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Need advice on credit card debt

C

ctcsoft

Platinum Member

okay so the woman I've started dating for awhile now. getting pretty serious with..

well she has ALOT of CC debt and she just consolidated it all together. most of its from her college days.

Anyways. She has to pay $500/month for *6* years!!!! She is a Teacher and her pay will go up little by little. I think just to gross 40k she has to teach for 10+ years. She is only in her 2nd year and her gross is 29k.

Right now she makes about $1700-$1800/month take home NET PAY.

She doesn't have a car payment but will likely need a new car in the next year or two max. Her rent is $400, 50 cable, 50 cell, food, car insurance is $40/month, electric is $75 approx, gas $150/month, student loan ??, some other bills i'm forgetting.


What do you guys think?? Pay it off as she has been doing. Or ????


 
Originally posted by: ncircle
bankruptcy.
Click to expand...

when i try to tell her that. she bites my head off and gets all pissy with me. and tells me how she can't do that and how she spent the $$ so she is gonna pay it off.
 
You could probably get a better interest rate by taking out a bank loan to pay the whole balance off, but your ability to do this would hinge, ironically, on your credit. Look into "debt consolidation".

Aside from that, if you have money in savings that you can use and are gainfully employed, consider that option. Paying less now vs. paying more later is always a preferrable option, assuming you still have $$ around for emergencies.


Stories like this are why I pay mine off in full every month.


EDIT: Actually, there's no probably about it - you could DEFINITELY getter a better interest rate (and thus get raped in the ass slightly more gently) with a loan, assuing you could get one.
 
Originally posted by: xospec1alk
Originally posted by: jadinolf
Dump the cable and cell= $100.
Click to expand...

ayup and how necessary is the car?
Click to expand...

her commute to school is 30miles each way. She needs a car. and a dependable one at that. So eventually she will need a newer car.

cable bill and cell ph are a must. Well I could takeover the cable bill which includes interenet for $90/month. But we been splitting most the bills. She needs her cell ph though and she won't give that up.
 
Originally posted by: Insomniak
You could probably get a better interest rate by taking out a bank loan to pay the whole balance off, but your ability to do this would hinge, ironically, on your credit. Look into "debt consolidation".

Aside from that, if you have money in savings that you can use and are gainfully employed, consider that option. Paying less now vs. paying more later is always a preferrable option, assuming you still have $$ around for emergencies.


Stories like this are why I pay mine off in full every month.


EDIT: Actually, there's no probably about it - you could DEFINITELY getter a better interest rate (and thus get raped in the ass slightly more gently) with a loan, assuing you could get one.
Click to expand...

she is already going through some Debt Consildation company. forget the name of it. I doubt she could get a bank loan that big without co-signers. and she won't tell her parents!! already got on her about that too. her mom even works at a bank too!!
 
Originally posted by: ctcsoft
Originally posted by: ncircle
bankruptcy.
Click to expand...

when i try to tell her that. she bites my head off and gets all pissy with me. and tells me how she can't do that and how she spent the $$ so she is gonna pay it off.
Click to expand...

i dont see how its possible for her to afford this given her circumstances, granted these may change with time for the better,then again they may not.what then? be hit with penalties and end up right back where she started or worse?

talk to her a little more.
 
Originally posted by: Blieb
$36,000 total ... how much does she owe? ~20-25k?

Is she financially responsible NOW?
Click to expand...

yes she is financially responsible now and very regretfull of running up the cc's so much. It think she is like 20-25k in debt yeah.
 
Originally posted by: ctcsoft
Originally posted by: xospec1alk
Originally posted by: jadinolf
Dump the cable and cell= $100.
Click to expand...

ayup and how necessary is the car?
Click to expand...

her commute to school is 30miles each way. She needs a car. and a dependable one at that. So eventually she will need a newer car.

cable bill and cell ph are a must. Well I could takeover the cable bill which includes interenet for $90/month. But we been splitting most the bills. She needs her cell ph though and she won't give that up.
Click to expand...

when you're in debt, you need to really look and see what you really NEED...

and if i can save 50 bucks a month by not having a cell phone, its fine by me. it mite not seem like much, but its still 600 bucks a year.
 
Originally posted by: ncircle
Originally posted by: ctcsoft
Originally posted by: ncircle
bankruptcy.
Click to expand...

when i try to tell her that. she bites my head off and gets all pissy with me. and tells me how she can't do that and how she spent the $$ so she is gonna pay it off.
Click to expand...

i dont see how its possible for her to afford this given her circumstances, granted these may change with time for the better,then again they may not.what then? be hit with penalties and end up right back where she started or worse?

talk to her a little more.
Click to expand...


trying that. but i need some help and backing if you know what i mean. some other peoples advice too.
 
Originally posted by: Reggae4k
ditch her, dont let her problem become your problem.
Click to expand...

oh bro I'm not. trust me.

thats why were splitting the bills!!! and thats why I'm trying to find her another solution.

I'm in no position to help her pay it off. even if I was, thats still too much $$ to be forking out. This is something she has to deal with on her own somehow.
 
If she's a teacher, she's gonna have time after school to get a night job. The kids do it...she can too. Have her get a job in retail somewhere to keep her from spending money and have her spend 100% of the job's profits into her debt repayment.

Drop the cellphone and the cable as suggested above. Those are wastes of money.
 
Originally posted by: Scarpozzi
If she's a teacher, she's gonna have time after school to get a night job. The kids do it...she can too. Have her get a job in retail somewhere to keep her from spending money and have her spend 100% of the job's profits into her debt repayment.

Drop the cellphone and the cable as suggested above. Those are wastes of money.
Click to expand...

yeh school lets out early enough that you can get a second job.
 
that's like a 25,000 car loan for 60 months, a faily common term

She won't be able to save any money and $500 a month is hefty. It's definietly doable if she really tries.
 
While you say she is financially responsible now, she should definitely look at her current expenditures for ways to save. If her student loans are not consolidated, she should do so (if possible) and pay the minimum payment on those. If she spends a lot on going out, stay in more. If she treats herself to a morning Starbucks, cut that out. Reduce the cell phone plan (if possible). It's the little things which will give her more money to put towards her debt.

And I think if this is eating as much of her paycheck as you say, Scarpozzi might have the right idea -- a part-time job at night and during the summers.

-geoff
 
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