Hi guys, I need some help/advice.
As it says in the title I am 27 have 3 kids and am married. I make 85k a year before tax so it comes to like $2500 a fortnight in NET. My wife has an income of about $500 a fortnight NET so in total $3K.
I had to change jobs due to redundancy 6 months ago and have taken a slight pay hit. Not much maybe $150 a week tops. But just after changing jobs took a holiday (I needed it) that cost me more than anticipated and on returning my car died and had to buy another. I burnt through all the cash I had left over and made more debt. I now have 5 individual debts totaling $42K with various interest rates with a minimum repayment across the board of $1400. I am absolutely drowning and can't see the light at the end of the tunnel.
So I spoke to my bank as they were offering me an insanely low rate on a consolidated personal loan of 5.25% and over 5 years this would have made my repayments $800 which is a HUGE reduction and would have helped me catch my breath but have just got news that I am ineligible because of a few missed payments in the last 6 months. They want to see 6 months of clear credit history before they will revisit.
The issue is I don't know that I can keep one for the next 6 months with the way I am going. I am not sure what to do and don't know enough about this stuff to make my next move. I turn to you reddit for help.
Submitted May 02, 2017 at 02:37AM by Stumbows http://ift.tt/2qyIsN8
