My husband I we have alot of debts

Date: Fri, 08/11/2006 - 05:12

Submitted by anonymous
on Fri, 08/11/2006 - 05:12

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Total Replies: 2

My husband I we have alot of debts between the two of us. We are looking for help trying to become debt free. We have alot of credit cards but the main concern is that we have car loans which are current in payments but we know with our income and bills that we can't afford to pay those off. So we are looking for a way to consolidate our bills and have one low monthly payment.

thanks for your help
Mrs. Arresha Giddens

Welcome to the forums :D ..I don't believe you can consolidate a

Welcome to the forums :D ..I don't believe you can consolidate auto loans, but if you can get the cc debt and other debt on a more manageable status,then that would help with the other debt.A credit counselor should be contacting you since you signed up. They will go over debt,income,etc.,and try to work with your creditors on payments,interest,etc.Best of luck-keep us posted.There is also a Guide button above the Post Reply button,it will explain alot to you...Karen

lrhall41

Submitted by Bossy4455 on Fri, 08/11/2006 - 10:21

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Hi Arresha Since your car loan is taking most of the income

Hi Arresha

Since your car loan is taking most of the income and daily expenses are also mandatory, you are not getting much help from the savings. If you can increase your savings at the end of the month, your financial situation might improve. Basically, the debt to income ratio must be kept lower so that savings can be increased. Proper budgeting plans will solve these problems. A counselor will give you the best advice in this direction. Consolidation will definitely be helpful. Besides, a second job will solve most of your financial worries.

lrhall41

Submitted by Christina on Fri, 08/11/2006 - 12:37

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