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Posted in Paying Your Bills
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Question By
Njchristian272

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Im drowning in debt and barely sqeaking by
I'm married and together we have a 300 car payment, 700 in creditcard bills, a 2500 mortgage , 200 cable bill, 150 electric bill, 300 in daycare, shall I go on and I make about 1100 a week

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You're completely over extended on your debt to income ratio.  Get rid of extraneous bills such as cable first of all. Reduce your electricity consumption, take on extra work.  Perhaps you can refinance your mortgage at a lower rate and get your credit cards  closed, and taken care of within the loan.  You can also call the credit card lenders and tell them you're having trouble and they might close your cards and reduce the interest rate.

Quite a few people on this site recommend Dave Ramsey's method for getting out of debt.

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Reply by
mindjazz

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I see people at fast food places  on my morning drive and at coffee shops. Those fancy coffees average $4. Multiply that by 5 days a week is $20 on coffee for the week. $80 a month fo coffee! Add fast food into the mix or stopping at convenience stores for energy drinks, which charge much more for items than grocery stores, and you can easily be paying $200 a month.

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