All Moms - Stone Mountain, GA - Mom with 4 kids

Updated on May 19, 2007
A.P. asks from Stone Mountain, GA
7 answers

I was wondering if there was anybody out there that could give me some advice on loans. I have a 25,000 loan that I need to pay off but I am having a hard time paying it. It is attached to my house that if it does not get paid off they could put a lean on my house and I don't want that. I was looking into filling bankruptcy. All together my debt should be about 35,000 (including the 25,000. Any suggstions. I need some help badly.

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J.M.

answers from Atlanta on

I look at finances like loosing weight. With loosing weight two things work: lowering caloric intake and exercising more. To strive better financially two things can be done: spend less and make more money. If you are serious about paying off these loans you may need to take drastic steps such as getting rid of cable, internet, and home phone. Think years ago we didn't have these items and did just fine. I would keep a cell phone only. Also I would hold off on redecorating. You would be surprised how much you can save by doing little things like not going out to eat and by smart shopping for food. Even things like raising the a/c temp and using less water. All these little things really do add up. Just think of it like a major diet. After I graduated from college and got a real job I kept living like I was on my college budget and before I knew it I had $100,000 in the bank and I was a teacher at a private school(they make about 2/3 of what public school teachers make.) I know it is hard with kids but you have to put your mind to it. Also if you are really serious get another job. It can be anything: cleaning houses or babysitting neighborhood kids. I know one mom who advertizes in her neighborhood to babysit kids on Friday and Saturday nights. She may get several kids at her house from different families but she makes good money doing it. Just some ideas. Just stay positive and you can do it! I think of it like a game or competition with myself. It can be fun and empowering. Good luck!

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P.

answers from Atlanta on

Hey A. I would get the book Total Money Makeover by Dave Ramsey before you do anything like that. He also has a website,http://www.daveramsey.com/, here is a section about bankruptcy that I would read and check out first, http://www.daveramsey.com/bankruptcy/. Hope this helps a little. My DH and I paid $40,000 off on a school teachers salary alone. You can do this!

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C.R.

answers from Atlanta on

Hi A., I am a retail loan officer. I have a couple of suggestions, if the $25,000 is a Home Equity Line of Credit and not a loan your rates have probably increased and the payments are becoming unbearable, so you will to refinance it into a termed out product. If it is a loan, is the interest rate to high you can refinance it at a lower rate. You can try refinancing into a interest only balloon that will give your low payments for 3-5 years and then you will have to refinance again. There are quite a few factors that a loan offcer has to take into consideration, i just gave you some sample scenerios. Send me an email if you have more questions.

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M.P.

answers from Atlanta on

I'm pretty sure that filing bankruptcy means they take the house.

Bankruptcy is a serious problem with credit scores too.

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M.P.

answers from Atlanta on

clark howard.com don't file bankruptcy try and contact the lender for an interest decrease. Hope all goes well

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K.S.

answers from Macon on

Hi A., That is a hard situation. I am really not sure how to get out of it. I mean I was there at about 10K a few years ago. What I did was set a spending budget for everything and sent the balance to the cc company.

Now I work for myself and I determine how much I make. I can help you if you are willing to do some work. The company I work for offers residual income on your work so you will always be paid for it into retirement and even will it to your family. It is not a gt rich quick scheme either so you really have to work.

I can be reached at www.kristies.fourpointmoms.com. You can read some information there and see if you think you can do it. I look forward to hearing from you and helping you change your future.

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C.L.

answers from Atlanta on

MY NAME IS C. L., I'M IN THE FINANCIAL INDUSTRY WITH WORLD FINANCIAL GROUP, WE HAVE GREAT PLANNERS, THAT WOULD ADVISE u WHAT TO DO, ABSOLUTELY FREEEEEE.
CEL. ###-###-####

[email protected]____.com

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