Help me Win my War Against Debt!

[Anonymous]

Good morning everyone,

I'm a single 31 y.o. male & I've reached my boiling point with my debt. I have a daughter and my motivation is to not only pass on money to her, but also a business that she can be proud of. I'm prepared to cut my lifestyle in order to do this, but the idea intimidates me.

I make about $932 after taxes on bi-weekly pay and I also have a disability check from the V.A for 1551.25. I know I have to appropriate this money correctly. I've learned that experience and life lessons from others can help the process move quicker so I was wondering if I could get tips on 1. What debt should I focus first? 2. How much to cut expenses and where. 3. What should I invest in NOW to help get the ball rolling for my daughter's future? 4. How do I raise my awful credit score...if it can be done?

A link to my credit report: http://imgur.com/a/JtlNa

I have no choice. At this point in my life. I'm willing to go extreme to whipe this crap out of my life! I appreaciate all responses! Have a good day folks.

[Appleman]

Welcome to myFICO. It looks as though you are a Veteran (assuming such as the VA disability), thanks for your service.

I would strongly urge you to remove the link with your actual credit report. I know it looks fairly sanitized but some unscrupulous person might be able to put enough together to cause you identity problems. Post the general information from your report in a post.

Current scores.

AAOAs (average age of accounts)

Baddies (lates, collections, cahrge offs).

Utilization percentages (owed/credit line)

You have listed your income.

I always recommend that you begin to budget your money. This helps you not create new debt and begin to plan for the eventual challenges we all face. I am a YNAB.com fan, there however are many options.

Next step is pay on time (early if able to give yourself a bit of a cushion).

Work on utilization of credit cards. If any cards are above 90% utilization work on those first.

Head over to the re-building thread here, lots of supportive people who have similar goals and experiences.

Again, thanks for your service and good luck!

[Anonymous]

I will remove that link and thank you for the advice!

[RobertEG]

I primary question would be whether any of your current debt is now delinquent, and if so, to what extent?

[wa3more]

pay yourself first

If you don't have the cash, don't buy it.

keep 2 or 3 months of expenses in a liquid savings if you can. Read up on basic investing, Index funds at a discount broker might be good for your excess cash over the 2 months savings.

Good luck. Your credit score will take care of itself. The others have posted good advice. We have all been there.

[Anonymous]

Yes, My student loans are late by two payments. I'm just afraid to take it all on, but i'm mad enough to do it.

[RobertEG]

Go to the student loans forum and research how to defer or rehab student loans.

There are procedures in place to assist consumers who get behind.

Dont just let them remain in default, particularly if U.S. government insured or guaranteed.