Hi..new to this board with some ???'s

[lms43005]

Originally Posted by slimy72 You are actually in a decent spot. You can do this! I'm putting suggestions in red. I went from living pay check to paycheck and having every little thing that went wrong being a crisis, to having all my debt except my house paid off and having 3 months of income in savings in 2 years. I've been there, and it's hard work but it can be done! I'm sure there is more you can do. I'm not trying to say anything to be harsh, just trying to help. But there are a few things in your budget that are "luxury" things so to speak and if you could give them up in the short run you'd be so much better off in the long run. Bankruptcy is rarely the best answer.

Thank you

I will talk to Dh about selling the car..he says this is the last one we're buying once it's pd for..but that's not for 4 more yrs

The phone is as low as it can go..so they say..We have verizon, on the lowest family plan there is..I do have an iPhone though, so that's why it's so much..I will call them to see what the payoff is on our contract.

Satellite/Internet/Alarm - We live in the boonies & there is no high speed internet avaliable here to be able to run netflix etc. I teather internet from my phone..but we have been talking about getting rid of the satellite..

We don't live in an unsafe area..but my Dh works 3rd shift & there were LOTS of break ins in the area 2 yrs. ago, so we felt safer to get it..This is my own fault, but I didn't read the paperwork all the way through & we're under contract for it until Aug of next yr. We could get out & pay but it's like $800 some dollars..$$ we don't have..

It's just overwhelming on where to start..but it does make me feel better for it to be pointed out that..it's not as bad as I thought..Thanks again!

[hsleonard]

Originally Posted by lms43005 Thank you so much..I feel a bit better just from your kind words I just want to make sure I understand this..so focus on necessities 1st & if there isn't enough $ for the debt/cc..don't pay it until ? I'm confused on that part?

Yes exactly, you need to eat, have electricity, a roof over your head and a means to get to work before anything else. I know it seems weird but who cares about paying a CC if the electricity is going to be shut off.

Please don't worry about your credit at this point. I know you want to pay them, but if its a rough month, you just may not be able to. But you will have a roof over your head, lights on and your kids will be fed.

As you said DH does get overtime, so really I am sure you will be able to make your minimums each month and actually have extra to put towards your smallest debt. but just in case you don't atleast the basics were taken care of

This is not a forever thing, its just for now, you can get out of this. It won't be easy but it can be done

Also do you know the balances of each CC and loan, know that may help in determining how you go about getting rid of it

[agzip03]

I would look at my interest rates on my credit cards and see if the companies can get the rates down. I would also see if they have any balance transfers. I would also look into a consolidation loan for you credit cards. You might lower you payments and interest rates. I did that and managed to pay off over $12,000 in debt in 3.5 years. We are hoping to be credit card debt free by next June.

[MamaJules]

I am going to assume that you are not adding to your credit card balances any more, correct? If you are buying things on credit cards because you don't have cash for them, then you are never going to get out of this mess. But if you commit to not using credit any more, then someday you will get them paid off -- it may take a long time, but you will slowly see those balances going down. Is there anything you can do to bring in a little bit? Babysitting in your home? Get a part time job when DH is home to watch the kiddos? Not sure how your internet works, but can you do some of the online things like Swagbucks, Can'tBeatFree, SuperPoints, etc. to bring in just a little bit extra?

[lms43005]

Originally Posted by hsleonard Yes exactly, you need to eat, have electricity, a roof over your head and a means to get to work before anything else. I know it seems weird but who cares about paying a CC if the electricity is going to be shut off. Please don't worry about your credit at this point. I know you want to pay them, but if its a rough month, you just may not be able to. But you will have a roof over your head, lights on and your kids will be fed. As you said DH does get overtime, so really I am sure you will be able to make your minimums each month and actually have extra to put towards your smallest debt. but just in case you don't atleast the basics were taken care of This is not a forever thing, its just for now, you can get out of this. It won't be easy but it can be done Also do you know the balances of each CC and loan, know that may help in determining how you go about getting rid of it

That makes sense I suppose..but late & over limit fees get added if it's not paid..I will get the balances together later this evening.

[bebeboy03]

Thank you for sharing your story! I am feeling the same way, overwhelmed and wondering how on earth to get all this started! Thanks for all the info!

[hsleonard]

Originally Posted by lms43005 That makes sense I suppose..but late & over limit fees get added if it's not paid..I will get the balances together later this evening.

I know, it seems like a weird thing. With the overtime you will be able to make your minimums, and pay towards your smallest debt,
WHat may be helpful is an irregular income planning budget. I will see if I can find the link to dave ramsey's

[bebeboy03]

Originally Posted by hsleonard I know, it seems like a weird thing. With the overtime you will be able to make your minimums, and pay towards your smallest debt, WHat may be helpful is an irregular income planning budget. I will see if I can find the link to dave ramsey's

This would be really helpful for me if you can find the link. I only get paid monthly and it varies month to month.

[hsleonard]

Here is a good article about irregular income with links to the forms. Best of luck
http://www.daveramsey.com/article/how-to-budget-an-irregular-income/lifeandmoney_budgeting/