Can some one please guide me in straightening out my debt/life?

je61

Can some one please guide me in straightening out my debt/life?

I’ve accumulated great debt over the past 2 years, and while I’ve sorted out many aspects of my life out on my own, I need some assistance with this. I had previously worked 2 years straight for one company, working as an electrician, and saved a decent amount of money, only to blow it all once I got laid off due to shortage of work + in school doing my 2nd year training. The next year and a half was filled with months of job hunting, and eventually 2 lay-offs that forced me to rely on my 4 credit cards. In my lay-off, I decided to take my 3rd year electrical training, which cost me some more cash. Long story short, I have large credit card debt spread over 4-5 cards, and a loan with my bank. I also have car payments and insurance, etc. I, at long last, found a job, and good pay, so I feel I could potentially pay this off reasonably fast, considering. I am wondering, are there options to reduce the cred. debt/lower my interest/combine all cred cards into one? I only need one card now, and get confused trying to monitor/pay for all of them. Pretty much just looking for any options I have or any guidance on getting rid of this debt and as simple as possible. I’ve also considered getting a loan to simply pay off the credit cards and simply just pay the loan, but I don’t know if I’d be accepted for that much. I make approx. 3200 a month, and pay 400 for my car, 400 for insurance, 75 for cell phone, 30 for gym, and the big thing is I live at home still, so rent’s free. Please help me clear this up! If you’ve read any of my other posts, you’ll know how terrible these past 2 years have been on me.
Thanks for your time
je

This open post was written 1 month, 2 weeks ago | V/U/S: 79, 10, 5 | Edit Post | Leave a reply | Report Post

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courtybubble 199 #
An Undisclosed Location | 1 month, 2 weeks ago (30 minutes after post)

heya, there are definitely options for combining the debt into one.
depending on which country you are in, there are companies which specialise in loaning to combine all debts into one loan, which means they pay all of your debts off, and you owe the balance on just one loan to that company. do be careful and make sure you find a reputable company if thats the option you take, and check out the interest rate and read the fine print before you sign anything.

the other option is, just paying the debt off on your own.
by my calculations, with what youve said above, your incomings are 3200 a month, and your outgoings are $905.
that leaves a balance of $2295 left over per month. take out some money for yourself, say 400 per month, giving you a hundred bucks a week to entertain yourself with, and that still leaves you with $1895 to pay towards your debts.
im not sure what the grand total of your debts is, but that amount over just one year is nearly $100,000.

what you need to do really is just organise yourself. buy yourself a year planner, and write in the due dates and amounts for your payments, so you know when everything is due, if youre going to do it monthly.

work out which debt has the highest interest. pay the most you can to that debt first, whilst just covering the minimum due amounts on the others. youd be surprised how much the interest compounds, and just making the minimum payment amounts can really lengthen the amount of time it takes to pay them off.

does that make sense?

Help me with: Sooooo I was out running with my hellhound, and bent down to pick up her ball….and BOOMCRACKPOPOUCH went something in my back D’:

luigig 0 #
An Unknown Location | 1 month, 2 weeks ago (48 minutes after post)

you can talk to the credit card managers to waive certain charges like late payment charges or annual fees, it can help reduce the amount you owe them.

pray to Jesus for guidance, He’s the only solution!

courtybubble 199 #
An Undisclosed Location | 1 month, 2 weeks ago (51 minutes after post)

jesus is just going to magically pay off the debts if we ask, is he?
why, if only id known it was so easy!

Help me with: Sooooo I was out running with my hellhound, and bent down to pick up her ball….and BOOMCRACKPOPOUCH went something in my back D’:

SlightlyUnique 6 #
An Undisclosed Location | 1 month, 2 weeks ago (1 hour, 23 minutes after post)

In addition to Courtybubbles fantastic post, it might be worth looking around for some “interest free for so long” credit cards - then move all your balances to that card (3% charge normally) which will keep the interest down…

Alternatively, talk to the credit card people, explain the situation, and ask them to freeze the cards, and remove/reduce the interest - if you just say you will transfer the balance to an interest free account (use this as your stick) they will probably listen, and thus get you out of hideous interest charges you are probably suffering

guykaarek #
An Unknown Location | 1 month, 2 weeks ago (12 hours, 55 minutes after post)

I can help you reduce your debt by up to 60% email me for details i> small>(email removed) /small> /i>

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courtybubble 199 #
An Undisclosed Location | 1 month, 2 weeks ago (22 hours, 4 minutes after post)

and these ^^ kinda guys are the ones you wanna avoid lol

Help me with: Sooooo I was out running with my hellhound, and bent down to pick up her ball….and BOOMCRACKPOPOUCH went something in my back D’:

je61 0 #
An Unknown Location | 1 month, 2 weeks ago (23 hours, 11 minutes after post)

Thanks for the responses everyone. I’m in Canada, and I have roughly 15k in credit card debt, with 5k remaining in a bank loan (for whoever asked). I would love if I could combine all this debt into one, but don’t you need decent equity to apply for a loan that size? I now live with my parents, and my car is a lease, I doubt I’d be approved.

Help me with: How do I settle credit card debt?

courtybubble 199 #
An Undisclosed Location | 1 month, 2 weeks ago (23 hours, 17 minutes after post)

if you followed the budget i set out above, youd be debt free within the year anyways.

Help me with: Sooooo I was out running with my hellhound, and bent down to pick up her ball….and BOOMCRACKPOPOUCH went something in my back D’:

je61 0 #
An Unknown Location | 1 month, 1 week ago (2 days, 14 hours after post)

Thanks, but I would ideally like to find out how to get all that debt into one bill, and at a set/lower rate of payment, like over 2-3yrs. In about 9months time I will have to move out on my own, will have about an additional $800 for rent/mortgage, so I’d like to start saving a bit of cash now for that while I’m living rent free.
Thanks!

Help me with: How do I settle credit card debt?

courtybubble 199 #
An Undisclosed Location | 1 month, 1 week ago (2 days, 22 hours after post)

ok, then a debt consolidation place is what youre looking for. probably if you asked your bank or like a department store who do hire purchases they would know some reputable ones :)

Help me with: Sooooo I was out running with my hellhound, and bent down to pick up her ball….and BOOMCRACKPOPOUCH went something in my back D’:

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