Need Help!!
Date: Mon, 12/01/2008 - 10:00
Here I am 43 years old and I am embarrassed to admit it but, I'm clueless regarding finances! What makes it worse is the fact that we have two teenage sons and now college savings for them.
Listed below are the debts that I consider mine. My wife is financing a car for $15k and over $4k in debt of her own. But, we have agreed that I will concentrate on my cards and she on her cards and car.
Here is a breakdown of my debt tally below:
$6,899.00 American Express 10.49%
$958.36 Target 24.80%
$278.11 MasterCard 16.6%
$96.00 VISA 9.90%
$280.00 Medical Bill
$2,420.13 City Property Taxes (2008 Summer Taxes)
$692.87 City Property Taxes (2008 Winter Taxes)
$574.03 City Water
=========
$12,198.50 SUBTOTAL
$121,231.32 Mortgage
$133,429.82 TOTAL DEBT
The worst thing about this is that we only have $29k in retirement savings.
Any advice would be greatly appreciated!
Listed below are the debts that I consider mine. My wife is financing a car for $15k and over $4k in debt of her own. But, we have agreed that I will concentrate on my cards and she on her cards and car.
Here is a breakdown of my debt tally below:
$6,899.00 American Express 10.49%
$958.36 Target 24.80%
$278.11 MasterCard 16.6%
$96.00 VISA 9.90%
$280.00 Medical Bill
$2,420.13 City Property Taxes (2008 Summer Taxes)
$692.87 City Property Taxes (2008 Winter Taxes)
$574.03 City Water
=========
$12,198.50 SUBTOTAL
$121,231.32 Mortgage
$133,429.82 TOTAL DEBT
The worst thing about this is that we only have $29k in retirement savings.
Any advice would be greatly appreciated!
You are not in such bad shape. Pay off the master card completel
You are not in such bad shape. Pay off the master card completely and apply the money to Target and pay that off. Then start using the two amounts and apply them towards AMEX. Take advanage of the low interest rates when the market eases and refinance your home at a low rate if you have not done so already.
