Need some financial advise for paying my bills please?

  • Thread starter Thread starter angelB
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angelB

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I have a bit of debt and was hoping I could get some great advise from someone who knows what they are talking about. OK, so I want to pay off my debt - slowly but surly, also be able to save some money, and have some spending money as well. Here is my dilemma of bills every month;

Rent - $650
Power - $60 to $80
Cell Phone - $115
Car - Total $3,100 - minimum payment - $250
Bank of America Credit Card - $3,300 - minimum payment - $75
American Express Credit Card- $930 - minimum payment - $20
Dental Credit Card - $1,165 - minimum payment - $40

In your opinion, how would you go about paying all of the credit cards off? Eventually? While paying the necessities and having some spending allowence?

Thank you so much for advise!
Also, my monthly income is $2,300.
 
If I were you I would focus on the credit cards. Get rid of at least one of them. Interest will accumulate, and you don't need to be paying all those outrageous interest rates. My rule is if I can't afford it, don't buy it. I literally, don't put anything on a credit card that I can't afford to pay for out of my own checking account. This will improve your credit report in the long term. If you put something on the card, immediately pay it all off. It is a give in you need to set aside $650 a month along with the $80 bucks for power. Maybe get a cheaper cell phone plan? If possible. Try to make as big a payment as you can on your car a month, so you own it sooner. One less bill, right? Basically, it is going to suck, but try and cut back on unnecessary expenses and focus on paying off all your debt without starving. I'm in the same place as you and these are trying times. Best of luck!
 
Go to your library or bookstore and look for a book called credit/debt repair in their finance section.
Some of the books have workbooks that will guide you in the right direction.
They will also tell you how to reduce monthly payments, settle, lower interest rates, and negotiate.

There are also some powerfull money management software programs out there.
I like Quicken Personal - at walmart next to the printer cartridges $30 bucks.
It has an amazing budgetting tool, a check register, and it will show you pie charts and graphs of where your money is going.
I would be lost without a money management software program.
I am cheap - I downloaded (a not so good one) for free from the internet called AceMoney.

There is also a site - that I've heard is wonderful.
Mint.com
It analyzes your checking account and help you budget.
I don't use it - since it asks for your banks pw and login.
Money magazine says it secure - I just don't trust that.
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