I do a monthly budget, cloth diaper, and use family cloth. I have $14,500 in credit card debt and 18,500 in student loans, 12000 left on my car payment. I'm a teacher who has my summers off so I considered offering summer childcare in my home for 2 children. I have 2 of my own. I'm not sure though.
I'm making two monthly medical payments of ($100 and $30) . I set up an interest free payment plan with the hospital because we had a hospital visit to a pediatric neurologist with EEG. I've thought about calling them to see if I call make smaller payments each month so I can pay off my high interest credit cards faster.
I'm trying to pay off credit cards quickly because I have the opportunity to buy a brand new house once it's built. The guy wants to start building next month and it will probably take about a year to build. He needs a down payment now which I have but I don't want to be loose my down payment because once the house is done I don't qualify for a loan due to debt to income ratio. I have good credit so that is no problem. All but $1,000 of my student loans will be forgiven in a year from May but I'm not sure that would be soon enough to help me with my debt to income ratio. I plan to have $7,000 of the credit card debt paid off by July this year and the rest of the credit card debt paid off by January. Any suggestions of what I can do to pay off things faster? I've cut out the extras. The banker said I'd have that year to get the cards paid off and I really want the house (it kind of a special situation) but I'm not sure if that's way too risky.
I would be wary of giving a down payment for a house that doesn't exist yet. Unless "the guy" is a reputable company with an extremely long history and solid financial backing, I would worry that your money might disappear.
There are plenty of houses on the house tree, no hurry--take a year or two or three to get rid of all that debt, and then you'll be in much better shape to buy (and keep up) a house.
Just because the banker is willing to loan you money at a certain debt-to-income ratio, doesn't mean that it would be good for you to do it.
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