bankruptcy assets sale
Can someone give me advice on debt problems?
My wife and I are 25 years old, we have over $ 50,000 in revolving debt, which an average annual rate of 15%. We have decent credit than we pay our bills on time, but we are not able to get a loan because of our to obtain credit available / credit in use ratio. We pay more than $ 1500 per month just in credit cards and pay a total of $ 4500 per month in regular fixed bills, without gas and food and entertainment. At this point we are just trying to continue our payments on time, but we have lived off this credit loans from Peter Paul to pay and now we are achieving all of our credit limits. What is the answer to this is to manage without bankruptcy? We work as much as possible and have no assets to sell or move out of equity. Our net household income per year $ 55,000. Any advice (other than suicide, lol)?
First, how nice that You wake up in only 25 If you can get rid of that debt in the next 3 to 4 years you have a lifetime ahead of you pure weatlth. Took me until I was 45 (3 years) when I realized that we were $ 78K in debt on credit cards alone. (Not to mention our house and car). When I realized the first all that I have just a stroke – no Joke. 3 years later and I'm happy to report that we have almost 16,000 K in credit card debt. I'm still working on it, but expect to get out of debt completely in less than two years. You must change your mindset and treat this as a war, because that is exactly what it is. You have a big battle, but You can do this. Are you against credit card companies with billions to back them, to convince all their high-end marketing that you need some stupid piece of jewelry and go into the debt trap. It's terrible. Here is what I have to my fight. 1. CUT all credit cards (except one for emergency purposes only). You will never get out of debt if you keep using those. So do not. For nothing. Do not even take the ones you keep for emergency purchases (such as a car-repair) to Your person. You do not need the temptation. If I can not pay for something in cash, now I do not know, period. That was the worst thing for us to get over. It is a way of thinking that you must learn to grasp. 2. Keep track of every penny you spend. If you have MS Money or some other low-cost money-tracking software, start it NOW. You will be where you are your money will inspire you. Run monthly reports to see where your money really is. What is the purpose of the use of a tracking system if you do not want REVIEW where your money goes? Here you will find a million places and start editing. Example: If you have Internet, you do not need a newspaper coming to the house. Woman getting make your nails? You can do it yourself. Cut Cable TV, in whole or reduce it from the package – there are probably tons of channels you never anyway to see. In other words, if you are tracking what you are going to spend, you'll find a ton of places you discard both comfortable while you fight this battle. 3. Call all credit card company that you have accounts with and ask for your interest reduced. (I have two days of work 3 years ago do with some of these and have them precisely with the question.) If you pay on time, you can see that many of them will reduce your rate by easy to find. If they reduce not just because Overal its debt ratio, Try again in a few months. Mark your calendar, call them back and ask again. I have – it worked. To save hundreds of dollars over Interest, these chaotic. (Yes, that's what they are). 4. Look around for the creditors who are willing to give you excellent interest rates for balance transfers are. Be careful though, because many of them are only for a period of time. I found a (MBNA), which offered me a zero percent interest on balance transfers for 12 months And one for 18 months. I took it to him. I transferred 15K on two different accounts MBNA (30 total) and had a zero% for 12 months, the other was 15K at zero% for 18 months. The trick is to watch the calendar like a hawk and as soon as you approach the end of that period you have a plan, have to do something with the remaining amount. Either pay it off or find another card that will allow you a balance transfer to another lower rate. Basically what I did was put about 30K 2 tickets to zero interest. This saved me a lot of money. But I was diligent and has determined that when the intro period was over, I found another card (one of my other holders of credit cards actually) that I do a 4.99% interest for LIFE, if I have a referral. That's what I did. The point is, you must these dates and use the credit card company to see to your advantage, not yours. Because that is what they can count. Most people do not watch the dates and then when the intro period on the credit card companies start raking in interest. I play the game, I just play it on my way to buy. Also, if you end up doing a balance transfer with a new credit card company, they will send you a credit card. CUT it the minute it arrives. You are doing so for Use of transmission and you do not attempt to use the cards to new purchases. The purchase APR will be much higher than the balance transfer April 5 I also had a 401K in it with about 30K. I have a painful decision, and because we needed relief to our monthly outgoing expenses, I borrowed from my own 16K 401K pay from some of the biggest credit. The monthly payment on this credit was more than paying back to my 401K, I got immediate relief by reducing the cost for making a little over $ 200.00 per month. I have one year left of payments back to my 401k and then I will be an additional $ 389,00 per month in my Paychecks have. Cannot wait! Once that happens, I'll put that right last $ 389.00 on the remaining credit card in addition to the normal monthly payment. 6. The remaining credit cards that were left (there were six on the left), I paid the minimums on 5 of them and made double payments on the one that had the highest interest rate. When the card is completely paid off, I took the amount I pay monthly to the card, added that I paid any amount on the 2nd highest interest rates paid off the card. With each card you pay, you repeat the same process. Remove all previous monthly payments, add them the payment on the next card and so on and so on. They will eventually pay it all away. 7. Try not to pay extra on several cards at once, or you will achieve nothing. When a general, he is fighting a battle does not break his troops and send them to 10 different locations. Each force would be powerless and ineffective. It shall also his men in one place, and they fight to stop magnificent battle for everything. Your finances are the same. Set pay all your efforts on a card at a time, it off and move on to the next card (fight). 8. If you stick with any additional money, as much as possible you should bring to your high credit card additional payment. If you get a bonus from your job, income tax refunds, birthday money – what to use anyway, it to reduce the national debt. Seems extreme, but believe me, that you do not to the point that I wake up and realize in your 40's some day that its still out of control. If You really get this in check now in the next few years will be honest a life of freedom and prosperity have you staring in the face. Pay out what you pay each month to this nasty credit card companies (The way to get filthy rich ON your hard-earned money), what they grow on. time to start using them to Your advantage and make it your personal goal to keep it to them again. They feel really good about yourself that you achieved that goal on your own, without go bankrupt and you will have the financial world of the Cahon (if you know what I mean!) Good luck to you and your wife and Start Today!
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