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Debt ---- student loan, medical bills, credit card --how- where do you start first?

Talk about credit repair - what it is and how to do it.

Debt ---- student loan, medical bills, credit card --how- where do you start first?

Postby walbridge » Sun Jan 27, 2013 1:59 pm

PLEASE DO NOT JUDGE. I want real advice, not a lecture to tell me how pathetic I am ----when you walk in my shoes you can judge. THANK YOU in advance.

First off - I got married in my mid 20s and my exhusband ruined my credit. After getting out of that mess ---- I was robbed two years later, financially destitute and the victim of a violent crime, I had to quit graduate school and I moved to another city to get myself back together. Its taken me years to get my life back.

Now, due to circumstances regarding this I am saddled with 100g in medical bills unpaid, 100+ in student loans in forbearance, and about 7500 in credit card debit. In addition my husband (remarried 1 year ago) has a student loan of about 30g and credit cards of 5g.

We are finally both working and want to get our lives back together. What do I do first? I only have about 200 a month in expenditure income after doing a strict budget. We don't want to be broke and miserable forever.

I gave my car to a family member who paid it off and kept it - so we have no car. We also have only bought used furniture, used clothing, and we pack our lunch to give you the idea of our lifestyle....we are not frivolous --- just really trying to be responsible people and move on. We live in a major city with a combined personal income of 35g.

(We live in PA - so we haven't been faced with wage garnishment.)

Please tell me where to turn to get advice to get myself together.

Thank you.
walbridge
 
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Debt ---- student loan, medical bills, credit card --how- where do you start first?

Postby chace » Sun Jan 27, 2013 2:11 pm

You need professional financial counseling from a reputable expert (not those "credit repair companies"). This is not the forum for good advice for anyone in your situation.
chace
 
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Debt ---- student loan, medical bills, credit card --how- where do you start first?

Postby galloway » Sun Jan 27, 2013 2:20 pm

Hi there, I strongly recommend seeing a financial planner, this can usually be arranged by a local welfare agency for free, they will be able to help. I would probably recommend start by paying off the debt with highest interest first and so on....Goodluck
galloway
 
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Debt ---- student loan, medical bills, credit card --how- where do you start first?

Postby victorian » Sun Jan 27, 2013 2:26 pm

Hi there, I strongly recommend seeing a financial planner, this can usually be arranged by a local welfare agency for free, they will be able to help. I would probably recommend start by paying off the debt with highest interest first and so on....Goodluck
Here is a company that I have recommended to a couple of my real estate clients who were faced with loosing their homes due to financial problems.
Both were assisted in lowering their interest rate and kept their homes.
This non-profit company offers free debt advice and helps negotiate financial arrangements between you and you creditors.

Sounds like you could use some professional help with your financial problem.

Saving money on your expenses, like you are doing, is a must.
Every extra cent you have, will have to go toward reducing your debt.
You can do it if you stick with it and then be free and clear again.
You can visit the site online and then call them, toll-free for assistance over the phone.
You may even live near one of their offices.
http://www.greenpath.com/

Good luck
victorian
 
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Debt ---- student loan, medical bills, credit card --how- where do you start first?

Postby dyvynarth68 » Sun Jan 27, 2013 2:31 pm

When your debt is several times more than your income, you are seriously over your head in debt. I would suggest you consider bankruptcy to get rid of what debt you can. You won't be able to get rid of student loans, but you can get rid of the rest. A chapter 7 will stay on your record for 7 to 10 years, but it's affect slowly go away over time. You'll start to see an improvement in your ability to get credit after about 18 months and more improvement over time, long before the chapter 7 disappears off your record.
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Debt ---- student loan, medical bills, credit card --how- where do you start first?

Postby gregor » Sun Jan 27, 2013 2:47 pm

If your debt is greater than what your annual income is, you are technically bankrupt. I don't recommend bankruptcy often; however, with the amount of medical debt you have I do recommend it (unless you and your husband are making $200,000/year or more). Bankruptcy won't dismiss your student loans, so you'll still need to concentrate on paying those down if you do choose bankruptcy. Your credit card debt wouldn't take long to pay off, as it's not much; however, the medical debt is substantial. You may have to cut back even more than you have to put more money towards your student loans. Find a cheaper place to rent, get rid of any phones (cell or landline), get rid of internet and cable (if you haven't already), etc. Simply have the basics - food, rent, necessary utilities, necessary household items and personal items.

If you still have cable, check out "Til Debt do us Part." It's on Saturday nights after Suze Orman on CNBC. It's about couples that are in serious debt and this woman helps them come up with a budget and pay down their debt in the shortest amount of time. It may give you ideas on more budget cutting, as well as make you see that it's possible to get rid of your student loans in a few years... as long as you're willing to live frugally for a bit. If you do claim bankruptcy, get rid of the credit cards and don't go back into credit card debt. It's not necessary to have a credit card (I don't) and when you don't have the access to one, you learn to live solely off of cash. Good luck to you!
gregor
 
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Debt ---- student loan, medical bills, credit card --how- where do you start first?

Postby baynbridge21 » Sun Jan 27, 2013 2:58 pm

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