Debt consolidation
Date: Wed, 12/23/2009 - 19:47
I need assistance in consolidating my debt. I'm currently 3 months behind on a rental property due to the fact that a tenant moved out leaving no payments for 2 months and she having lived in it for another 2 months thus having exhausted my savings. It's currently being rented for 2200 however my payments are 2800 a month. My condo payment is 2200 a month. Here are my debts:
B of A Elite Mastercard $20,000
Am Express Costco $ 4,000
SFFCU Personal Loan $3,500
EquiVest Loan TSA $16,000
_________
$39,500 debt
My take home income is at $3800 month. I also give my mother $400 a month to help her out. I did not include
Cell phone $120
water/garbage at rental property $40
HOA at my condo $305
gas to work $100
auto insurance $70
food $200
utilities $60
Miscellaneous $80
thank you,
Verna A Castro
I'd suggest that you negotiate with the lenders first. You haven
I'd suggest that you negotiate with the lenders first. You haven't mentioned the current standing of the accounts, whether you're current on these or delinquent. You can negotiate with the lenders to reduce interest payment or to put you in a repayment plan.
Next, you must concentrate on budgeting. Does your income exceed your expenses? If not, then you must look into the areas where you can reduce expenses. The amount that you'll be able to save this way can then be used in repaying the debts. Check out the DIY section for more information.
One more thing, if you want to get out of debt, you may also need to concentrate on not accumulating any debt further. You can also check out for a debt settlement company in your area if you prefer professional help.
