Huge debt: multiple cc and personal loans.

[chlipps]

Re: I am so stupid to end up with this huge debt

I receive 250 as rent PM after tax for the abroad property

Based on this income, I would not sell the property abroad...that will have itself paid for in few more years. If as you say 15K is paid, then in approx 3 years you will own this.

You need to get spending diary and cut spending as much as possible. No further wild excursions on shares. You will need to try get some extra work if possible to try pay back the credit cards. I think you need to sell the 15k from shares and use this to clear some of the high interest credit cards.

Best of luck and keep us posted on your progress.

 

[UFC]

Re: Huge debt: multiple cc and personal loans,

If I understand correctly, you actually earn enough money to cover your bills? The problem really is they are weighing you down and depressing you?

 

[gordon]

Re: Huge debt: multiple cc and personal loans,

Clear your debt with savings and start again is my advice

 

[Complainer]

Re: I am so stupid to end up with this huge debt

Based on this income, I would not sell the property abroad...that will have itself paid for in few more years. If as you say 15K is paid, then in approx 3 years you will own this.

The return on this property sounds a bit too good to be true, which is why I was asking some questions to see what is really going on here.

 

[IAmAStupid]

Re: Huge debt: multiple cc and personal loans,

If I understand correctly, you actually earn enough money to cover your bills? The problem really is they are weighing you down and depressing you?

that's correct, my all earnings are covering the bills fully for now. But my worry is with this huge debt. I want to clear them down for peace of mind.

 

[IAmAStupid]

Re: I am so stupid to end up with this huge debt

The return on this property sounds a bit too good to be true, which is why I was asking some questions to see what is really going on here.

I brought a property abroad before the boom time with this 15k, may be now the value is more than double. I am receiving rentals about 250 e per month on that property.

 

[IAmAStupid]

Re: I am so stupid to end up with this huge debt

Based on this income, I would not sell the property abroad...that will have itself paid for in few more years. If as you say 15K is paid, then in approx 3 years you will own this.

You need to get spending diary and cut spending as much as possible. No further wild excursions on shares. You will need to try get some extra work if possible to try pay back the credit cards. I think you need to sell the 15k from shares and use this to clear some of the high interest credit cards.

Best of luck and keep us posted on your progress.

thanks chlipps.

yes, I am seriously thinking about to get some extra work in the weekends. at present all my bills are paid with my earnings, but I am so worried when I look at this huge debt.

 

[Complainer]

Re: I am so stupid to end up with this huge debt

I brought a property abroad before the boom time with this 15k, may be now the value is more than double. I am receiving rentals about 250 e per month on that property.

Delighted to hear it is going well. Are you confident that this will continue into the future? How long is your lease with your current tenant? Is there any rental guarantee scheme in place?

 

[IAmAStupid]

Re: I am so stupid to end up with this huge debt

The rental lease is for 1 year (recently extended), and I am confident that the rent will be the same for future as well.

 

[Mongola]

I agree with what has been said: either yourself or your partner NEED to get a part time job, either in the evenings or at the week end, I think this is crucial.
Also use some of those 15000 to clear some of your credit cards: it does not make sense to save when you have debts.

 

[chlipps]

Re: I am so stupid to end up with this huge debt

thanks chlipps.

yes, I am seriously thinking about to get some extra work in the weekends. at present all my bills are paid with my earnings, but I am so worried when I look at this huge debt.

It could be worse... there are many out there that have huge debts and their earnings are not covering them. You got yourself into the mess and I think that you can get yourself out of it, by being careful and challenge every penny you spend. As I have said earlier, best that you knuckle down with a spending diary and cut your spending to the minimum. Challenge every spend..no luxury items.. packed lunch instead of buying lunch, lidl/aldi vs the convenience stores, more work if possible etc..

Best of Luck

 

[IAmAStupid]

thanks for your advice chlipps, I am already doing this packed lunch, aldi/lidl etc...
I need to save and earn money to clear the debts i.e. part time job is imporant.

thank you all for advices, much appriciated..

 

[dmos87]

Could your wife take on another child to mind from home? That way there is extra income but only one more child to look after and she can stay at home with her own also. A child around the same ages of your own is always preferable if they are 4/5/6 years old as they will play together. It would be great if the kids were in the same school too to avoid 2 school runs.

Talk to her about this - my mother did it and after 3-4 weeks all gel'd together nicely.

 

[Pocket]

Could your wife take on another child to mind from home? That way there is extra income but only one more child to look after and she can stay at home with her own also. A child around the same ages of your own is always preferable if they are 4/5/6 years old as they will play together. It would be great if the kids were in the same school too to avoid 2 school runs.

Talk to her about this - my mother did it and after 3-4 weeks all gel'd together nicely.

I would agree with this suggestion.

Or would your wife consider going back to work (at least part time?). Your youngest most be nearly play school age.