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 Posted: Mon May 09, 2005 5:37 am Subject: To much debt |
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My husband and I have several loans to pay every month. We are only able to pay minimum payments. We cannot live on his salary and my salary. Which is so sad considering what he makes a year. Our monthly payments equal about $3250 a month. That is 3/4 our salary. All of our percentage rates are great. If we pay the mininum for the next 4 years we will have it paid off, But, that means no clothes for the children, no chrismas, nothing. There is no cash flow what so ever. =
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kinzkay
Joined: 09 May 2005
Posts: 1
Debtcc Points: 120
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| Posted: Mon May 09, 2005 5:59 am Subject: |
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Hi kinzkay
Welcome to the DCC Forums. I would suggest you to go through this page debt-management for a detailed explanation.
are these loans secured or un-secured? that will make a big difference.
Jerry
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NOTE: Not all will agree with me, nor am I a Lawyer offering adivce, just offering my Opinion.
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jtucker
Moderator
Joined: 01 Mar 2005
Posts: 121
Debtcc Points: 7276
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| Posted: Mon May 09, 2005 8:11 am Subject: Welcome Kinzkay |
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Welcome Kinzkay to the forums,
Sometimes it looks impossible but in reality nothing is so, as Jerry said can you let us the type of loans you have (Secured or Unsecured? Is it student Loan, medical bills e.t.c? ).
Debt is common problem and various options are available as solution, we as a community help to choose the most appropriate solution.
Please let us know more details that we can offer our suggestions.
Regards
Denny
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DebtConsolidationCare - Largest Community of people in debt.
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Denny
Site Admin
Joined: 19 Oct 2004
Posts: 1745
Debtcc Points: 76104
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| Posted: Mon May 09, 2005 11:57 am Subject: |
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Hi kinzkay
Please don't feel sad about your loans and monthly payments. I am sure there is still a positive way out and please take the move optimistically.
| Quote: | | If we pay the minimum for the next 4 years we will have it paid off, But, that means no clothes for the children, no chrismas, nothing. There is no cash flow what so ever. = |
If you make the minimum payments just like this, then you are assured that you will be free from debt within 4 years. On the other hand, if you can manage your finance and choose the best from the various option of the payment plan, then I am sure that it will give an extra effort to pay your debt quickly.
Please don't feel sad.
Take care
Roxette
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roxette
Moderator
Joined: 18 Mar 2005
Posts: 4140
Debtcc Points: 50413
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