How can I consolodate about $8000 in debt, without much income?
I have limited income right now, and started a second job, just to pay for current bills. I really want to get my debt under control and eliminated once and for all. I figured that if I consolidate my debts to one monthly payment, I’ll need about 0 per month set aside, at least. I can’t afford that right now. Do I have any other options? I’ve tried to sell some stuff, and already have a second job, granted it’s a commissioned income and primarily comes only from qualified leads who actually buy! What else can I do? I know I’m probably going to get slammed by a couple of comments, but bring it on, I need some help!! Thanks in advance.
4 Responses
greg
16 Mar 2010
SG Elite
16 Mar 2010
Speak with the lenders and see if they can reduce the interests. Work hard on your commission based job; more sales!
Steve V
16 Mar 2010
You can pay off this debt without having to consolidate. The first thing is to call the credit card companies and ask to have the interest rates reduced. In most cases, they will agree to drop them by a few points. That should help in keeping the interest from building up too quickly. The next thing is to rank your individual debts from lowest balance to highest. Pay the minimums on all of them except the lowest, in which you pay as much as you can until it’s paid off. Then pay as much as you can to the second lowest, then third lowest, and so on until they are all paid off. Your combined income from your two jobs should be enough to pay off the $8000 in about a year, if not less. The important thing is to stop using your credit cards. If you continue to use them, the debt will take much longer to pay off, and you can easily fall back into debt.
Mr Michael S
16 Mar 2010
Hello
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