| Message |
Author |
 Posted: Sat Jul 14, 2007 9:43 pm Subject: Getting out of debt |
|
|
My name is Jon and last year I got married, one of the best things Ive done. We didnt have a ton of money to go on an elaborate honeymoon so we used my credit card (which i am not recommending to anyone these days), then I found out about some of her debt that she hadnt told me about (student loans), then we found out that we were going to have a baby, so we decided to buy a house so that we could start a family. It was all going fine, and really still is, but that we are getting nowhere with paying off our debts because we can only pay the minimum payments. We tried taking out a home equity loan to consolidate our debts but it didnt work out because we didnt have enough equity yet. Now Im wondering what else there is to do besides taking out a high interest personal loan. Any ideas help
|
|
jonhoward
Joined: 14 Jul 2007
Posts: 1
Debtcc Points: 55
|
|
|
| Posted: Sun Jul 15, 2007 3:00 am Subject: |
|
|
The only way you can bring your total debts down is by making larger payments towards the principal. Paying just the minimum won't help because the interests and fees are adding on each month, making the repayments even hard. In my opinion, you should talk to your creditors and explain your problems. Request them to lower down the interest rates and put your payment proposal. If you convince them that you will stick to the plan, they might offer you some extensions and you'll become debt free soon. In case you need some professional assistance, sit with a debt counselor. He will give you useful advice.
|
|
Bridget
Joined: 03 Mar 2006
Posts: 351
Debtcc Points: 4963
|
|
|
| Posted: Sun Jul 15, 2007 9:37 am Subject: |
|
|
Welcome to the Community Jon  Congrats on your marriage and baby! Since you have registered, you are entitled to receive a free credit consultation. They will discuss options you may have, such as consolidation. In consolidation you can put all your unsecured debt into one monthly payment, with lower interest. What I did was, I started with my smallest bill and started to make larger payments until I got it paid off. Then I took that payment and added it to the payment I was making to the next smallest one-etc.,etc. By the time I got to the largest one, I had alot more to pay on it and get it paid off sooner. I also called the companies and explained that I was going to pay these off, but need them to lower the interest so I could od it sooner. Feel free to ask questions, we are here to guide and support you in becoming debt free...KAren
_________________
As long as you are alive, there's always hope
|
|
Bossy4455
Moderator
Joined: 27 Feb 2006
Posts: 5441
Debtcc Points: 64120
|
|
|
| Posted: Mon Jul 16, 2007 5:34 am Subject: |
|
|
Hi Jon
Congratulations on your marriage and the baby. I can understand what you must be going through. Starting a family is a big responsibility. Do not worry, everything will be fine. In my opinion you can talk to your creditors and let them know your situation. There are creditors who cooperate with consumers if they believe that they are making a good effort to pay off the debts. In the meantime you can also consult a credit counselor.
Good luck
Nelly
|
|
goodnelly
Debt Samaritan
Joined: 20 Jun 2007
Posts: 632
Debtcc Points: 8486
|
|
|
|
|
|
All times are GMT - 7 Hours
|
| Page 1 of 1 |
|
