no profit to be made you get a refund and try another system; there’s literally no risk when buying one.
If you’re interested I found reviews of the top 3 Forex trading systems: http://forex-tracer.the-perfect-solution.com/
Best of luck.
April 11th, 2010 at 4:01 am
Hi,
I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It’s legitimate. Icame across this company on NBC News Special Edition.Check it out here:
http://twurl.nl/cpprpl