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Hey guys,

Through poor financial planning and bad decision making my fiancee and I have found ourselves in a pretty big mess and are becoming overwhelmed. I'm looking for advice on how to proceed in order to reduce our monthly payments to a manageable amount and be debt free (minus mortgage) within 10 years. Our current monthly payments are as follows:

Debt

Truck: $850 (5 years remaining)
Mortgage: $1022
Loan: $1252 ( $51,848 @ %10.99 4.5 years remaining)
Fiancee credit card: $180 (about $12,000)
Line of credit: $250 ($5000 balance, maxed out)
My credit card: $100 ($4000 balance, maxed out)
Tax related debt: $250 (about $4000 remaining)
Snowmobile: $380
Loan from fiancees mother: $300 (initial loan of $7000)

Bills

Home ins: $190
Cell: $300
Truck ins: $126
Car insurance: $40
Electricity: $250
Internet: $75

Total: $5565

I take home about $5600 a month with regular pay but have been working alot of overtime when it's available putting my average take home at about $6600. My fiancee takes home about $1200 a month but is trying to find a better paying job.

Ideally I'd like to be able to reduce our monthly payments to the point I can stop working overtime and still be able to put money away while paying down our debt. I am willing to give back the snowmobile and/or truck if need be but would prefer not to. So far the only other option I can think of is to try and consolidate the bulk of our debt into a 10 year loan but at this point that would be close to $85,000 and to me it seems unlikely that any bank would give us this loan. I don't think refinancing our home is an option as we only purchased it about a year and a half ago. At this point I am willing to consider any and all options.

Thanks in advanced!



Submitted November 28, 2018 at 05:39AM by streetshark00 https://ift.tt/2QntQAF

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