Related Posts
Chief
Does EY let you keep Amex rewards points?
More Posts
I hope some genuine people are their in Fishbowl
Just now finished my MBA, So I'm looking for a role in Finance domain and I would appreciate your support.
My focused area is Investment banking, Financial markets, Financial analysis and reporting
I know you people will help me and I'm very grateful for you guys.
https://www.linkedin.com/in/manju-ram
Any promising ad agencies in Nashville?
Bowl Leader
Can someone kindly connect me with Investment Banking HR/Recruiter/anyone willing to help? My friend interviewed for Goldman Sachs NY. Cleared the HireVue but didn’t get any communication further. It’s been 4 weeks now. Although the referral came from a VO but the division is different. My friend is looking for Investment Banking division. Need to get in touch with someone from investment banking to push the resume. The rolling process is hurting the chances.Thank you Goldman Sachs
Additional Posts in Personal Finance Bowl
Google stock to buy now or after the split?
Anyone have a recommended tax person in Chicago?
Paid off my account debt!
New to Fishbowl?
unlock all discussions on Fishbowl.
Do you have any equity in the home?
Even at a higher rate it’s likely a home equity loan will be lower than what you’re paying on credit cards. You could consider a balance transfer to an interest free card but this is just a bandaid unless you have a realistic plan you can stick to to pay it off before interest is due. If you’ve already cut unnecessary spending from your budget, you need more income.
Credit cards debt cannot put a lien on your house, but you can’t easily use bankruptcy to clear the cards, without losing your house.
Typically a debt relief company will negotiate with lenders to agree to pay them around 50% of the debt, and you pay 25% of the debt as fees to the debt company, and they put you on a payment plan.
If you decide to do this very important you stick to the plan, otherwise you’re back to square one.
Honestly the most important thing now is to get on a budget, and start saving at least some money most months.
Stop buying appliances, buy them second hand if necessary, freecycle or charity shops better.
No more shopping. Cut up your credit cards.
Good luck.
I guess that’s unfortunate. In hindsight you should have budgeted to replace it earlier , but that’s in the past now.
How much is your income?
Can you qualify for a loan to consolidate the $30k? Home equity loan perhaps best, but maybe not possible.
Even if the rate is higher, that’s still better than CC debt.
You need to find a way to put (at least) $1000 a month towards the debt, then your situation improves dramatically. Is that possible?
Can you take a weekend job, or take on OT, get grandma to watch the kids?
How much income do you make in a year?
30k is a workable amount. What's your current credit score?
As I paid down debt, my credit score improved, and I started receiving balance transfers.
I also tripled my income at the same time.
Started at 50k with an average of 30% interest 😵💫, currently at 0% at 20k--will be credit card debt free by October.
Do NOT and I mean DO NOT work with a debt consolidation company like the one you mentioned. I worked in collections and it’s basically a scam. Say if you owe 10k on a Wells Fargo credit card, they will tell you not to speak with us and they will handle it. They cannot speak to Wells Fargo. We could only speak with who was on the account. For people they would send in “good faith” payments but lenders aren’t going to recognize those. Pretty much only medical bills do.
Say your minimum due is $100, the debt consolidation companies will tell you they will make a payment of $50 on your behalf. Banks and lenders do not work with them because they are cons. If that $50 payment is made, you still owe the remaining $50. Just because they have something “setup” with you, doesn’t mean they do with that lender. Your payments become late and will eventually charge off. If you owe money to a bank and have a checking account with them, take that money out and move it elsewhere. You wouldn’t believe how many people thought they could get away with not paying their credit cards and after usually 4-5 month the bank will offset the balance due with whatever is in your checking account. It’s completely legal for them to do so.
Just don’t reach out to debt consolidation companies. They put people in worse shape than what they were beforehand.
I’m not going to go into detail but you are completely wrong
Have you checked out Dave Ramsey?
This is a solvable problem without turning to a debt consolidation company. They destroy your credit and they don't actually do anything that you couldn't do yourself.
The Ramsey Debt Snowball method is what I used to get out of debt. List all of your debts from smallest balance to largest balance (ignoring the interest rate) and put any extra money you can scrape together toward the smallest debt first. Once that's paid off, put all of the money you were using for the smallest to the next smallest debt, and so on until all of your debt is paid off.
Just search for "debt snowball" on YouTube
30k must be more than appliances, no? Have a car payment? I’d be looking for things to sell and maybe that’s selling the more expensive stuff you bought and get cheaper ones, especially if there’s a car in the mix. I don’t think ending payments like NDR or consolidating loans is really going to help much there.
The floors were partially covered, I did not know there was a small leak in the AC until it died and water was pouring out. It wasn’t enough to replace what I had for floors, or the walls that it damaged. I replaced the floors with a cheaper floor to try and stretch the money.
If you want to go through NDR feel free to reach out to me, I do business with them and it would be my pleasure to enroll you. Best of luck with whatever you choose! You got this.
I used National Debt Relief last year and they instructed me to let all my accounts lapse but now I’m a year out and I’m not paying anything monthly so if you’re looking for a way to ignore it for a while this is good also they do the negotiation for you and cut several of my debts in less than half I just can’t pay them and really just get emails about it