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06.04.08, 08:31 AM General Topics
22 replies
Anyone ever pull themselves out of insane debt? I can't sleep at night. It is student loans & cc's (which bother me more, of course). I am sole breadwinner and DH has been self-emplyed about 5yrs. I am ready to walk. WWYD? [ Reply | Watch | Flag ]
General Topics 06.04.08, 08:31 AM Flag
 

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debt consolidation loan. Chances are you'll get a batter interest rate, and it's one bill. Get the loan, don't do some program. Most personal banks offer this kind of loan. HSBC for sure, and their rates are quite good.. [ Reply | More
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General Topics 06.04.08, 08:33 AM Flag
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Don't these look really bad when you apply for a mortgage? I have never missed a payment or anything. Not in danger of killing my credit, just not comfortable carrying this much debt. [ Reply | More
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General Topics 06.04.08, 08:35 AM Flag
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a debt consolidation loan really just looks like a loan. The plans that certain companies have, like "American Credit Alliance" look bad, because they actually negotiate your debt down. With the loan, all of your debt is being paid off by the bank, then you pay the bank...no deals or anything, just fewer bills and potentially a little less interest. When I did this with an HSBC loan it actually helped my credit because it was fewer open accounts. [ Reply | More
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General Topics 06.04.08, 08:37 AM Flag
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what do you mean by "insane debt"? [ Reply | More
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General Topics 06.04.08, 08:34 AM Flag
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Student loans $100k each and my cc's are at 55k [ Reply | More
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General Topics 06.04.08, 08:35 AM Flag
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what is your income, its all relative. [ Reply | More
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General Topics 06.04.08, 08:37 AM Flag
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$200+ [ Reply | More
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General Topics 06.04.08, 08:40 AM Flag
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You're fine. Get rid of the cc debt in one year - yes, you can do it. Student Loan debt is fine to carry for the duration. [ Reply | More
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General Topics 06.04.08, 08:41 AM Flag
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omg... that is a lot! what happens if you declare bankruptcy? [ Reply | More
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General Topics 06.04.08, 08:38 AM Flag
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Get rid of the ccresit card debt no matter what. I know the student loan debt may seem overwhelming but it's not as bad (it's an investment in you). Come up with ways that you can give more to the debt and then just slowly chip away at it. It will take time but you can do it. [ Reply | More
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General Topics 06.04.08, 08:37 AM Flag
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^^credit..bad typist. [ Reply | More
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General Topics 06.04.08, 08:38 AM Flag
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Does DH contribute any income? [ Reply | More
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General Topics 06.04.08, 08:39 AM Flag
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Ah. Here is the crux of the problem. Very little. Maybe $30-35k. I am at my wits end. I love him, but DB is 1yr. now and you know the saying, sometimes love just aint enough... [ Reply | More
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General Topics 06.04.08, 08:41 AM Flag
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you will throw away your marriage because of this? [ Reply | More
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General Topics 06.04.08, 08:48 AM Flag
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does he have any earning potential greater than what he currently contributes? [ Reply | More
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General Topics 06.04.08, 08:42 AM Flag
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If you're currently paying for child care, get rid of it and hire your husband as the nanny. That will free up more income than he's bringing home. [ Reply | More
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General Topics 06.04.08, 08:45 AM Flag
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separate marital issues from financial issues. the fact that you are in debt is not a reason by itself to end your marriage. is your dh spending unhealthily? or are you just annoyed that he's not contributing more, financially. what are your fixed expenses? with an income over 200k you should be able to make significant headroads on your debt. [ Reply | More
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General Topics 06.04.08, 08:57 AM Flag
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Oh my gosh i think you are me. Except cc is at 10k and student loans are 85K total for both of us. I am watching the thread. DD is 14months. [ Reply | More
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General Topics 06.04.08, 09:05 AM Flag
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if you haven't already consolidate your student loans, BUT NOT WITH YOUR CC!!!. If you have already consol. get yourself on the lowest payment plan for the student loans and focus on the CC. Having student loans is not a big deal, as long as you make timely monthly payments it's all good --and really who cares if you never pay it off. However the CC debt is super high so you should focus on that becuase that you do have to pay off and it severely affects your credit rating. If you can open a new card with a very low interest and transfer all the balances. Take all the other cards cut them up but don't close the accounts. then make timely payments (as much as you can afford) every month. If you focus on it you will get there. GL!! [ Reply | More
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General Topics 06.04.08, 09:09 AM Flag
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FYI- this advice was given to me a financial planner family member and it worked for me. it took me two years but all 45k CC debt is gone. Don't close the accounts though, that destroys your credit rating. And as for the student loans, seriously don't stress about it, it's really not that much, I know many professionals that have several hundreds of thousands in student loan debt. As long as you make your payments timely it is fine. [ Reply | More
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General Topics 06.04.08, 09:12 AM Flag
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this is terrible but well intentioned advice. Buy a book on credit repair and follow the advice in there. Moving balances around adversely affects your credit as does opening and closing lines of credit. [ Reply | More
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General Topics 06.04.08, 09:13 AM Flag
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OP: although you are correct about the credit rating, but as you see I spefically said do not close any accounts, if she is paying 18% on old cards and can get a much lower rate (like 0%) she will be paying a lot less interest and will be able to pay it off a lot quicker. No one is saying to shuffle it around like a chess game, get one card with a very low rate, put all the balances there and pay it off. AND OF COURSE NO MORE CHARGING. [ Reply | More
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General Topics 06.04.08, 09:18 AM Flag
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