Im a Full time employed single mum of 2 year old trying to clear debt of 10000.I havent a penny?
The key to financial power lies in your credit rating. If you plan to get a home loan, save money and get better credit starting now!
Now, after you have your basic needs taken care of, you have steady income, a budget and $1000 cold hard cash emergency fund in place. You can start to do one of two things. You could first, maybe start saving and looking for a place to live. Or, if your host doesn鈥檛 mind you staying, start paying off your debt using the debt snowball. This means listing all your debts from smallest to largest and paying them off one by one. Some will say pay off the one with the highest APR% to save money in the long run. They are right BUT we are looking for emotional wins more than saving money in the long run. And if you have to dip into your emergency fund, replenish it first before going back to paying your CC bills.
You sound desperate so my advice has been very direct. If I have offended, I apologize. However, when I read your question, I got the feeling you were real need.
You might be asking, 鈥淲hat about my credit rating?鈥?In your situation, credit score is not something to be concerned about. If you try for an apartment, yes they look at credit scores. But there are other ways to work it out. Showing your budget history from the past months, first & last months rent and your job history to the manager might convince him to overlook your credit score.
Do NOT consolidate debt. They trash your credit score as if you filed bankruptcy. And, if you lose your job, you are responsible for everything once again. All that money you paid to them will be gone. It happened to me.
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