Apartment hunting and debt consolidation - advice please

I just looked at a place. $425 a month and that includes heat. But when you ad up my phone bill and electric bill I'm looking at like 525. On what I make, with my loans and car payments I doubt I can afford it. But I really want outta my noisebox that I currently reside in. I may consolidate my debts...any advice on this?

Debt consolidation is a bad idea. I've had several friends do it, and every one of them regrets it. In the US, several of the major companies (Ameridebt, especially) are under investigation for fraud and other charges.

You can almost always do better dealing with them on your own. I've got collector problems out of my ass, but haven't been sued yet and have had almost no income for six months.

This guy gives great advice: http://www.daveramsey.com. Read what he has to say about debt consolidation; he explains it better than I can.

If your credit is still good/fair, go to the bank and get a consolidation loan. Pay off any/all credit cards you have that charge interest at more than prime. Be honest with your budgeting, because a Draconian (unrealistic) budget will not pass the loean officer's 'smell test'.

on the positive side, most banks will see your inititiative in a positive light; they would rather loan you a bit MORE money for a longer term than have you go belly up. :)

interest rate stuff first (other than big ticket items like car payment). Put most of your extra cash toward that first. Because the longer that high interest stuff stays out there, the more $$ it will cost you in the long run.

Once you pay down high-interest stuff, then you can get more managable payments into other places.

You might want to check your neighborhood for non-profits that specialize in helping people with money-management.

I work for a bank underwriting mortgage loans. When you go through one of those credit counseling places, it shows on your credit report on every line item that you used with them. I don't know about every place, but when we see that, we require documentation showing that the agreement was successfully completed. This is often harder than just proving that the debt was paid.

I was in mortgage banking for over 20 years before I became disabled and you only want to use credit counseling services if you are in financial trouble. Successful completion of credit counseling doesn't stop you from getting a mortgage loan since it indicates your willingess to repay your debts but it's not something one goes into lightly.

If one does find the need to use a credit counseling service make sure it's a reputable one. The only one I ever recommended was Consumer Credit Counseling and they've been around for years.

So I may have to do this.

is that in American or Canadian dollars?

One solution would be to trade down to a cheaper car, and get lower monthly payments.

but net I only make $1300 a month net then I have student loan payments, car insurance food, telephone electrice. OYE!

...for a bare bones flat.

350$/month for a fairly decent one bedroom/living room apartment.

Also, if you're willing, a roommate can help a lot with bills. Half rent, half utilities.

But I need some quality.

Right now you have to make do with what you can afford.

$275 a month and it is half decent think I'll tak eit

Go to a bookstore library immediately and find a book called FINANCIAL PEACE by Dave Ramsey...It will change your outlook on everything and help you get on the right track financially...TRUST ME!!!

I love that guy!! Can't manage to follow hardly any of his advice, but he's great to listen to!

His advice for people in crisis has saved me from bankruptcy. Also, the people at his office will give you free advice over the phone. They sent me information on how to report a bastard collector to the FTC, among other things.

Dave Ramsey is awesome. You can listen to his show on his web site.

Savings? Budgeting?

I make myself sick with my terrible savings plan. I should have a bunch saved right now afetr all the OT and bonuses this summer (mortgage industry) and I don't. I paid some debts but that is it. Ugh!

why giving is so important, etc., etc.

Dave is a little too much like a Dr. Laura for my tastes.

Mary Hunt fought her way out of debt without going bankrupt. She has a really neat toolchest of calculators, including a Rapid Debt Repayment Calculator. You can plug in your numbers and get different payoff scenarios. Well worth the subscription fee(although sometimes it is offered free), especially if you're not handy with a Hewlitt Packard. :)

I had two choices, bankruptcy was one, and looked very likely. but I hooked up with an outfit call Money Management, 1-888-845-5669. They contacted all my creditors, got me interest reductions. I paid them the money, and they paid the creditors. They will do it for free, the creditors actually pay them. After a few months, they did ask if I could make a contribution.

Downside is, you cannot acquire any more debt while on the program. If you do, and the creditors find out, it goes back to the old interest rates. However, it got me out of a hole; I wish I had done it 15 years ago. Check it out anyway. There are a number of these companies, I believe, but I highly recommend this one.

or daddy which ever you perfer....
:)