Mortgage Lending Education
Have $ 17K credit card debt. Should I stop IRA cont. ($ 100/mo.) Helping to pay off short?
Age: 47 Sex: F; to pay $ 400 + in credit payments (min. + finance + extra when I can). Income: $ 900 retirement plus $ 80 – $ 500 a month teacher (not a consistent amount). Applied for full time work. Jobs limited to $ 11/hr or less. College degree in admin does not help – jobs for nurses and truck drivers. 2 pre-teen kids, 1 angry man, 2 loyal dogs. Debt is 95%, from trying to start online business, which has no customers. Still under contract with 2 sales companies plus $ 60 per month website maint. fee. Can not get out of the contracts until June 2007 so feel I have to keep the site going, if their promises come true. Husband want me to stop the $ 100/month Roth IRA payments, children's education IRA payments ($ 50 each = $ 100/month) and get full time jobs. Moved last year and unable to sell the old house, then double Mortgages. Bank will not lend me money because of low security, male not let me use the new truck or a piece of land in Tennessee as collateral for the loan.
Yes. At 28% interest credit cards and 8% return on the IRA you save $ 1.67 per month to use $ 100 IRA contributions to your credit card. Grab a job, any job, and apply to all payments to credit cards. Working full time at $ 11 per hour full time will have that $ 17,000 credit card debts away in a year and quarter. How much did you get paid for the last hour? Can you store up to last hour, and use it when you find your $ 20 one hour job? How long do you think it will take to get a job with a speed you would think is acceptable? While you're figuring all this out credit card company is entitled to every penny you get. You using $ 4,700 a year just to keep their heads above water. How many websites can you start if you had an extra $ 4,700 a year?