I would like to get some guidance on how to get solve my financial problems?
Answers:
1. Get a second job for while. Something like delivering piazzas. Use that income to pay down your debt. Maybe you're wife gets a job, or a secong job as well.
2. Sell something. You may not want to sell the home but if the payment is more than 25 percent of your monthly take home then maybe you want to think about it. Sell one of the cars. Sell both of the cars. Sell anything and everything.
3. If your not on a written budget then get on one. Budget for essentials first like food, clothing, shelter, and utilities. Divy up the rest as best you can. Start by making the minimum payments on your largest bills and try to hit the smaller ones hard. Once a smaller one is gone then roll that money into the next smallest bill then on and on.
4. Get a 1000 dollar emergancy fund. Emergancies happened at the worst times. There's no sense hitting these bills hard if when Murphy calls you have to go into debt further to handle it.
If your wife does not work have her get a job. Are you paying day care?
If your wife is not working sell one of the cars.
You can get a part time job.
There is not enough room here for more advice. I also would need more information.
Talk your creditors be up front Get rid of the cars.. We went bankrupt Its not that bad We have recovered it sure takes a lot of stress away.. Learn to say Do I need it or want it?
Classic approach is to take two tablets - one for assets one for liabilities - divide the liabilities in half, those you Must have and those that are luxuries. Example, you need transportation to work, so a car is generally the answer unless a carpool, cost sharing or mass transit is available. Do you both need transportation to work? View each separately. Seek credit counseling - possibly thru United Way - it is likely available free, confidential and un-biased!
Good Luck
If your financial problems stem from too much debt or your inability to repay your debts, a credit counseling agency may recommend that you enroll in a debt management plan (DMP). A DMP alone is not credit counseling, and DMPs are not for everyone. You should sign up for one of these plans only after a certified credit counselor has spent time thoroughly reviewing your financial situation, and has offered you customized advice on managing your money. Even if a DMP is appropriate for you, a reputable credit counseling organization still can help you create a budget and teach you money management skills.
In a DMP, you deposit money each month with the credit counseling organization, which uses your deposits to pay your unsecured debts, like your credit card bills, student loans, and medical bills, according to a payment schedule the counselor develops with you and your creditors. Your creditors may agree to lower your interest rates or waive certain fees, but check with all your creditors to be sure they offer the concessions that a credit counseling organization describes to you. A successful DMP requires you to make regular, timely payments, and could take 48 months or more to complete. Ask the credit counselor to estimate how long it will take for you to complete the plan.
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