We want to come out of our debts

Now I'm not trying to sound rude but how did you get in debt like that and make that kind of money and have that low of a house payment. I'm a single mom of 2 kids I receive no child support and I make just under 30,000 a year. I manage to make 1,100 a month house payments. I receive no finacial assistance from anyplace. I just don't understand how making 80,000 a year and having a 500 house payment you can be that far in debt. Don't get me wrong I have Debt due to my own stupidity of using a PDL once that ended up turning into 6 of them. At least you aren't doing that cause that's just a visious hole. My suggestion is to try to consolidate all the debt and stop using the credit cards, only have 1 with a small limit for emergencies only. Figure out a monthly budget. Save a small amount every week $20-$25 a week. It adds up quickly, even if it's only $10. Anyways try to consolidate the student loans and the credit cards and the home improvement loan to save some money. I hope this helps and again I was not trying to be rude just I see so many people who have 2 incomes and make good money who just over spend.

Hi Christine

You need to do some budgeting on your finance. You will have all your debts under control. Take the advice given by introuble above. She makes a realistic point.

Consolidation will allow you a lower repayment plan and at lower interest rates. Keep in contact with student loan lenders. You may apply for forbearance if you can't pay all the bills together.

I can tell you right now your problem is a budgeting problem not a cash flow problem. Your monthly take home after taxes should be around 4500-5000. If your house is 500, car 600, general utilites (gas,electric,water,garbage,phone,cable) should be no more than 500. Thats 1600 for mandatory expenses. Throw in another 400 for food and you are at 2000 leaving you with 2500 for excess debt which is more than many people make before taxes. It sounds like to me you need more discipline in your spending habits. Write out a budget at the end of each month for the next month and stick too it. Do not waste your money on frivilous crap like expensive clothes, jewelery, fine dining, star bucks or whatever you are spending it on.

It takes a while to get into deep debt and in turn it will take a while for you to get out. With some discipline you could pay off the 4500 home improvement in 3 months, credit cards in 1.5 years, student loan in 3 years and home mortgage/car within 5 years assuming you want to sacrifice a lot of the luxuries your money is going toward now probably.