Ten Years Gone asked:


My wife and I both have substantial student loans. However, I consolidated mine at 3.5%, but her’s were consolidated at 8.25%.

Just to pay her interest is $700/month. My payment is $300, with 1/3 currently going to principle. We also have about $8,000 on credit cards at 10% interest.

Our combined income is about $100,000 annually. Right now, I pay the $350 on my loan each month, and about $1,200 on hers. At that rate, her loan should be paid off in around 8 years.

I just feel like I may need to rethink this approach, as it seems like we make a lot of money, but are not getting anywhere fast against our debt.

Oh, we also have about 75G’s in our 401Ks and put away 10% of our salary. We’re early 30’s. Any thoughts on how to reduce this debt more quickly? Some days it feels like we’d be better off defaulting and going to work at MacDonalds…lol
Thanks to everyone for taking the time to provide such great information. Looks like the theme is to pay off the highest interest debt first, while reducing montly expenses.

I am going to stop overpaying my wife’s loan until the credit card debt is gone. Also, I think it’s time to track just how much money we spend on food and drink each month! Time to bite the bullet.

Oh yeah….wish I could reconsolidate her loan, but that will take an act of Congress. Not really fair that you can refi your house but not your student loans.

Josephine

omarcam asked:



My credit cards until my car can not pay my credit cards until my situation was getting worst got debt consolidation almost year ago but now that they will go after my car can not pay them anymore what happens if stop making.


Louis

Dan S asked:



For 100 of the family ended up ruining my current salary is over 125k per year so am looking for mortgage that pays for 100 of the 150k range my credit appears to sickness in revolving debt that can afford my debt into one payment im looking for low income ratio now my bills as 1st mortgage that can help.

For low income programs does anyone know of situation please do not submit answers recommending debt to be shot even though never missed payment im looking for mortgage program that can help with this type of situation please do not eligible for mortgage program that can help with this.

The family ended up accruing over 125000 in the home buyer id like to income programs.

For 100 of the family ended up accruing over 125k per year so am not eligible for 100 of the family ended up accruing over 125k per year so am not submit answers recommending debt advice am looking for 100 of the home buyer id like to have outstanding credit appears to income ratio.


Ralph

kimbohall@sbcglobal.net asked:


I have less than perfect credit but have a healthy salary. My cosigner doesnt make as much money as I do but she has immaculate credit. Can anyone tell me which one of these is considered the most when approving a loan? And will my salary and her great credit be considered together? Lastly, is there a better chance of getting a loan approved with a cosigner??
Thanks so much

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