My husband and I are considering getting our debt consolidated. We are in Canada for what it’s worth.
We got caught up in credit cards during our wedding (stupid) and now we have a 3 month old and although we’ve been trying to be smarter - it’s been difficult to do more than our monthly minimum payments.
My husbands income is $42,000/year before taxes, he brings home about 1200 every two weeks and I receive $498 a month from the government for my daughter. My husbands credit score (via credit karma) is 671 where as mine is 609 (via credit karma)
Here are the accounts we have Husbands BMO (closed by bank): 2800/3000 - $65/month minimum payment Husbands tangerine 4950/5000 -$95/month minimum payment Husbands TD 490/500 - $20/month minimum payment My TD 1490/1500 - $70/month minimum payment My scotia 490/500 - $20/month minimum payment My RBC 480/500 - $20/month minimum payment My tangerine 7000/7000 - $150/month minimum payment My BMO 4000/4000 - $150/month minimum payment Husbands student line of credit 12000/15000 - $150/month minimum payment(not able to remove money since finishing school) Husbands OSAP 5000 (in repayment assistance, $0/month) My OSAP 10100 (in repayment assistance, $0/month)
$740/month just in minimum payments, plus we find ourselves in our $300 (each) overdraft every month.
Please give me tips. We’re barely making ends meet and I so badly want to do better for our daughter.
Do we have an okay cihance at debt consolidation? We don’t plan to consolidate our smallest cards (the 3 $500 cards and 1 $1500 card as we think we can pay those down on our own, and plan to put all of our income tax money on these cards if possible) or should we try to consolidate it all?
Should we not consolidate my husbands closed account? We could probably do that one on our own as well. Should we negotiate something with BMO for this account?
We plan to go to TD to try and consolidate our Debt - $16000 worth of debt (my tangerine, husbands tangerine, and my BMO)
Any tips??? Please help
Submitted December 21, 2018 at 02:26AM by helpmesavedebt http://bit.ly/2QG1tyN
