Fed Financial
financial advice/help...?
Our problems started when our car broke down and we charged it to the credit card because we didn't have money to fix it on my husbands military income, realizing that I got a job working nights so we could save on childcare because my husband would be home.The first few months I worked it was fine, we saved some money ect.But they reduced my hours so we made adjustments too, no more cell phone,cable,eating out, ect. At christmas we didn't exchange presents and had a family day instead because we were short on money.But now that our car broke down again and our finance charge on the credit is killing us to the extreme we now even placing my dog that I had before the kids were born cuz I cant afford to feed him anymore,my kids are in hysterics over this.I love my dog too, but it hurts more knowing my husband and I are both good people and hardworkers that have just fallen on hard times.We would take out another credit/loan but we can't afford to pay that right now.Any other advice?
Public Comments
- I wish you had instant messenger hooked up. I have information that may help you.
- Here is a way to reduce the interest you are paying to the CC company. It will only work if your credit is decent enough. You know those credit card offers with 0% interest for the first 6 months? You can use them against the CC companies. 1) Make SURE that the CC companies allow you to do balance transfers both ways. 2) Then, transfer as much debt as you can to the 0% card. This way, your minimum payment is down drastically for those 6 months. You are PAYING debt off(principal), as opposed to paying interest only. 3) Before the interest rate goes up to normal, transfer the balance back to your original CC. it's crucial that you NOT FORGET to transfer. Otherwise, your interest rate on the new card might be higher than what you are already paying. 4) CANCEL new card at once. You can repeat this procedure for as many times as 0% offers come to your inbox. Also, be aware of the following thing - each credit card application entails a credit check, so if you do this once too often, it may affect your credit score. If you stick to the 6 month cycle, it shouldn't have an impact. Try using a credit report service to monitor what goes on with your credit. Always try to pay off the highest interest rate card first. The fees are what slowly kills your finances(but you already knew that). Ask for help from family - to stay with the kids while you work, to offer financial help, etc. Find a way to sell your car and get a small, economical one that will also break down less. Be very aware of your personal interest - many people may try to take advantage of you(car dealers, etc.) so watch out for tricks/always get a second opinion/never sign anything under pressure. I know these are obvious things, but you still have to keep them in mind and make them your priorities. Finally, take a good look at your and your husband's skills and see if there's any hidden money that you could be earning. For example, suppose you started a neighborhood babysitting service at home. Would that be possible? You would be with your kids and doing what you're great at - being a Mom. Would that earn you more money than your night job? What about your husband - is he particularly good at something like fixing computers, TVs, garage doors? Could he be taking up some part-time work in a hardware store, a gym, a rifle shop(if he's in the military)? Is there any grant program for veterans looking to start a business? These are all questions you need to answer. Hope this helps.
- You can try to sell the car rather than keep repairing it, and use the money to pay off credit card balance. Than you'll have to find a way to get around without the car - its inconvenient but not impossible.
