Need a budget to eleminate debt and manage finances |
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badcredit87
First Time Poster
Cash: $ 0.25
Posts: 1
Joined: 20 Oct 2016
Location: NY |
Need a budget to eleminate debt and manage finances |
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Hello
I am in a financial mess with nowhere to turn, I have put myself in this situation, I am aware of the severity of my situation and I am willing to do all it takes to get myself out. I feel overwhelmed and would like some assistance/advice from people who have taken the steps to get themselves out of debt. I don’t know where to start. I will divide my debt in two categories on credit report and off credit report. Would love help with a budget/gameplan. Thanks for your help
THE DEBT
Credit score is 550 currently On Credit Report
200 Old Navy (Closed- In COLLECTIONS)
200 Credit One Card (Closed- IN COLLECTIONS)
2000 (Paydayloan- On time with payments)
600 of 1000 (Capital one- on time with payments for 5 months but a history of missed payments)
500 of 500 (Capital one- On time)
900 (T-Mobile- In COLLECTIONS)
25 000 (Student loans- Not due, still in school)
Not on Credit Report
100 (Quest Diagnostics labs)
700 (Chase Bank)
400 (Hospital Bills)
2000 (Braces for Brother)
2700 of 4000 ( 401K Loan)
INCOME AND BILLS
Income
$2300 After Taxes
Monthly Expenses
$ 80 (401K Loan)
$ 370 ( Payday Loan)
$ 1263 (Rent)
$ 150 (Internet/Cable/Landline)
$ 150 (Food)
$ 200 (Braces)
$ 60 (Capital one Credit Cards)
$ 160 (Transportation me/mom and little brother)
$30 (Gym Me and Little Brother)
$ 120 (Electric, no adequate heat in winter/disabled mom at home no choice have to use heater)
$ 80 (Little Brother Allowance)
$ 80 (Me monthly extras)
$ 40 (Laundry for 3 people including one disabled (soiled sheets etc.)
$ 230 (Cellphones me and brother- I know this is outrageous but I am on the hook with sprint for another year because I have two phones on lease)
Total = APX. 3200
As you can see, I spend more than I earn, I bring lunch to work, buy my clothes second hand, but see no end in sight, I have used financial aid money to pay the rent etc. because I cannot afford it. I wish I could take a second job but with my mom being disabled and needing care, I am unable to.
Thank you for reading
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Thu Oct 20, 2016 5:38 pm |
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ken-do-nim
Full Member
Cash: $ 16.50
Posts: 81
Joined: 08 Sep 2016
Location: Mansfield, MA |
Step 1 - Know the interest rates of all your debt. Pay off the highest interest rate loans/cards first.
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Thu Oct 20, 2016 7:42 pm |
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ken-do-nim
Full Member
Cash: $ 16.50
Posts: 81
Joined: 08 Sep 2016
Location: Mansfield, MA |
Oh and step 2 - your income after taxes is $2300 but your rent is $1263? That's way too much on housing. You either need to get a cheaper place or get a roommate.
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Thu Oct 20, 2016 7:43 pm |
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Garson
Senior Member
Cash: $ 44.75
Posts: 251
Joined: 21 May 2018
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I suppose now only a miracle can help you to overcome it and this miracle is betting. I think using https://1xbet-bookmaker-nga.com you can achieve great success and you'll solve all financial problems.
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Tue Oct 15, 2019 8:48 pm |
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