We Can Make the Minimum Payments But Can’t Get Ahead. – Andy

Over the past few years my wife and I have accumulated over $50,000 in debt. Job losses, attorney fees, medical bills have gotten us in this situation. While my wife has a very good job and we continue to pay all of our bills on time, we are only able to make the minimum payments and cannot seem to get ahead and are scraping by each month. We see no immediate money coming our way to get out of debt. What are our best options since we are not behind in any payments?

Andy




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Sincerly,


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

Damon Day - Pro Debt Coach

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8 thoughts on “We Can Make the Minimum Payments But Can’t Get Ahead. – Andy”

  1. I like what Robert said. My personal experience has proven that the smallest things add up. Most of us can come up with $5/day. That’s nearly $2k a year.

    Looking at typical Holiday overspending, I posted this on our blog yesterday.

    Realizing what you spend and how you can easily change a few habits is the easiest way to bring more money back into your pocket. That’s badly needed cash that can be directly applied to your debts and help you be out of debt.

    Paying off a $1,000 credit card balance in one year will save you about $200 per year interest or about $4,600 over the life of the loan.

    The Soda Test
    1 can of soda = $.65
    1 can of soda per day x 5 days per week = $3.25
    1 can of soda per day x 5 days per week x 50 weeks of work per year = $162.50
    TOTAL SODA SAVINGS: $162.50

    SAVINGS SO FAR $162.50

    The Doughnut and Morning Coffee Test
    1 Cup of Coffee = $1.10
    1 Doughnut = $.80
    1 cup of coffee per day x 5 days per week = $5.50
    1 cup of coffee per day x 5 days per week x 50 weeks of work per year = $275.00
    1 doughnut per day x 5 days per week = $4.00
    1 doughnut per day x 5 days per week x 50 weeks of work per year = $200.00
    TOTAL DOUGHNUT AND MORNING COFFEE SAVINGS: $475.00

    SAVINGS SO FAR $637.50

    The Video Rental Test
    1 Video rental late fee = $2.00
    1 Late fee every week x 4 weeks per month = $8.00
    1 Late fee every week x 4 weeks per month x 12 months per year = $96.00
    TOTAL VIDEO RENTAL SAVINGS: $96.00

    SAVINGS SO FAR $733.50

    The Call at the Wrong Time Test
    1 ten minute phone call during peak time = $3.00 extra
    1 ten minute phone call every two weeks x 2 two week periods per month = $6.00
    1 ten minute phone call every two weeks x 2 two week periods per month x 12 months = $72.00
    TOTAL PHONE CALL SAVINGS: $72.00

    SAVINGS SO FAR $805.50

    The Take-Out Dinner Test

    1 Take-Out dinner per week = $18.00
    1 Take-Out dinner per week x 1 week = $18.00
    (gotta enjoy yourself some times!!!)
    1 dinner per week x 1 week per month x 12 months = $216.00
    TOTAL TAKE-OUT DINNER SAVINGS = $216.00

    TOTAL ANNUAL SAVINGS: $1021.50

    Sean Ryan
    Active-Debt.com

    Reply

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