I find it sad (on my part) that my debt has become so severe that I have to look at what payments whether it’s for loans, credit cards, or bills, are coming up each week and having to plan for it to ensure that I’ll have the funds for it…. otherwise I wont.
This upcoming last week of November is kind of a breath of relief because it doesn’t tail off into December, which means I don’t have to factor in rent and other “beginning of the month” payments..at least not yet.
This is how my week is going to look financially:
- Speedy Cash: $86
- AmerAssist: $150
- Golden Valley Lending: $699
- Blue Trust Loans: $525
- Advance America: $300
- Plasma donation: $32
- xcel bill: $114
- car payment: $361 (x) – will not be paid on time
- Plasma donation: $45
- Lyft goal: $200
Total needed for this weekend:
Total coming in:
$902 (does not include Lyft amount because it’s variable)
What I have in my account:
How much I need for the week:
What I will have left over:
So here’s the sad deal.
I already applied for a new loan yesterday and qualified for $525 to help cover Monday’s payments.
I also plan on refinancing an already existing loan on Monday and they said that I’ll be able to receive $300. I plan on using that to pay off another loan in full because the interest rate is higher.
But if I’m going to do that, I’m going to have to pay my car payment late.
The reason why I am choosing to go this route is because I had asked to defer the payment for this particular loan. Different loan companies have different rules. Some will add a month to the end so everything is just pushed a month back, some don’t. This particular loan company adds your payment to the next which would come out to $350 on my end with two more payments to go. The current payoff amount for this loan is $295.
When I weight it out..$350 payment + 2 more payments (and pay my car payment) of $116 OR pay it off in the amount of $295 and use the otherwise $350 payment towards my car payment…?
I choose the latter.
I am also going to call someone that I had connected with on Saturday to consolidate some of the personal loan debt that I have.
I don’t know too much about consolidating debt and wondering if it’s a good idea or not.
The plan that he gave me is definitely a lot more doable than the payments that I would make individually so I’m leaning towards the side of signing up for the service.
But we’ll see.
Oh, and because I’m aiming to buy a house in 3-6 months, I am also working on building my credit (minimum 620, ideally 725).
Currently, it is 614 (when I first started, it was 512).
For the month of December, I want to bring it up to 635 by paying $230 on one credit card and $45 on another (recommended plan by a service I had signed up for).
That is an additional $275 that I need to factor in.
Anywyho, that is all for now.
Have you guys tried consolidating your debt? Did it help you? What was your experience like?
Peace and Love, Fam! ❤