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Question Ladies
I have never posted here before but I read the board every day. DH and I are getting serious about paying down our debt. We have cut up all credit cards and we pay them monthly and have never missed a payment on any of them but we aren't seeing any major improvement because we also have to save for daycare expenses. All cards and student loans combined equal 950 dollars a month in expenses. We also pay 600 a month in daycare. We are barely getting by with the 950 a month. We have thought about trying to get a loan to pay off some of the credit card debt so that we would just have one lower payment directly to a bank instead of the high interest credit cards. It's not the most ideal situation but I feel like that is the only way I can stop stressing about this daily. What do you all think? Because of the daycare expenses we really aren't able to put a whole lot of extra on card payments
Re: Question Ladies
I would be careful about getting a loan, because interest rates on personal loans are generally high, so it may not save you anything except for being easier to track. (You don't mention the interest rates and balances on the cards, so I can't tell you
You could post your budget here and have us take a look at it. There are usually areas that can be tweaked.
Have you thought about taking on 2nd jobs to pay off the CC debt? The more you make, the more you can pay, and the quicker you are out of
TTC since 1/13 DX:PCOS 5/13 (long, anovulatory cycles)
Clomid 50mg 9/13 = BFP! EDD 6/7/14 M/C 5w6d Found 11/4/13
1/14 PCOS / Gluten Free Diet to hopefully regulate my system.
Chemical Pregnancy 03/14
Surprise BFP 6/14, Beta #1: 126 Beta #2: 340 Stick baby, stick! EDD 2/17/15
Riley Elaine born 2/16/15
TTC 2.0 6/15
Chemical Pregnancy 9/15
Chemical Pregnancy 6/16
BFP 9/16 EDD 6/3/17
Beta #1: 145 Beta #2: 376 Beta #3: 2,225 Beta #4: 4,548
www.5yearstonever.blogspot.com
Did you choose the bank you currently bank with or another one? Just trying to figure out what the best option is. We have some really good local banks here but don't have any big national banks like BofA or Chase.
It is definately overwhelming.
I will work on posting our budget.
Second job isn't possible. My husband works retail so his shifts are always different every day of every week. Since he is in management he works 7 days a week. I work an 8 to 5 job and then I tak
If you could include all your CCs, their balances, interest rates...that would be helpful.
Do you own your vehicles or do you have loans on them? If loans, what are the balances, rates, and time remaining, what years are they?
Do you h
Budget
Total Monthly Take Home after taxes-$3,000
Mortgage-573
Power-85
Gas 35
Water/Trash 50
Security System 61
ATT(2 cells and internet)170-Locked in contracts until may 2014
Directv-78
Allstate-5
With interest rates that high, I can see why you aren't making much progress. If you qualify for a HELOC, that would probably be the best way to go. If you go this route, you will definitely not want to rack up any new debt.
A HELOC is based on the equity in your home. The bank will give you a maximum credit amount. You can spend up to that amount as you need to. It will have a variable interest rate but is usually much lower than a credit card.
One
Try calling your CC companies and negotiating the interest rate with them. Sometimes you can get them to lower it if you are showing an honest effort to pay them back (which you are with not paying them late).
The HELOC may be a good idea, but m
TTC since 1/13 DX:PCOS 5/13 (long, anovulatory cycles)
Clomid 50mg 9/13 = BFP! EDD 6/7/14 M/C 5w6d Found 11/4/13
1/14 PCOS / Gluten Free Diet to hopefully regulate my system.
Chemical Pregnancy 03/14
Surprise BFP 6/14, Beta #1: 126 Beta #2: 340 Stick baby, stick! EDD 2/17/15
Riley Elaine born 2/16/15
TTC 2.0 6/15
Chemical Pregnancy 9/15
Chemical Pregnancy 6/16
BFP 9/16 EDD 6/3/17
Beta #1: 145 Beta #2: 376 Beta #3: 2,225 Beta #4: 4,548
www.5yearstonever.blogspot.com
I also want to add RE: Home Equity Loans or HELOCs, you only get to use these if you have equity in your home.
Also, banks will only lend up to a set amount on a home's value. Lasst time I looked that amount was 80% at most lending institutions.
I am not a fan for using home equity to pay off debt, but there is a time and place to do so.
Instead of a HELOC (which acts the same way as a credit card) I would recommend a HEL (Home Equity LOAN). It acts as any other kind of loan - spec
What is the difference in incomes between you and your husband's job? If one person makes way less, would it make more sense for that person to SAH and get a part-time job while the other person isn't working to cut out that daycare exp
@MrNibbles