Almost $20k in debt.... NEED HELP (LONG)
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hey guys. My wife and I have made our fair share of mistakes with credit cards. And we are finally ready to do something about it, just hope its not too late.
We are only 24/25 years old and never filed bankruptcy or anything before. Until the past few months we were never even late... but its all been kinda hitting us lately.
Right now we owe the following:
Discover - $7,200
Mastercard - $3000
Motorcycle - $7,800
over a year ago, before I had a truck I bought a motorcyle on a credit card style loan. Well I was an idiot and didnt get full coverage and guess what, it was stolen... so now Im stuck paying on the motorcycle that I do not have and also had to get a truck for transporation to replace it... I have called/written them asking to lower intrest rate, lower minimum payments, etc and they wont do anything
Anyway, I think we make enough money to get out of debt, or at least get back on track but we have been dumb with our choices... always going out to eat, shopping, etc
I know we have to be smart with the spending, thats obvious... so we had a long talk and gonna work through that and stop... but wondering whats best route for us to take... should we do some sort of debt consolidation, or what? i thought it would be nice to get another credit card with 0% or low intrest, but not sure if we would even qualify now with late payments and over limits lately....
Here is what we make vs. bills
Monthy Bring Home - $4,800
Bills (not including food, basic needs, etc) - $3500-3600
so basically we spend over $1000 month on eating and shopping every month which I think is crazy
i need advice guys!!! PLEASE!!!!!
We are only 24/25 years old and never filed bankruptcy or anything before. Until the past few months we were never even late... but its all been kinda hitting us lately.
Right now we owe the following:
Discover - $7,200
Mastercard - $3000
Motorcycle - $7,800
over a year ago, before I had a truck I bought a motorcyle on a credit card style loan. Well I was an idiot and didnt get full coverage and guess what, it was stolen... so now Im stuck paying on the motorcycle that I do not have and also had to get a truck for transporation to replace it... I have called/written them asking to lower intrest rate, lower minimum payments, etc and they wont do anything
Anyway, I think we make enough money to get out of debt, or at least get back on track but we have been dumb with our choices... always going out to eat, shopping, etc
I know we have to be smart with the spending, thats obvious... so we had a long talk and gonna work through that and stop... but wondering whats best route for us to take... should we do some sort of debt consolidation, or what? i thought it would be nice to get another credit card with 0% or low intrest, but not sure if we would even qualify now with late payments and over limits lately....
Here is what we make vs. bills
Monthy Bring Home - $4,800
Bills (not including food, basic needs, etc) - $3500-3600
so basically we spend over $1000 month on eating and shopping every month which I think is crazy
i need advice guys!!! PLEASE!!!!!
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Comments
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so basically we spend over $1000 month on eating and shopping every month which I think is crazy
You said it!
I'm assuming that you're posting this from the US. Dealing with debt could well be different over there in terms of what happens if you don't keep up with repayments etc.
Basically, you have to decide to cut your cloth and pay off your debts. Why are your bills so high? What is the breakdown of this $3500?
My advice to you, given that you are in the US, is to post your story at https://www.fool.com and go to the consumer credit discussion board where people will be able to advise you from an American perspective in how to best deal with your debt and cut your costs.0 -
You could emigrate to the UK
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