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Need help...I may have ability to pay down debt!

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    Nice info!


      This is more than which debt to pay off first. Man, you have a spending problem. You say you had some major financial issues come up that caused you to have to create the credit card debt. From my experience, I find that people spend too much on discretionary expenses and leave themselves short of money to pay their fixed expenses. They justify going into debt because they say "I had to pay my car payment, etc." If you don't correct the spending patterns that got you into this position then you will be back in his position within the year if you pay down debt with your savings now.

      I am of the camp that you need to get out of some of your debt by selling off the assets that are associated with the debt. You may have to write a check because you are upside down, but then you won't have that debt and hopefully you buy something you can really afford. There are some really inexpensive cars out there. The problem is many Americans want something nicer than they can afford.

      You have a $255,000 mortgage and you make less than $50,000/yr (gross). That's crazy in my book. You have a car loan that is 1/4 of your income! And to top it off you have credit card debt that is more than 1/2 your income. I truly do not mean to be critical as much as I'm trying to verbally shake you into the reality of your situation. BIG changes need to take place in your life and those changes need to start YESTERDAY.


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          i would refi the house to a 5.5% or lower total rate

          i would pay the cc's which are over the credit limit b.c. the cc companies are going to raise your rates (you are over credit limit)

          use your 15 K to pay off debt (personally I would pay cc rather than car) and then refi your house so you only have one pmt that is fixed

          you will need to increase your income or take in a roommate. google frugal living and start studying !