Debt Management - Need Expert?
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I am self employed in small transportation business and used to earn 10,000-00 per month. But now, due to some problems I earn less, about 2,000-00 to 3,000-00 per month.
My monthly payment as follows
House - 2000-00
Car - 1000-00
Credit card - 4000-00 ( whole amount 88,000-00)
Tried to sell the car for 60,000-00 as the loan balance is 59,000-00 but to no avail as the market value is 40,000-00 only.
Tried to sell the house for 300,000-00 as the loan balance is 299,000-00 but no one is interested as there are much better houses being developed in the neighbourhood with much lower price.
I have used my savings for the company and to pay the monthly payment.Not much left.
Only 15,000-00 in my pocket.
I really need help, really in huge debt. Clueless.
Debt Management - Need Expert?Let me give this a try:
-You can sell your house. You may want to obtain a home improvement loan of about 20,000. Curb appeal, appliances, flooring, staging. The HI loan is also deductible.
-Refi the house.
-Refi the car for 72 months. You should be able to get your payment down to 850 and skip a month. OR, you can trade your car in for a cheap used one. Even if you are shorted by a whopping 20k, a cheap 15k car should bring your new payments to about 550-650. 350-450 instant monthly savings.
Why is your credit card payment 4000/mo? At 90,000 and terrible interest like 19%, your payments should be approximately 2000.
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