Family of 4, Husband ownes a business & works at another job.
I work p/t for a non-profit out of our home. We have 2 children under the age of 12. We reside in an area that has been hard hit with the poor economy.
We are struggling everyday. There are 2 loans that are particularly hard….$23,000 personal line of credit w/interest rate over 9%….Student loan $21,000 w/interest rate at 8.75%
I have tried calling the personal line of credit institution – many times – not willing to listen or work with me. We do not over spend – but with the business we own – and the area we live in – it is hard to make this situation better.
Our mortgage is $1,000 / month, cars $750/month, insurance 300/month (which we have a hard time making this payment), we have only 1 credit card 133/month with an outstanding balance of $4,000
Our business has loans and various other bills – and our personal income also gets put back into the business
I don’t know what to do – any advise would be much appreciated. We are 43 yrs old and using much of our savings/investment funds – looks bleek!
Kindest Regards – Tashia
- Litigation Practice Group – Consumer Complaint – February 15, 2023 - February 15, 2023
- Zwicker & Associates – Consumer Complaint – December 5, 2022 - December 5, 2022
- South Coast Financial Center – Consumer Complaint – November 7, 2022 - November 7, 2022
Hi Tashia,
The obvious solution is to increase your income, but I understand that in this economy it can be difficult, if not impossible. Especially while trying to raise two children. Without increasing your income you’re left with the next logical step… cutting expenses wherever you can.
Based on what you shared, I would say your best bet would be to make the cuts in transportation. You mentioned that you are paying $750/mo in car payments. That’s way too much. You may want to look into getting rid of one or even both vehicles, and get yourselves into something much more affordable.You may take a hit if there is negative equity but the savings every month could be substantial. Keep in mind your auto insurance would probably go down as well if you don’t need to carry full coverage, so you could save on that end too.
Good Luck!
-Andy
What can I do about this personal line of credit – high interest rate – high payments – what options do I have with it>Â total is $24,000 – please help – don’t know what to do – have asked for a lower interest – refused –
Hi Tashia,
The obvious solution is to increase your income, but I understand that in this economy it can be difficult, if not impossible. Especially while trying to raise two children. Without increasing your income you’re left with the next logical step… cutting expenses wherever you can.
Based on what you shared, I would say your best bet would be to make the cuts in transportation. You mentioned that you are paying $750/mo in car payments. That’s way too much. You may want to look into getting rid of one or even both vehicles, and get yourselves into something much more affordable.You may take a hit if there is negative equity but the savings every month could be substantial. Keep in mind your auto insurance would probably go down as well if you don’t need to carry full coverage, so you could save on that end too.
Good Luck!
-Andy