financial advice on debt

[lkohana]

Right now, we are back up to $24,000 in credit cards and student loans. This doesnt include our two cars. I am trying to figure out the fastest way to pay off at least the majority of $24,000 before the end of next year before my husband gets home. We do get an srb in October and that is $3000 that will pay off one card and half of another. I had to quit my job off 11 yrs to stay at home with my kids. I would love to go back to work but cant find a job that will work with my hours. I am also upholding 2 households and shipping food to my husband every payday because his cola isn't enough to cover the cost of food. I have considered debt consolidation but I don't know. I am so tired of living pay
check to paycheck. But the first step..i cut up every credit card today. I just need advice.

[morenita2106]

try going to myficoforums.com
they have a ton of good advice there.....thats where i get all mine

[Jenna]

You have to be careful with debt consolidation because some of those companies are only out to get your money. They end up charging you crazy fees. There are some good programs out there though! Check out Oprah's/Dr. Phil's websites...they have financial sections with tips and websites to help you.

Make sure you're not cancelling the credit cards that you do have! It actually hurts your credit to cancel your cards.

[Saigon]

Why does his COLA not cover the cost of food? Also, is he getting all of his separation pay? Is he deployed? or are you Geo-Baching?

[BubMunkeyBles]

I don't understand why he doesn't have enough for food... but I would look into Dave Ramsey and try the snowball method. Call all your credit card companies and see if you can lower rates first though. We have paid off a lot of debt over the last couple years and the Snowball seems to work pretty well for us and we get early satisfaction of paying things down/off. We have a fair amount of debt too.

[Saigon]

OP~Can you answer my questions I'd love to see you get the help you need

[lkohana]

Originally Posted by Saigon OP~Can you answer my questions I'd love to see you get the help you need

Sorry ladies havent been logged in for a couple of days. I did read up on Ramsey's snowball method and I am starting that on the 1st. He is gone to BAH. But his Cola is only $350/month and the food is so expensive there. It's not enough to cover his food for a month. He has even tried shopping out in town to cut down his food bill which has helped a little bit. Before he left he went to a school which was for these orders he is on now. Well they had him 2hours from base with no transportation. So we had to pay $1500 for a rental car. They had his hotel receipts jacked. Then they were trying to send him straight to bahrain which was crazy because he had 2 months before he had to report. So we had to pay for his airline ticket home from the school. They didn't reimburse him the right amount for the hotel at the school so there we go forking out money for that. Then when he got his own place in BAH they had him fill out the wrong paperwork and did not give him MIHA to cover his move in costs-then they wouldn't redo his paperwork so we had to pay 2months ($4000) out of pocket and total drained our savings. Then not to mention at this school he was in, they had us go buy "suits/civilian clothing" to find out he wasnt doing personal protection, he was going elsewhere in BAH. So it has been an ongoing mess. But I appriciate all the advice and I am going to try this snowball thing and see how that goes. Also we get his srb in october so I am going to buy his ticket for leave, put some in savings, and pay off a couple of small cards. I did chop up all my cards but will leave them open because I don't want to mess up my credit.

[lkohana]

Originally Posted by BubMunkeyBles I don't understand why he doesn't have enough for food... but I would look into Dave Ramsey and try the snowball method. Call all your credit card companies and see if you can lower rates first though. We have paid off a lot of debt over the last couple years and the Snowball seems to work pretty well for us and we get early satisfaction of paying things down/off. We have a fair amount of debt too.

Will the credit card companies actually lower rates? Doesn't hurt to try

[Navgirl]

Originally Posted by lkohana Will the credit card companies actually lower rates? Doesn't hurt to try

Yes they will. Not always depending on your standing with them but a lot of the time they will offer a percent or 2 off.