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!
Do NOT take out another loan. You can鈥檛 get out of a hold by digging deeper. It is up to you to take control of the situation and stop the lending.
Do NOT use any more credit cards. Your emergency fund will help you. CCs carry interest rates and compounded over time you spend way more money than they are worth.
Do NOT declare bankruptcy. First, it cost me $1200 for a lawyer. And, right now it sounds like cash is in short supply. Second, it is a gut wrenching process to go through. Showing up in court is no fun.
Finally, seek financial advice. There are broke financial advisors and successful ones. Make sure to do your research.
I hope this advice helps. Take care and good luck.
Im a Full time employed single mum of 2 year old trying to clear debt of 10000.I havent a penny?What I do write down everthing, all my incomings and outgoings, that way I can see where I'm spending too much.
Also, try comparing your energy suppliers for cheaper rates and savings with other suppliers, like electric etc.
The only other thing I would suggest is that key word budget.
Im a Full time employed single mum of 2 year old trying to clear debt of 10000.I havent a penny?Unfortunately it is very easy to get into debt, and hard to get out of it. Have you been to somewhere like CAB, or a debt counsellor? they may be able to give you some guidelines.
Otherwise, if you want to do it completely on your own, sit down and work out a budget, include all income and expenses, first of all see how much you have left over, then take an honest look at where you could possible save on expenses. You also need to write down a list of to who and how much you owe, then work out how much you can afford to pay each. I think the professionals will tell you to concentrate on get rid of the debt with the highest interest first. You will also need to write to every creditor explaining that you are in difficulties and suggest what you can afford to pay them each month and mention that if your situation improves you may be able to increase payment. They are more likely to take a kinder view if they know you are making an effort to clear your debts.
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