Best way to consolidate finances?

T

tsmoneyhuh

Guest
Hello,
I was wondering what is the best way to consolidate debt? I have well over $30K in unsecured debt and about $40K in student loans and some medical bills. I want to do some sort of debt consolidation program or debt relief program. I just want to make sure that I am choosing the best option that won't royally screw me over. Any suggestions? Right now I make less than $40K a year and I live paycheck to paycheck honestly opting not to pay anything at this point. I don't want to file for bankruptcy, but I want to get my life and my finances back in order. Ideally I'd like to make 1 monthly payment for everything until my salary increases. Thanks to everyone out there for feedback.

Also...given my situation...would it ever be possible for me to be a first time homeowner? If so, how do I go about doing that?
 
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I am guessing that you are US based in which case please note that Askaboutmoney.com is an Irish site focusing primarily on Irish personal finance and related issues. You may get more detailed/accurate help on an equivalent US focused site.
 
I sympathize with you, 70k unsecured debts. Can you extend the term of your loans, until your financial situation improves? or start looking for a better job. I'd hold off looking to buy a property until you've resolved your current financial situation. You could seek out and marry a rich Yank, preferably with a home in the Hamptons?
 
given that you havent posted much information, we can only guess as to the roots of the problem. The one thing that I will say (and it is said often on these boards) is that consolidation loans are a bad idea if you dont tackle the underlying reason for getting into debt in the first place. Often people rack up the unsecured debt (the student loan is slightly different) purely by living beyond their means.

Make a realistic budget (use a spending diary to account for all the discretionary spending) and stick to it.

anon473
 
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