So... my little bro comes over and teaches me how to use a spreadsheet and we get all the monthly bills set up (which come to $1650 over what we bring in a month without me working BTW) and Im like shit... this isnt good.
So then hes has me make a spreadsheet with all my and Bs debt inc interest rates etc. Seems we have a little debt. $70,027 to be exact. WTF?! I never really sat down and added it all up before. I had no idea!
This is it:
My car - $25K
My student loans - $14K
His big loan - $20K (it was actually a big loan he got to consolidate CCs and the $12K he owed on his car)
All our credit cards - 8 of em (which are all between 19-24% interest rate and maxed out) that add up to just under $10K
Im thinking this is just freakin great. I mean really... wtf? how did this happen? What do we do?! Were going backwards every month and even if I get a job Im not going to be making $1600 a month and even if I do were still very deeply in debt.
Im wanting to sell my car and get a cheaper one $10K or so. Thats $15K gone. Maybe consolidate all the CCs into one loan at a lower interest rate - 9% I would hope. Is this a bad idea since we want to buy a house? Were definately not going to be able to buy for another 2 years with the way its looking. I want this paid off before I get into an even bigger debt.
I just dont know. Im looking at all the little things - I cancelled my tanning membership, my kickboxing, my credit monitoring - that will all go into effect after the Dec charge which will save $130 a month. But these others are all minimums and theres nowhere else to cut costs. This is soooo not good and I dont trust financial adisors. I want to be able to do it myself.
It was fine when I was working because even if I was only working once in a while I was still bringing in at least $2K a month but I cant dance anymore and I want to fix this before the baby gets here.
Ive got 7 1/2 months to get this plan set and get the ball rolling. Help?! What first? SHOULD I sell the car? Should we consolidate? Would that hurt getting a loan in 2 years?! Oh, but everything is up to date and paid on time. It has been up until now - Im working really hard on getting a job but its just not happening.
Thx AL


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