Re-introducing myself...

iVillage Member
Registered: 05-11-2005
Re-introducing myself...
5
Fri, 01-08-2010 - 8:50pm

I came on here about 2 months ago and made an intro post but then fell off the face of the earth. I'm back and this time I'm going to stay... I need some motivation and ideas. I don't have as much debt as some on the board but it's wayyyyyy more than I am comfortable with.

So numbers...

CC debt: $3000 ( 6 cards, 2 accounts are closed) all cards but one have interest rates of 15.4 to 29.5%.

Student Loan: 4000 (not really worried about these, 6.5% interest rate paid over 5 years)

Auto Loans: $16,202 (10.25% interest) $17,710 (12% interest) I know the interest numbers are horrible but they were the lowest we were offered.

So, there it is... Like I said, not as bad as some but A LOT more than I'm comfortable with.

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iVillage Member
Registered: 08-04-2008
Mon, 01-11-2010 - 8:15pm

How did you want us to help you?


The debts are one thing, what is the income, what else are you spending money on?




iVillage Member
Registered: 11-14-2008
Tue, 01-12-2010 - 12:07pm

Hello,

Welcome back.

What is your credit score? Can you get new Credit cards and transfer balances? Two car payments are really hard on people. Some people here use a credit card with a low interest rate and transfer the car onto it as long as the card is not just 0% for 6 months then goes to 19.99%. Then they make regular payments like they would on their car. This is not for everyone but an idea.

Do some calling and try to get those interest rates down.

Good luck.


iVillage Member
Registered: 04-10-2003
Wed, 01-13-2010 - 10:48am

Yikes those car payments are rotton!


Like PP said, when I had a used car payment it was 9.9%. I transferred it to by CC which was 5.9% and saved myself hundreds in interest. It only works though if you have a lower rate for the life of the loan. What about a consolodation loan? If your DH is in the navy there may be special offers. It can't hurt to ask!


Bex -


"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."


Bex -

iVillage Member
Registered: 05-11-2005
Wed, 01-13-2010 - 9:28pm

Hi everyone sorry it took me a little while.

I hadn't thought about having DH call and having the card payments lowered. My name is on one card and both car loans so any adjustments he'll have to make. Thanks for the suggestion.

I know the car payments are killer. One of them was actually a higher interest rate at one point. One of the cars was purchased using a college graduate discount so that actually saved us some money on the total cost of the car. I hadn't thought about consolidations or the credit card but the card with a lower interest rate than the car loan is maxed.

Credit scores are low-mid 600s. DH learned the credit lesson the hard way and I was in an auto accident in which the at fault driver's insurance company never paid the medical bills. But, the score is slowly going up... with me in control of finances for the past 2 1/2 years bills are finally getting paid and paid on time.

The big thing with being on this board is accountability. With paying car payments plus utilities and other regular bills we have about $850 a month worth of extra money. I need to keep myself/us accountable and get everything paid down.

I think I answered most of the questions. Sorry if it seems a little scattered, long work day. Hope to pop back by and give encouragement to others.

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iVillage Member
Registered: 06-25-2006
Thu, 01-14-2010 - 7:39am

Welcome back -


I have re-introduced my self each year - each year vowing to get it under control this year - so far some luck but not much!


I hope we can motivate each other - see my post up top about "change can change" it is a small motivator but it might be a place to start.