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Posted on 6/1/18 at 4:00 pm to feverish
That's why I came to the Money Board.
The OT might have a few doctors and lawyers doing well but it's mostly everyday shmucks who make less than the median income of $45k a year.
The OT might have a few doctors and lawyers doing well but it's mostly everyday shmucks who make less than the median income of $45k a year.
Posted on 6/1/18 at 5:17 pm to jcaz
quote:
What would you say is small income?
Relative to your needs and area’s cost of living. I live in BHam with a wife and two kids. $55k/year would be a small household income.
quote:
I'm in a similar boat with 15k total debt and finally got a new job making $46,000. Trying to find a way to knock this down but it will likely just involve me finding a weekend job making minimum wage.
If you’re single, you’re probably fine. If you live in a major city and aren’t commuting from the burbs, you’re probably having issues.
$46k/year is ~$2650/month after taxes and insurance. $15k of debt probably hits you with a $300/month payment to pay it off within six years. You can live just fine on $2350/month as a single person.
Posted on 6/1/18 at 5:48 pm to jcaz
quote:
I'm in a similar boat with 15k total debt and finally got a new job making $46,000. Trying to find a way to knock this down but it will likely just involve me finding a weekend job making minimum wage.
With that debt load and your current income, a weekend job would work really well. You'll likely be able to find something a few dollars above the minimum.
I would just do that for 3-4 months and use 100% of that income for additional debt payments via 1 of the 2 snowball methods. Still make at least the minimums with your regular income IMO
Posted on 6/1/18 at 11:50 pm to Ric Flair
quote:
Dave Ramsey was made for you. Debt snowball, beans and rice, et al.
Yep time to start eating some rice and beans.
You have anything you can sell? Motorcycle? Boat? Pressure washer? Bicycle?
Posted on 6/2/18 at 3:53 am to jp90
First figure out how you got into debt and stop that
Then:
Transfer all debt to a 0% APR card that has the 18-24 month offer
Transfer all debt to that and destroy all your credit cards
Make a budget and carry all spending money alotted in cash. After 2-3 months you’ll realize how much $9 here and $25 there costs
The next few years will suck but the 55 after that will be exponentially better
I had 35k in credit card debt and started dating a girl who was very well off. I talked with her about how I wouldn’t propose until I paid it off. She never paid a penny but kept me accountable so she could get a ring. It all starts with honesty to yourself and your circle.
We are have been married for 2 years now and I paid off our house yesterday. I’ve been there and it sucks but let me know if you need backchanel help.
ETA
If you’re serious about making money on the side, the guy who used to take care of the outside of our house (random odd jobs/ honey do lists) got too old so he stopped. Pay is 20/hour guaranteed 5-10 hours per weekend. Interested? In Baton Rouge
Then:
Transfer all debt to a 0% APR card that has the 18-24 month offer
Transfer all debt to that and destroy all your credit cards
Make a budget and carry all spending money alotted in cash. After 2-3 months you’ll realize how much $9 here and $25 there costs
The next few years will suck but the 55 after that will be exponentially better
I had 35k in credit card debt and started dating a girl who was very well off. I talked with her about how I wouldn’t propose until I paid it off. She never paid a penny but kept me accountable so she could get a ring. It all starts with honesty to yourself and your circle.
We are have been married for 2 years now and I paid off our house yesterday. I’ve been there and it sucks but let me know if you need backchanel help.
ETA
If you’re serious about making money on the side, the guy who used to take care of the outside of our house (random odd jobs/ honey do lists) got too old so he stopped. Pay is 20/hour guaranteed 5-10 hours per weekend. Interested? In Baton Rouge
This post was edited on 6/2/18 at 4:16 am
Posted on 6/2/18 at 7:52 am to Finch
quote:
Transfer all debt to a 0% APR card that has the 18-24 month offer
Transfer all debt to that and destroy all your credit cards
It's extremely doubtful that he could get approved for a credit line that large on a 0% APR 18-24 month card.
And based on his current situation I'm not sure that opening up another line of credit makes sense.
Your first comment was to figure out how he got into debt and stop it. If he takes that step first and changes behavior the 0% APR card would make sense after he has shown financial discipline and likely has a better chance of approval.
Agree with all other advice though
Posted on 6/2/18 at 8:48 am to feverish
quote:
Wait so we don’t get rich off of credit card rewards?
Nobody ever suggested that.
To the OP, if you aren't spending more to increase your debt then it sounds like you have an income problem more than anything else. $20k can be handled if you boost your income and keep your expenses steady.
Posted on 6/2/18 at 10:14 pm to jcaz
quote:
What would you say is small income?
I'm in a similar boat with 15k total debt and finally got a new job making $46,000. Trying to find a way to knock this down but it will likely just involve me finding a weekend job making minimum wage.
I'm in about the same situation after I had a rough year last year.
What would you suggest for good part-time/weekend jobs? I live in Dallas so pretty much anything is available. I prefer not to work in the sun. Been there, done that.
Posted on 6/3/18 at 4:28 am to StringedInstruments
do the research and do it yourself....or just pay someone the $500 or whatever and have them fix your credit.
then pay your bills every month.
then pay your bills every month.
Posted on 6/3/18 at 9:04 am to tlsu15
Bartender or server
Posted on 6/3/18 at 1:07 pm to Finch
Yep. Just use the cash from those jobs as spending money to avoid tapping into your accounts. Can easily make 150 to 200 with just some weekend shifts in the right place.
Probably drop a few lbs too if you need to.
Probably drop a few lbs too if you need to.
Posted on 6/3/18 at 2:07 pm to jp90
I may be in a similar boat as you, I'm in debt but it is because of student loans. If I ever decide to pay them off then I'll be fine.
I owe 85k in student loans mainly due to the fact I spend 3 years at OLOL before I realized I didn't want to go into anesthesiology and I paid more for them than I did at LSU.
I also made some bad choices for student loans/credit cards when I was younger so now I'm doing a credit card forgiveness program but it has killed my credit score (from 750 to 620) I make decent money (53k) and I have no kids so I'm able to put aside money. I usually put 200-300 a month aside for saving, plus what comes out of my check for retirement, and then I put aside a small portion for travel.
I pay above what my car note is in order to pay it down and my current credit cards I pay more than the minimum each month. Now I could buckle down, quit going out, quit traveling, etc and pay everything down if I really wanted but I would be miserable and nothing is hurting me right now. I pay above on my car note, credit cards, and student loans and still have money left over to do what I want.
If you really want to get out of debt I suggest budgeting, make a google/excel spreadsheet and monitor where your money is going and after a couple of months look to see what you can really cut to save money. I found mine was alcohol/food/dining/going out as I was spending (for two people) almost a 600 a month.
I owe 85k in student loans mainly due to the fact I spend 3 years at OLOL before I realized I didn't want to go into anesthesiology and I paid more for them than I did at LSU.
I also made some bad choices for student loans/credit cards when I was younger so now I'm doing a credit card forgiveness program but it has killed my credit score (from 750 to 620) I make decent money (53k) and I have no kids so I'm able to put aside money. I usually put 200-300 a month aside for saving, plus what comes out of my check for retirement, and then I put aside a small portion for travel.
I pay above what my car note is in order to pay it down and my current credit cards I pay more than the minimum each month. Now I could buckle down, quit going out, quit traveling, etc and pay everything down if I really wanted but I would be miserable and nothing is hurting me right now. I pay above on my car note, credit cards, and student loans and still have money left over to do what I want.
If you really want to get out of debt I suggest budgeting, make a google/excel spreadsheet and monitor where your money is going and after a couple of months look to see what you can really cut to save money. I found mine was alcohol/food/dining/going out as I was spending (for two people) almost a 600 a month.
Posted on 6/4/18 at 3:29 am to tduecen
quote:
and my current credit cards I pay more than the minimum each month.
If you are not paying off credit cards in full each month you are not doing it right. CC interest
Posted on 6/4/18 at 1:09 pm to tduecen
Learn to cook. You can entertain your friends at home for a fraction of what you pay to hang out in bars. Red beans and rice is cheap—invite the buddies over for a Sunday night supper and someone will probably bring the beer!
Posted on 6/4/18 at 1:13 pm to hungryone
I know how to cook, not sitting at home every weekend, that is boring.
Posted on 6/4/18 at 1:23 pm to ynlvr
quote:
and my current credit cards I pay more than the minimum each month.
This is a joke right? Why would you ever spend more than you can pay off? Don't listen to this guy that's my advice.
Posted on 6/4/18 at 1:26 pm to al_cajun
Because sometimes emergencies happen, but I forget everyone on here is an OT baller with 800 credit score 
Posted on 6/4/18 at 1:30 pm to tduecen
quote:
I found mine was alcohol/food/dining/going out as I was spending (for two people) almost a 600 a month.
I used to spend that a week on just myself
Posted on 6/4/18 at 1:35 pm to Powerman
We were worse at one point till we bought a house, that cut us back originally. Now we only go out once a week and we've cut back.
A lot of the advice here is good but people tend to think everyone has to live like a pauper in order to get out of debt. Cool if that is what you want, but I do everything I want, I don't spend more than I can, I budget each month, I still travel, go out to eat, etc. I could cut a lot of that out and pay off things quicker but damn that just wouldn't be fun.
I have two credit cards, one that my cell phone/car insurance/etc is one. That one gets paid off monthly, the other one was an emergency card that I had to put a larger expense on. I can't pay it off so I pay more than the minimum on it and I don't use it unless I have to. I'm probably like most people unlike the people on TD
A lot of the advice here is good but people tend to think everyone has to live like a pauper in order to get out of debt. Cool if that is what you want, but I do everything I want, I don't spend more than I can, I budget each month, I still travel, go out to eat, etc. I could cut a lot of that out and pay off things quicker but damn that just wouldn't be fun.
I have two credit cards, one that my cell phone/car insurance/etc is one. That one gets paid off monthly, the other one was an emergency card that I had to put a larger expense on. I can't pay it off so I pay more than the minimum on it and I don't use it unless I have to. I'm probably like most people unlike the people on TD
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