Debt solutions? HELP!! I just need some quick advice?

Question

So, I got some credit cards last year, and I really do not owe much. I have 4, and the highest of them all is about 600.00 right now. I dont know what to do though because we are behind on payments for about 2 months. They just got out of control. I have paid about 300.00 just on one of them, and its already more money than what we originally charged. My hubby is getting deployed in September for 4 months, and while he is gone we will be able to pay them off in FULL.

What can I do in the meantime? I cant afford to pay the minimum payments on them right now because Im leaving and he's leaving so we need a little money in the bank?

Answer 1

I suggest you read "The Total Money Makeover" by Dave Ramsey.

The first half deals with debunking some myths about money and credit cards, and the second half details a plan to pay off your debts and get rich (slowly, not get-rich-quick).

==========

I'm currently behind on my cards, and here's what I did:

I called each of the three to work out a payment plan.

They asked me how I got into this mess (I was unemployed), and how long it would be before I got an income again (the choices they gave me were 0-6 months, 6-12 months or 12+ months, which gives you an idea of the perspective they're looking at.)

If you can pay the whole thing off in 4 months, no problem; don't panic.

For August's money, you need to sit down tonight, and write out a budget for where that money will be spent.

Nobody gets a dime until the essentials are paid for:

Food

Shelter

Clothing

Transportation

Utilities.

If you can cover all of that, you're ok.

If you can keep one or two current, that's better.

Answer 2

Well you're already behind so ironically it can't get much worse. What you need to do is pay as much as you can even if it's $50. As long as the creditors are taking it, they're agreeing to the payment plan.

As soon as you get back on your feet try and tackle the outstanding balances ASAP.

Good luck.