What is the right way of fixing your credit/paying off your debt, without outside assistance?
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My husband and I want to sell our house, but have made the really difficult decision not to at this time, since our debt seems to be really high. We've got about five student loans, two mortgages, two car loans, four credit cards and then all the rest of the house stuff - utilities, insurance, etc. What suggestions do you have for paying off these debts so that we can pay more off on our mortgage and start actually getting ahead of the debt? We're already trying to pay off the smallest debts first, and once paid off, paying that amount towards the next smallest, but this doesn't seem to be going fast enough.
What is the right way of fixing your credit/paying off your debt, without outside assistance?Well paying off things is a great idea, but instead of paying off the smallest debts first you need a better plan. Most financial advisers say to find your accounts with the highest level of interest and pay as much as possible every month on those. Keep up your minimum payments on all other accounts but focus on paying them in order of interest. This will save money in the long run by not paying as much in interest. Also if you are able to make one extra mortgage payment a year, such as tax time or maybe a bonus, it can shorten the life of your mortgage by almost 5 years in the long run. Hope these little tips help.
What is the right way of fixing your credit/paying off your debt, without outside assistance?call those places and just tell them you are having a financial hardship, be nice and they might lower the payments or even forgive some of it.
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