Debt management over 12k in CC over 70K in Student loans
Date: Wed, 11/02/2011 - 18:29
My problem is that I have way too much debt and I am not even braking even after paying the minimums and paying rent/food.
Here is a brief list of my debt.
The list is as follows: Debtor / Balance / Minimum payment
GeMoney / 1500 / 60
GeMoney / 645 / 25
GeMoney / 730 / 40
GeMoney / 380 / 25
CapitalOne / 590 / 20
Chase / 925 / 32
Chase / 475 / 25
Chase / 1470 / 36
Lowes / 115 / 25
HSBC / 775 / 25
Dillards / 3900 / 90
HSBC / 1200 / 90
That is only my CC Debt. Total so far: 493/month
Student loans:
28k private loans currently paying $100 a month
31k direct loans currently paying $145 a month
10k PLUS loan currently NOT paying as is in deferment
Rent is $640 (water, rent, trash, and homeowners insurance is all included)
Electric $70
Internet/cable $58
Car insurance $140
Car payment $475
Cell $70
I also have 2 bank loans that I pay $168 on one and $100 in the other...
As you see my total payments per month are: $2,459
That only leaves 340 for groceries / gas / clothes / etc....
I really want to have better control and I am trying to attack my lower credit cards first to pay them off and than I can use the money for other payments to finish faster, but it seems like I can't do that at the moment. What do you recommend? I wish I could get rid of my car but its value is only 14k and I owe 22k on it. Getting a roommate is an option but it woulnt help that much... :/
For starters, consolidate those federal loans with Direct Loan C
For starters, consolidate those federal loans with Direct Loan Consolidation loan program. FYI...student loans cannot be included in a debt management plan.
The private loan...that must be a temporary payment....$100 on $28k doesnt make sense. You probably are not even covering the interest and by my calculation on a 10 year term at an average interest rate of 8%, your payment should be around $330 per month.
Secondly, a roommate would be another $300-400 per month in your pocket.
Have you thought of getting a second/part time job???
Yes, the $100/month is temporary on the private student loan wit
Yes, the $100/month is temporary on the private student loan with AES, the other direct loan is already consolidated and that's the reason the payment is not as high.
I have considered a second job but my current job often has me traveling so I might not be home for some weekends, not to mention that I don't have a set schedule, my job is not a typical 8-5 job
Is the plus loan yours? if so, you should reconsolidate your cu
Is the plus loan yours? if so, you should reconsolidate your current loan with that one.