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A friend sugested this site, they said this community of people are will to help me achieve debt succes to here iam,what im doing isnt currenlty working, i need a plan to make all of this debt go away, so any input you may have i would be thankful for.
Monthly Income 2400
Savings -10%
Total 2160
Credit/Debit
Company MMP Balance
Fingerhut 26.00 380.97
Captital one 54.00 1366.54
Capital one 32.00 825.41
HSBC 22.00 1096.21
Dell 90.00 3120.37
Walmart 21.00 326.87
Kohols 22.00 583.03
Medical 14.00 268.00
HSN 27.00 671.00
Car 478.00 8860.00
First Premire 40.00 650.00
Total 826.00 18145.00
Living expens
Water 48.00
Electric/gas 128.00
Rent 775.00
Direct TV 77.00
ADT 40.00
Gym 10.00
Total 1078.00
I can definitely understand how your current situation may be stressful with your finances. Your current monthly payments are $1924, leaving only $236 remaining for gas, groceries, misc expenses so that's a tough spot to be in. The first thing I notice with your payments is your car payment. It seems awfully high for your income level - do you have options to reduce that payment? Is the current interest rate high and perhaps you could refinance it reducing your monthly payment? You may even consider selling the vehicle to get into something a little more affordable. If it were me, something else I would consider is dipping into some of my savings to pay off some your debts to eliminate a few of the montly payments. Do you have enough in savings that this would be an option?
I dont have any savings, this my first time really wanting to attack my credit/debit for a better future , i just would like to thank everyone for the vaulable input
@CredithelpPlease wrote:I dont have any savings, this my first time really wanting to attack my credit/debit for a better future , i just would like to thank everyone for the vaulable input
You mentioned -10% savings. That's why.
@Also, I'm doing the same thing @Laugh mentioned, Paying off smaller debts.
Create a list starting from highest debt to lowest then on all the big debts, Make minimum payment where the smaller debt send a huge chunk, When you're done with that small debt, Keep doing the same thing except take the minimum debt payment for that current debt and send what you were sending on the last smller debt, Until you're done paying everything off.
@CredithelpPlease wrote:A friend sugested this site, they said this community of people are will to help me achieve debt succes to here iam,what im doing isnt currenlty working, i need a plan to make all of this debt go away, so any input you may have i would be thankful for.
Monthly Income 2400
Savings -10%
Total 2160
Credit/Debit
Company MMP Balance
Fingerhut 26.00 380.97
Captital one 54.00 1366.54
Capital one 32.00 825.41
HSBC 22.00 1096.21
Dell 90.00 3120.37
Walmart 21.00 326.87
Kohols 22.00 583.03
Medical 14.00 268.00
HSN 27.00 671.00
Car 478.00 8860.00
First Premire 40.00 650.00
Total 826.00 18145.00
Living expens
Water 48.00
Electric/gas 128.00
Rent 775.00
Direct TV 77.00
ADT 40.00
Gym 10.00
Total 1078.00
Get rid of the Direct TV, ADT, and Gym memberships. These are unnecessary items at the moment and the money going towards these things can be used to tackle your debt. That's an extra 127 dollars you could be putting toward one of your smaller bills every month. At this point in the game, you can't afford to save that 10% either. Start using that to get rid of your debt.
Alot of people are going to say tackle your high interest debt first which financially speaking makes the most sense! However, you seem to be drowning in debt! I would suggest paying off the small balances, the $600s or less so you will have less monthly payments to be concerned about. Also consider a debt consolidation loan from Lending Club. An installment loan will help your UTL and you'll only have ONE payment to be concerned about. Stop using your credit cards and try not to fall behind. Good luck in your credit journey!
Locking thread, due to similar thread found here.
Hi CredithelpPlease,
Please refrain from making duplicate threads,it only confuses everyone.
Thank You, Lightnin ~ myFICO Moderator