Poddi- my husband and I built most of our house it started out as a trailor that we rented to own for a few years, we bought our land seperately and got a great deal on it. I borrowed 10,000 on a credit card to pay for the land and some clearing. I borrowed that on a credit card but using a fixed interest 5% loan (one of those checks they send) so I have actually done really well on paying on it. My mother loaned me 15,000 more for the house (we had to pay off what we owed which was around 10,000 and movie it which was 3, and do some add ons which took the other 2)which I pay her back at 325 a month. She used her card to get the money, using the same principal, but the loan was 3.99 for the life of the loan, so again it was pretty good even though it was a credit card. I do not have a mortgage, so it is not so bad.
However, I took 5,000 off a card with less than stellar financing to pay for the water pump and some other expenses.
I have 7,000 on three other cards. One was used as a down payment for my car and his truck (the car i recently paid off, the truck we still have two years on). The other two were my big mistakes. I owe 4000 on my Best Buy card, total waste there, though I did buy some items for my job which are atleast claimable on my taxes (my county has not given us any allocation yet this year because of the financial crisis, in the union letter this month, we were told if we did not get it by monday we should contact them) the bulk is my fault though and I claim it. I bought appliances on it and a computer. I have a Lowes card with 1500. I think that is it. I sat up last night and looked at my bills and what I could do and I think we can pay off enough for me to stay up in August. I also called my mom, and asked her if she would keep the kids for free. I originally took them away from her, free care, because of a deal that sister and I, and because I had no idea about her antics. My mom is not the greatest sitter in the world but it is mostly because she is a grandma and spoils the crap out of them and because she has custody of her 4 year old great grandson who is a handful. I mainly took the kids away because I didn't want her to have so much pressure. 4 year old is about to start pre k so it will just be my kids and her so I think it will be much better, plus its only 2 weeks, dh is a SAHD the 2 weeks he is home from work every month.
That will save me 200-240 a month.
I stayed up all night budgeting. I think we can make this work on our own. If DH does not get laid off. If he does, and gets another job with equal pay, which we dont think will be a problem. He may have to go to Utah or Colorado, but there is an oil rig somewhere that would take someone with 5 years experience. He hates his job but said he wouldn't do anything else, unless it paid as much, until we get our head above water.
Ok this is my regular monthly budget as of right now (just so you can see what I am looking at)
JCP 100 (owe 400) 18%
S. Loan 265 (owe 40,000) 19 years to go, percent is in the 5's i think.
S. Loan 150 (0we 4000) no idea about % on this one. it is dh's.
Chase 325 (11,000 this is my mother's card) 3.99%
Capital1 198 (7,000) 21%
Compass 200 (8,000) this is the card that my land is on 5%
Visa 220 (7,000) This one has the highest interest 24%
Lowes 50 (1500)
S. Loan 65 (4500) 10 years, not sure of %
MCARD 100 (4,000) 19%
Truck Note 265 (5,000) 21%
B Buy 300 (4200) Mostly 0%, we are paying xtra to pay it off
MCard 109 (7000)
Sam's Club 65 (600)
Ala Power 200
Midwife 300 (from this month until month baby is born and we will be paid up with her)
Charlie spends about 120 a month on gas now that it has gone down, i spend about 160. We each take 200 a month that is supposed to be for entertainment/eating out/etc. Somehow all the rest of our money disappears every month plus some.
income dh 3400
income me 2200