No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Hello,
I am new here and so happy to find this site Great Info.
My question is
We had a BK7 discharged in 01/06
then to restablish credit we thought we could keep the credit cards under control..
Bad thought!!
Well here it is
Juniper 1300.00 Owe Left account open @ 7.8 % rate fixed
HSBC 1500.00 Owe left account open @ 8.9% variable rate
CPM Credit Union Owe 2500.00 owe opened @ 16% rate
Lowes project card Owe 3600.00 @ 16.99 % Closed account
Best buy credit card Owe 635.00 @ N/A Closed Account
JCPENNY Owe 1200.00 closed account
Target Owe 120.00 Closed account
WAMU Owe 2,218.00 Closed account
creditcare 800.00 open account
$13,700 approx in credit cards I had to close them my husband was out of work and we kept using them thinking we will get ahead later not knowing we were in a recession.. My husband is in the automotive business manufacturing and not really sure what holds the future .. Our mortgage is in the process of a modification approval not sure yet if approved... Currently at 90% LTV .. owe 124,000
Is there a way to get a loan to pay of these credit cards like maybe a simple interest loan?
We pay 400.00 monthy in just minnimums ... Not sure what else we can do if that is not possible .. Thought
about calling to lower rates but tried that already they say not available currently most likely cause they are closed??
My credit score fico is 675 and my husband is 590 we have one late on his report cpm union credit card but we pay minnimums only due to only able to afford minnimums
Any help out there For my situation ?? Our income is approx 35,000 a year
Any thoughts will help and appreciated I am trying to get it all together here but I do not see a light at the end and I am very disappointed in ourselfs that we got into credit card debt again.. My husband hurt himself and was only disability from jan 08 to Oct 08so credit cards were the only thing that was coming in the mail ..
We have two car loans with CPM federal credit union oweing about 10,000
Which does not help at all..
I would go talk to that credit union that keeps giving you loans about a consolidation loan, and you can tell them almost all the credit cards are already closed so you won't charge them back up. Any equity in the cars to use as collateral?
The credit union that gave us the loans for the two cars unfortunatly no equity in cars they are a 95 volvo and 02 honda passport high milege..The credit card they gave us does not have enough on it to put it all together and they said for a personal loan on credit cards our scores would have to be higher a lot higher..
With no colleraterol..
Is there any company or program for credit card debt that does not hurt your credit any more than it is???
Assuming it's $35k/year after taxes, by my math that gives you about $2900/month to work with.
Given the minimums on your cards, that's $2500.
What are your monthly car and mortgage payments looking like?
(And if it's $35k/year before taxes, any idea what your average monthly take-home pay is?)
I make 12 hr @ 24,960.00 yr and my husband 15 hr @ 31,200.00 so I guess 56,160.00
before taxes.. We claim one dependant.
This year I came up with that figure on a guess since
it will be less because he was on disability from Jan 08 to Oct 08
making only 60% pay.. long term disabilty.. ..
My mortgage is 987.00 without taxes ins
Taxes 1200 year
insurance 600 year
Homeowners dues 300 yearly
car payments 450 monthly
we pay a loan to a family member oweing 3500.00 paying 110 monthly
Thanks for your help
Okay, so totalling all the monthly expenses you've listed, I get $2135/month:
* Credit Cards: $400.00/month
* Taxes: $100.00/month
* Insurance: $50.00/month
* Homeowners': $25.00/month
* Cars: $450.00/month
* Mortgage: $1000.00/month
* Family Loan: $110.00/month
* Total Expenses: $2135.00/month
* Total Income: $2900.00/month
* Net: $765.00/month
(It sounds like you may bring home more than $35k/year after taxes, but playing conservatively and sticking to the $2900/month, at that point you're looking at $765/month remaining for other expenses.)
From that, you need to pull a fixed weekly amount for groceries (so for some months you'd be paying 4x that, and some months, 5x that), any remaining monthly bills (electric bill?), and budget yourself a modest monthly entertainment fund (dinners out, movies and so forth - maybe $30/week or so).
So basically, you will end up with a budget for every month that will detail your cash flow in, vs. all of your expenses out. You will know exactly how much you have to spend every month. You will also have a much better idea of what (if anything) you can afford to trim down to help yourself out.
You can put everything remaining towards extra payments on your debts. Pay the minimum down on every obligation save the one you're putting the extra toward that month.
Once you get the first one down, you can roll that freed-up payment into the next one, and so on.
I'd recommend starting with the smallest amount first (in your case, Target) and working up from there (Best Buy) - this will cost you more in interest in the long run, but it sounds like you could use some victories early on to help boost your morale.
Also, bear in mind that these numbers are based on a conservative estimate of $35k takehome per year - if it turns out you're actually netting more than that, put any extra into the obligation you currently have targetted for paydown, and you will knock it out that much faster. Just be sure to stick to your budget.
If these numbers are at all accurate this is definitely very doable for you guys. You can do this for sure.
Wow Code Monkey I appreciate your quick response.. Sorry I edited the thread so it would not be so long ..
That figure was this year with my husband on disability but this year of coarse hopefully will be better as long as they dont close down.. They layed off so many already.. He works in manufacturing automotive industry..
So this year hoping on 56,000 year ..
we spend approx 200 weekly food / misc and 75.00 weekly gas both cars tolls..
We stopped going out to eat .. Better for our health
and my car insurance 150 month
electric 140 monthly
gas bill winter time only 150.00 monthly
water 150 three months billing
cell phone no home phone 120 monthly
cable internet 130 monthly daughter homeschooled on internet..
Thanks so much
Not a problem, glad to try to help. Plus it's kind of a slow day here, so I'm a little bored.
Anyway, here are what the revised numbers look like from your newest post:
* Credit Cards: $400.00/month
* Taxes: $100.00/month
* Insurance: $50.00/month
* Homeowners': $25.00/month
* Cars: $450.00/month
* Mortgage: $1000.00/month
* Family Loan: $110.00/month
* Food & Misc.: $200.00/week ($800.00/month for Dec.)
* Gas: $75.00/week ($300.00/month for Dec.)
* Car Insurance: $150.00/month
* Total Expenses (for Dec.): $3385.00/month
* Total Income: $2900.00/month
* Net (for Dec.): ($485.00)/month
Now, December is a 4-week month (this is kind of personal preference - I count the numbers of Fridays in a month to determine how many weeks it has and what my expenses will be, for my budget). In a 5-week month, your grocery/misc bill would be $1000.00, and your gas bill would be $375.00.
As you can see, the "net" column is in the negative, which is at first glance a problem. Remember, though, this was based on takehome of $35k/year. Now, if we can bump that up $8k/year to $43,000 takehome (which is probably more in line with $56,000/year after taxes), this is what it will look like instead:
* Total Expenses (for Dec.): $3385.00/month
* Total Income: $3585.00/month
* Net (for Dec.): $200/month
That leaves you with $200/month extra, that you can roll into additional payments on your credit cards.
The important thing to remember is that these numbers are not set in stone - you can adjust them as you need to. There are certain expenses you can control (groceries, gas, etc). On the income side, you can also control that (to a certain extent - try to work more hours, extra part-time jobs, and so on).
The best part is, once you get a workable plan in place you can pay all your expenses while making really meaningful progress on paying down your debts - so you don't have to sacrifice one or the other.
So pretty much just work the numbers around until you find something you're comfortable with. I still feel very strongly that you guys are in a workable situation though, looking at these numbers. I think if you sit down together and work up a budget and stay at it you'll be paying off those nasty credit cards in no time.