Consolidation Loan

[disneysteve]

10.50 an hour and I haven't figured what that equals out to after taxes.

He gets about 1,100 every two weeks

He has a credit card with a 6,000 limit that's not maxed out but somewhat close. I have $839 on a Capital One card.

he was deployed last year during tax season.

How many hours will you be working at the new job?
Is his $1,100 before or after child support and college fund? If it is before, what is his actual take-home that he has available to spend each check?
Earlier you mentioned another CC from Navy Fed. What do you owe on that?
Are you sure his auto insurance is $300/month? That's really high. Does he have a bad driving record?
How long remains on each car loan?
Is he still in the military? I know zilch about the military but I do often hear about various programs and benefits that aren't available to the general public. Maybe there is something through the military that could help out.
What other expenses are there? You didn't list food, clothing, entertainment, magazines/newspapers, auto registration, your auto insurance, etc.

A $400 refund is reasonable. I wouldn't change anything based on that. You don't want to end up owing money at tax time.

[SacredFaerie]

He drives a 2004 Subaru Impreza STI. Yes the insurance is 300. I said I make 360-450 a month that should be every two weeks. And the check amount for him is after the
stuff for the kids.

[SacredFaerie]

Also, my auto insurance, my health insurance and my cell phone are paid for by my mom. We don't go out or to the movies anymore.

[ktmarvels]

Some suggestions... Have you asked capital one to lower your interest rate? It's worth a shot, worst they could say is no, but if they lower it, you could pay it off sooner. Also with your Navy Fed CC, I notice you are making more than the minimum. Have you thought about taking that extra $21/month and putting it toward your Captial One card? Also, have you tried USAA for car insurance? DH is in the Navy and we use them for just about everything. Wouldn't hurt to give them a call and see if their rates are better.
Good Luck! I know it's hard now, but it will pay off in the long run!

[disneysteve]

He has a $400/month payment on a 5-year-old car? That doesn't sound right.
Does he also have a cell phone?
What is his credit card payment?

Assuming your check averages $400, that gives you guys an annual income of $39,000 or $3,250/month. Not counting his gas or CC payments (or cell phone if he has one), your total expenses are $2,387/month based on your list. That leaves a surplus of $863. If that is accurate, where is all of that money going? That would be enough to pay off the Capital One card in one month. I suspect there are some expenses missing from the list. I would suggest that you each keep a detailed spending log for the next 30 days to track every penny you spend so that you get a better handle on what is coming in and where it is all going. Then you will be better able to figure out how to fix things. And make sure that all of your higher income goes to debt repayment, not any extra spending.

[SacredFaerie]

His cell phone is about 75 per month.

I have no clue about his credit card payment.

http://www.kbb.com/KBB/UsedCars/PricingReport.aspx?YearId=2004&VehicleClass=UsedCa r&ManufacturerId=47&Condition=Excellent&ModelId=27 0&PriceType=Retail&VehicleId=3381&Mileage=77000&Se lectionHistory=3381|29709|23452|0|0|130562|false|1 30565|true

That's a KBB link to his car. I inputted an average mileage. After fees and taxes, it cost him roughly $20,080.54. (Not sure about the cents.)

We spend about $160 every 2 weeks on groceries.

I appreciate your help Steve. I really do. But we've cut expenses where we can and I'm busting my butt to increase my income. I asked a very simple question and thank you to those that answered it.

[Seeker]

Groceries is definitely one item missing from the list. How much is spent for food for the both of you? Since your attending online school, and you've said you guys don't go out, your probably buying groceries.... but depending on prices there, it's probably taking $200-300 of those dollars each month. Hopefully not too much more.

[Seeker]

Oops noticed that your very last comment included the $160 every two weeks. Probably a little high but it really depends on a bunch of factors.

Also consolidation loans usually have fees associated with someone handling the payments to the real creditors. I would NOT recommend anyone using these services unless they are going to be out of the country for a long period of time and nobody else can handle the financial responsibilities here for them.

[SacredFaerie]

That's something I didn't know about Seeker. That helps. Honestly the huge sinkhole is most likely his gas and groceries. Being a single car family with him being active duty and sometimes having to run from the base here in Virginia Beach to the shop in Norfolk.......it was hellacious. Definitely not something we can go back to.