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#1 - Toss/freeze/cut up the credit cards. You've got to only spend money that you actually have. By my rough math, you've got about $550 before making payments on your cards. Based upon the numbers you've give, you're overspending your income even last month. Selling your car would really help, getting some sort of a reduction on your student loan would help. What do you do for a job? Is there any potential for increasing your income? Would you have time to get a 2nd job? Delivering pizza? What about raising the rent on the roommates, I'm going to bet you undercharge for the rooms, even raising the rent $50/month could be a serious help for you paying down your debts.
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Oct 8, 2015 18:43
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| # ¿ May 17, 2024 00:54 |
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Have you gotten rid of your credit cards? I think you should look into get a HELOC loan to pay off your CC debt. This will only be a good strategy if you stop overspending every month. What are your thoughts on raising rent? I think the $1000 in savings is a decent idea, but you should consider taking that $100/month and putting it toward debt.
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Oct 9, 2015 19:22
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Yeah I agree, even if you stop overspending each month you'll continue to live an existence that will be very tight money wise, and include having two roommates in your house at all times to make ends meet. How much is this 'big raise' going to be? Even if this raise is 10k you'll continue to have very tight finances. Where do you stand on the mortgage from an equity perspective? The fact of the matter is that $30k/year cannot afford a ~170k loan. Do you have plans to marry/cohabitate/combine finances with your SO? If you were double income with your place, the numbers will look a lot better. It doesn't sound like she has much better spending habits. You have the mortgage, car, and school debt payment of a person who is making 60k/year with a 30k/year income. Do you really want to be a janitor the rest of your life? You can get a higher paying job that would require you to use your brain at least a bit even though you've got a rather useless degree.
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Oct 9, 2015 20:29
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