Does anyone know about debt counselling?
2012-06-05 7:45 pm
Due to the economic down turn, our income went down, our expenses went up (child care, gas, food, etc) and as a result, we've been having to use our credit cards to help out. We have about $70 K in cc debt, but only $25,000 in home equity. The interest rates on the cards are the lowest possible - avg being 11%. Our credit is also very good. My husband is 54 and I'm 49. What is the solution WITHOUT selling our home?
回答 (3)
2012-06-05 8:51 pm
✔ 最佳答案
No need for debt counselling.You are going to become one seriously good budget guru.
You are going to google, budget calculators and find one you like.
You are going to cut up those credit cards.
One of you is going to have to find another part time job.
You are going to spend the next two years, living without any extras and working on paying off that debt.
Visit a library (you have kids, you know where the library is) and get books on personal finances. I like Dave Ramsey and Suze Orman. There are also many books on budgeting.
2012-06-06 3:20 am
With $70K in debt and $25K in equity I don't think selling your house would help much. You couldn't meet expenses when you had little debt or you wouldn't be in debt now. There is no miracle cure. Cut your expenses. I suspect you would be surprised at how much you could cut expenses without significantly changing your lifestyle. Be wary of many credit counseling services. Too many of them are little more than scams and if you attempt to renegotiate payment terms it's likely your interest rates will be increased and you'll be in a deeper hole.
2012-06-06 2:45 am
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