I'm a newbie....

iVillage Member
Registered: 09-07-2011
I'm a newbie....
8
Wed, 09-07-2011 - 8:27pm

I'm a single mom of two girls (20 & 16).

iVillage Member
Registered: 10-28-2009
Wed, 09-07-2011 - 8:44pm

Hi there & welcome! Congrats on paying off those other credit cards and coming here too!

How did you go about paying off the two credit cards? Did you sell something to pay them off? Or just find money in your budget? Speaking of, do you have a working budget? An emergency fund? Both are so very important to this journey and staying on it.

The auto loan, what is your interest rate? Did you know that you can refinance auto loans too?

I wouldn't recommend refinancing your home to pay the divorce agreement. Just my opinion.

regarding the loss of child support in a couple years.....maybe make up a budget based on income without the CS? A great goal would be to have at least the CC paid off, no new debt, and maybe that car loan gone too by that time?

If you feel comfortable, you can post your income & expenses here. Sometimes it helps to have new eyes take a look and offer suggestions.

Come back often, there is lots of support and no judgement. Good luck!

iVillage Member
Registered: 09-07-2011
Wed, 09-07-2011 - 9:37pm

I paid off the credit cards by doing the "snowball"

iVillage Member
Registered: 10-28-2009
Thu, 09-08-2011 - 11:02am

Oh, I didn't realize the 36K was a bulk payment by a certain date. I don't know, I wish I had an idea. Maybe someone else on here that has been through a similar experience can offer their point of views. maybe refi'ing the house is the way to go.....if you did that, can you afford the higher payments? And keep in mind that if you have less than 20% equity, you will also have to pay PMI. maybe discuss your options with a lawyer?

Congrats on having an emergency fund. That is excellent! and a budget! We talk about sinking funds on this board too, and it sounds like they would be helpful to you......with the doc and vet bills, etc etc. Sinking funds are separate savings accts that you add to for irregular but expected items. So, for example, you could put $20 a week into the medical category, and when you need it for a doctor bill, you already have the money saved. does that make sense?

So, you said

iVillage Member
Registered: 11-14-2008
Thu, 09-08-2011 - 11:22am

Hi Dunc, welcome to this very supportive board.

I was a divorced mother of two, 4 years ago to a 10 year old and 7 year old. I am now remarried and doing much better.

iVillage Member
Registered: 10-01-2008
Fri, 09-09-2011 - 4:24pm

Hi & welcome to the board.

Norma


"Patience is the best remedy for every trouble"- Plautus


iVillage Member
Registered: 10-17-2008
Fri, 09-09-2011 - 8:31pm
Pentagon Federal Credit Union is worth looking into for a refi on your car loan. If you qualify, their current rate is 1.99%. We had my previous car loan through them - any US citizen can become a member, but you have to join a Military Support organization for $25 for the first year. I thought the offer was bogus when a friend mentioned them a few years back, but they were totally legit and very easy to work with! Good luck!
iVillage Member
Registered: 07-12-2008
Tue, 09-13-2011 - 2:03am
Hi, dunluc02, was the divorce settlement done in the years 2003-2008 when home values were overinflated? If so, then I would speak to your lawyer to see if you can get the settlement changed. Why should you be subject to the home value loss alone? As to your job, don't quit it, its hard to find another one plus your 401K loans would be due within 30 days after you quit. It would be helpful if you could list your monthly income and expenses, so others may help you.


Steve
 

Steve

 
Avatar for 2locachicas
iVillage Member
Registered: 05-14-2003
Tue, 09-20-2011 - 7:41pm

thanks for the tip on PenFed!! I refied my used car for 1.99% today WAHOOOOO