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Your mortgage payment in your expenses is half what is listed as your monthly payment. Is someone else paying half? If you are paying minimums on loans that's $450.54 per month which leaves $1500 per month in your food category. Are you sure there aren't other misc expenses? If you are spending $800 per month on food then you really need help with that category. E: I adjusted for an assumed 5% credit card minimum payment of just under $700. After going through your loan repayments they are all acceptable levels of repayments each with less than half of the payment being interest. The student loans and other payments do not need adjustment and should be left alone. The high priority issue is the credit card debt. Devian666 fucked around with this message at 02:42 on Dec 18, 2015 |
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Dec 18, 2015 02:33
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| # ¿ May 16, 2024 16:37 |
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If the 0% card penalises you at the end for not repaying in full then it's not one of the good 0% cards. Usually we recommend getting a 0% card than only charges regular interest a full year after the balance transfer. Then focus on paying off the high interest cards and transfer the 0% balance to another card before the interest free period ends. Cutting food expenses to something more reasonable would allow for a high monthly repayment on the credit cards.
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Dec 18, 2015 02:46
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Higgy posted:Stop being that. Where's your money going? Look at your bank statements and credit card statements? You eating out a lot? Buying consumer poo poo, clothes? Drugs? Until you figure out where your money's going you won't know what to fix. Going through all of your expenses and categorising your last month or two of expenses would be an eye opener. You'll know where the money is actually going. If your money is going on consumer spending, booze, restaurants and bars that often gives you something to cut out that would get you back to living within your means. Of your non-mortgage interest payments your credit card interest is roughly 59% of the interest you are paying. e: Also don't let this get you down. There have been goons in far worse situations that have dug themselves out of debt and are doing alright. However you are right to act before this gets worse as you don't want to be one of the bad with money stories where someone has $100k in credit card debt. Devian666 fucked around with this message at 03:54 on Dec 18, 2015 |
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Dec 18, 2015 03:48
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There's no issue posting numbers for all the weed, coke, meth and e. Just list them all as alcohol if you are really worried. It's sensible to budget for your drugs, and sensible to not greatly exceed the budget.
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Dec 21, 2015 03:07
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If you look at what Higgy posted you spend a lot on food and booze. You can't afford to spend that much given the amount of monthly payments you've committed yourself to. At least now if you take control of where you money is going and have caught up on your overdue bills you are in a position to change your outgoings. Higgy also pointed out your overdraft fees. Generally unarranged overdrafts are very expensive in penalty fees. Don't make a late payment on a credit card the penalty fees and penalty interest are worse than the unarranged overdraft. If anything see if you can add an overdraft facility to your account while you dig yourself out of this hole. Like I said above you are catching up on overdue bills, and you need to cut food/booze costs to move onto making larger payments on your credit cards. You'll note that I haven't said anything about getting a second job. You are simply living beyond your means. Based on your repayment of overdue bills it looks like you could afford to pay roughly $250/month towards a credit card. Now that I have a better idea of your cashflow situation the minimum payments on everything seem to be causing you the most problems. This is where the snowball method of repayment can work well. The snowball method means you target the lowest balances and pay them off first. As you pay off each debt the minimum payment for that debt goes towards the next debt and gradually builds up to pay off large amounts each month. It's not the fastest method or the least interest method but it would eventually stop you from having problems with having a shortfall in cash to make minimum payments each month. https://en.wikipedia.org/wiki/Debt-snowball_method Ideally you should spend less on lifestyle and put large monthly payments into paying off high interest debt.
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Jan 8, 2016 20:44
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I haven't posted for a while because there are some pretty solid posts to send you in the right direction. I'll keep reading this thread as I want to see you succeed in reducing these debts and reducing all these monthly payments.
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Jan 13, 2016 01:49
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scuz posted:The $800 "left overs" wound up being closer to $400 cuz I forgot about my car payment and had some other unexpected expenses, but hey, at least it wasn't a scramble to figure out how to shuffle the credit card payments around This is the most important part of having money "left over" there are bills and things to pay that you need the money for, just like what happened. You will always feel better when you have money there to actually pay for bills/rent/etc. It's the start of digging yourself out.
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Feb 4, 2016 04:22
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scuz posted:In other news, I might be selling my drum set for cash money. It isn't being used at the moment and was purchased mostly on credit anyway so it may as well go back to helping the cause. If I had $1,200 cash, what would you all recommend I do with it? I'm thinking of putting all/most of it towards my highest-interest, highest-balance credit card, just wanted to make sure that was a good idea first Put it all towards the high interest card. It will save you a lot in interest and significantly reduce the time to pay off all your debts. Automatic deductions are a good way to reinforce spending discipline.
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Feb 4, 2016 21:44
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