How can I reduce my debt & improve my situation?
I’m upside down in my house, have about $38k in CC debt. I make good money, but wanna try to find a faster way to recovery. Most the consolidators want my situation worse in order to make it better… & they all seem to offer the same basic thing, which i don’t think is in my best interest. What is my best move from here? my situation is;
I’m upside down on house (which seems to be common here in Florida)… owe ~ $365k, value is probably $280ish…
this is broken into 2 mortgages; 1 at $302k (30 yr fixed [at-ta] 6.375%)… NOT behind in any payments….
The 2nd at $54k (FRHEL ? – w/15 yr BLN [at-ta] 8%)… i am paying additional principle on this one of $150/month & … same as the 1st mortgage…NOT behind in any payments.
i have about $38k in credit card debt… virtually all are 6-8% apr…. except 1..but that will be brought back down in 2 months.
I usually pay slightly more than the minimum each month & again, NOT behind in anything…
i make approx. $150k/year… (and that’s after the 15% pay cut i just took) I think my credit score is around 700, but i’m not positive….I was told the only reason it’s this low is my debt to income ratio… (being too high)
The Company I work for pays for my car & fuel, my wife’s car has 2 years left on the lease [at-ta] $711/month (that I pay for of course).
We’ve reduced some incidental expenses, but seems to be a drop in the bucket.
I have a motorcycle i’m TRYING to sell that should generate approx. $14k…. that I intend to use that to payoff some of the CC debt ….
I’ve contacted a few debt relief companies… but they all seem to offer the same basic service…. they negotiate w/my CC co’s to reduce my overall debt by approx. 40%… but only after I am 2 months late in payment (thereby in default)… This would destroy my credit (score), but reduce my debt by 40%…
My overall plan currently is to sell the bike, knock $38 to $24k… & stay on my same path until something changes…
I have no other income … & many other obligations … so there isn’t much wiggle room.
At this point, I don’t believe my job is in jeopardy, I just feel I’m passively sitting on the side lines & that I could do some thing else or perhaps there’s a plan out there that could drastically improve my situation or at least get me on the path to recovery faster.
I am open to all suggestions…
Original text: How can I reduce my debt & improve my situation?
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Март 25th, 2011 at 2:45 дп
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