Hi all,
I am trying to help my fiancee get rid of all of her debt and clean up her credit. I have been pretty frugal all my life and have not had to do this for myself before so I would like to hear people's opinions and options that are out there.
Here is the situation:
- Most of her debt is not tied to credit cards but mostly traffic tickets and cable bills adding up to about $1.5k.
- The above amount is spread out amongst 5-7 creditors
- There is an amount owed to an insurance company around $10k - accident happened over 4 years ago
- We put a short plan 2 months ago and have paid off over $250 in tickets since then
The situation tells me that there may be more debt that we are not aware of and we will be pulling a credit report this weekend.
One issue is that she will stop working in 2 months as we are execting a daughter. I plan to dedicate around $75 a month towards paying off the debt during this time.
Most of the advice on the net is about credit card debt. I am very leary of settlement/consolidation companies and I cant really apply the method of paying off the debt with the highest interest rate first since there are none. I am not sure which of the above debts are being reported to the rating companies but we will find our with the report we will be pulling.
How would you go about handling this given the situation? I am also not sure of what to do about the 10k debt!
Thank you
I am trying to help my fiancee get rid of all of her debt and clean up her credit. I have been pretty frugal all my life and have not had to do this for myself before so I would like to hear people's opinions and options that are out there.
Here is the situation:
- Most of her debt is not tied to credit cards but mostly traffic tickets and cable bills adding up to about $1.5k.
- The above amount is spread out amongst 5-7 creditors
- There is an amount owed to an insurance company around $10k - accident happened over 4 years ago
- We put a short plan 2 months ago and have paid off over $250 in tickets since then
The situation tells me that there may be more debt that we are not aware of and we will be pulling a credit report this weekend.
One issue is that she will stop working in 2 months as we are execting a daughter. I plan to dedicate around $75 a month towards paying off the debt during this time.
Most of the advice on the net is about credit card debt. I am very leary of settlement/consolidation companies and I cant really apply the method of paying off the debt with the highest interest rate first since there are none. I am not sure which of the above debts are being reported to the rating companies but we will find our with the report we will be pulling.
How would you go about handling this given the situation? I am also not sure of what to do about the 10k debt!
Thank you
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