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Debt and money

July 14th, 2020 at 08:13 pm

Ugh. It is just a lot.

Timeline on some of the debt:
Wells Fargo - They offered a settlement. They will take $400 some odd dollars and allow us to pay $79.58/ month. So we could pay that off in about 6 months.

Car Loan = 14 months
Loan = 17 months
Care Credit = 12 months

On our mortgage, that is our mortgage, insurance, and taxes. Its at 4% interest.

I had to take some money from our savings to finish paying our taxes. Its down to $426

Other budget issues:
I haven't found a cheaper cell phone plan yet. I talked to a couple of other providers and it only changed about $20. I am not sure if $20 is worth changing for.

We only have 2 internet providers in our area and the other one is satellite. Our neighbors have not had much luck with it so we have stuck with the other provider. There are only 2 plans. We have the cheapest that is $66.48 and then the rest is taxes and fees so its $95-$99 a month.

I saw someone talk about doing a food inventory, so I am going to try that. Maybe I can see how many meals I can make out of that and stretch the budget.

With me recovering from my surgery/injury I can't really work a second job. I'm still not driving. So maybe I can find something I can do from home.

5 Responses to “Debt and money”

  1. Lots of Ideas Says:
    1594755154

    Given the amount of debt you have, I wonder how much your house would sell for.

    If you could sell and pay off all your debt, would it be worth it to rent for a year or two while you saved up a down payment?

    If selling isn’t an option, is renting a room in your house a possibility? One affect of the pandemic is that people are going to end up losing homes. Renting a room may be an affordable option for someone who can no longer pay rent on an apartment.

  2. disneysteve Says:
    1594758133

    If WF is willing to take 1/3 of the debt, that might be worth doing. HOWEVER, you need to understand two things: what are the tax implications of doing that (is the forgiven amount taxable income) and even more importantly, what impact will that have on your credit score?

    Is changing cell phone plans to save $20/month worth it? Sure, because if you can also cut out Netflix for $15/month and maybe knock 10%/$25 off of your miscellaneous category and trim a couple of other things here and there and before you know it, you're spending $60 or $70 or $80 less every month that can go to debt repayment and building your EF. Every little bit helps.

  3. Amber Says:
    1594770811

    Make sure you get the settlement agreement in writing. I’d switch cell phone carriers for $20, every little bit helps. Have you tried MetroPCS? Regarding the internet, try to get your own wifi tower, it will reduce your bill by about $20.
    Have you considered refinancing to reduce your mortgage? I did and am saving $200 a month.

  4. terri77 Says:
    1594776036

    I see that you have $2600 in retirement. Are you still contributing? If you don’t get any match I would consider pausing contributions.

  5. GoodLiving Says:
    1597081350

    That feels pretty overwhelming but my suggestion is to figure out a plan, automate it and just keep taking it day by day and don't really look at the big picture because eventually you'll be able to see some progress.

    Also consider looking at google fi, I have 3 phones on that plan and we pay about $100 a month if we keep our data down and use wifi when we can.

    Good Luck!

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